Running a business can be a complex, demanding task, and that’s why Business Owners Policy Insurance (BOP) exist.
This policy offers a package of coverages to protect your business against the common risks, so your company can keep moving forward, no matter what happens.
Two Primary Coverages
A BOP policy comprises two basic coverages, liability and property.
Liability offers protection against the harm your company may cause to others, such as customer injury, property damage and product-related claims. A BOP doesn’t cover your employees, for whom you’ll need a separate workers’ compensation policy.
Property coverage protects your office space and also the movable property owned by your business, including equipment and inventory. It can also cover loss of income as a result of a covered loss.
Do I Need a Business Owners Insurance Policy?
You need BOP if your business is located outside your home, you have fewer than 100 employees and less than $5 million in sales, and you have equipment you’d like to protect. Therefore, some of the businesses that usually get BOP include:
- Offices
- Professional consultants
- Restaurants
- Retail stores
- Beauty salons
- Florists
- Auto repair shops
The Difference Between BOP and General Liability
This is one of the most common questions when it comes to BOP’s. General liability protects your business against third-party liability claims. But, we mentioned above, BOP includes liability coverage, so there’s no need to purchase an additional General Liability policy when you have BOP.
Additional BOP Coverage
Depending on your type of business you may want to add extra coverage to your policy to address specific risks. In order to do this, an insurance agent can assist you to determine the best way to customize your policy. Some common examples of additional BOP coverage include:
- Professional liability insurance.
- Business vehicle insurance.
- Flood and sewer back up
- Cyberrisk insurance
- Workers compensation
At Delgado’s Insurance we are committed to helping you find a Business Owners Policy Insurance customized to your individual needs so you can run your business with the peace of mind that comes knowing that a dependable company has your back.
Contact us today by telephone (951-361-0084, 909-421-9003), email or through our social media accounts to get a free quote and learn more about our Boat Insurance options. Our agents will be more than happy to assist you so you can find the coverage that makes the most sense to you.
