What does a BOP package include?
BOPs have all typical coverages a business owner would need, including:
Property insurance for buildings and the content within owned by the business
Business interruption insurance
Property insurance has two options — standard and special — the latter of which provides a more comprehensive coverage.
Business interruption insurance covers the loss of income should anything disrupt the operation of your business. It can also cover expenses should you choose to temporarily operate in a different location. Liability protection covers your business in case of lawsuit from anything you and your employees do that causes bodily harm or property damage due to product flaws and the like. This does not include malpractice or intentional harm or damage, however.
Do I need a business owner’s policy?
You should seriously consider getting a BOP if:
Your business has a physical location
You think you could be sued
Your business has assets that could be stolen or damaged
Sounds like every business, right? Well, yeah. A BOP is a smart investment and simplifies your coverage.
Without a proper policy you could be looking out large out-of-pocket fees to cover customer medical expenses, theft, legal expenses, and more.