custom solutions for small businesses
A business owner policy (BOP) is a cost effective way to obtain broad coverage for property and liability risks. A main benefit is that a BOP costs significantly less than purchasing various coverages individually and can provide substantial savings. It’s a smart way to get broad coverage when you’re starting a business. One disaster or lawsuit could put you out of business, so having protection can help to prevent this from happening.
Generally, designed for small smaller businesses, the eligibility requirements, coverage components and coverage limits for a business owner policy vary among insurance companies. Because we represent a variety of companies, we have flexibility in customizing a BOP for a particular business’ needs. If your business does not meet the criteria for a BOP or need higher coverage limits, then a commercial package policy may be an option that offers for broad coverage for a wider range of businesses and needs.
A business owner policy can include the following coverages:
- property insurance – covers building, equipment and inventory for a variety of risks
- general and product liability – covers situations when products, services or employees cause bodily injury to people or damage to others property
- equipment breakdown insurance – equipment damage due to a covered loss situation
- business income insurance & extra expense - lost income and extra costs if your operations are suspended due to a covered loss
- crime coverage – situations of employee dishonesty
- cyber liability – data breach and notification costs
- personal and advertising injury coverage - libel and slander
- hired and nonowned auto coverage – liability coverage for vehicles you borrow, hire or lease for your business
- medical payments coverage - medical expenses if others are injured on property you own or rent
- professional liability – errors & omissions for eligible professions; some professions may require a separate policy
- employment practices liability (EPLI) - protection in the event of claims related to sexual harassment, discrimination, unfair hiring practices, wrongful termination, breach of contract and a variety of others situations.
It’s important to note that not every insurance policy offers the same standard coverages; therefore, when purchasing BOP protection, you need to be clear about what is and what is not covered.
In addition to a business owner policy, there are other coverages needed by a small business, which require a separate policy. These include worker's compensation, business auto, and perhaps higher liability limits for certain property and liability risks such as privacy/data breach, EPLI and professional liability.
Our insurance professionals are glad to meet with you to understand your business’ unique needs and help you determine the policies and coverage options are best suited for your situation. Please contact us to arrange for a free consultation.