A basic Business Owners Policy typically includes three or four key coverages:
Protects your building, equipment and inventory.
Helps cover any medical expenses and bodily injury/property damages you and your employees are legally responsible for.
Helps you pay bills and employees if your business has to temporarily close.
Helps protect your business from fraud, theft and forgery.
Additional BOP coverage options include:
Protects against losses from unpaid invoices.
Covers attacks and damages to computer systems or electronic data.
Covers your equipment, including computers.
Personal and Advertising Injury
Protects against liability for copyright infringement, libel and slander (Usually included in General Liability)
Provides coverage for vehicles you lease, hire or borrow.
Protects against wrongful acts arising from the employment process.
When considering a BOP, you should choose coverage specific to your industry.
What types of businesses could benefit from a BOP?
Whether you own an auto repair shop, a retail store, an accounting office, or many other types of small business, a businessowners policy can be tailored to your needs. A BOP may make sense if your business:
Is located outside of your home.
Has fewer than 100 employees.
Has less than $5 million in annual sales.
Has property or equipment you want to protect.
BOPs don't cover every type of risk, nor do they make sense for every industry.