As all business owners know, leading a company to success is all about managing risks. And when it comes to that, your best ally is a Business Owners Policy.
Who Needs Business Owners Policy (BOP) Insurance?
Let’s kick things off with a quick recap of the basics of Business Owners Policy Insurance.
Business Owners Policy Insurance, or BOP for short, is a policy that combines business property insurance and business liability insurance into one convenient package.
The businesses that need Business Owners Policy Insurance usually tick the following boxes:
- They own or rent a workspace.
- They have less than 100 employees.
- They have assets that could get stolen or damaged.
- They face the possibility of a lawsuit.
Different Needs, Different BOPs
When we refer to BOPs as a bundled insurance, this doesn’t mean that all Business Owners Policies are the same.
In fact, you can (and should) customize your BOP to match your risk profile. For example, more and more businesses are adding cyber liability endorsements to their BOPs to safeguard themselves against the rapidly rising number of cyber-attacks that are wreaking havoc on many industries.
Rounding Out Your Coverage
Typically, your BOP will be the foundation of your insurance coverage. In order to be completely protected, you will need other policies that may vary depending on where you conduct business.
The two other most important coverages you need in addition to BOP are Workers Compensation Insurance and Commercial Auto Insurance.
Workers Compensation Insurance helps pay for the medical expenses if your workers become hurt or ill while on the job. It also provides legal protection against employer negligence claims.
Commercial Auto Insurance, on the other hand, covers the vehicles used by your business, including cars, vans, and trucks. It’s worth keeping in mind that most personal auto insurance policies do NOT cover business use, so a solid Commercial Auto Insurance policy is essential to operate your business with peace of mind.
Contact the Experts in Business Insurance at Delgado’s Insurance
Looking for Business Owners Policy Insurance in Bloomington, Riverside, or anywhere in California? at Delgado’s Insurance, we can help you find a policy customized to your needs.
We have locations in Riverside, California, and Bloomington, California. 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 services.
