Keep it Simple with Business Owner Insurance

Business Owner Insurance or what is known as a Business Owner’s Policy (BOP) is a form of business insurance that is very popular with small to medium-sized businesses because the policy combines some of the basic coverage needed by a typical small business into a package that usually costs less than if purchased separately.

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BOPs are much simpler to understand and manage by the business owner. And insurance companies like to offer these types of packages because they can bundle a wide variety of coverage. Premiums (the cost of the policy) can vary widely by provider; it is highly recommend that you as a business owner get multiple bids for any insurance policy you are considering.

A BOP can save you a lot of time and headache when shopping for coverage. But it is important that you know how much of each type of insurance you need and make sure it is in your BOP policy. Having your bases covered is important so that the bundle doesn’t leave you exposed in some area.

A typical BOP policy will include:

• Business interruption insurance. It is intended to protect the business owner from unforeseen losses due to an operations shutdown or a reduction operations by the company.
• Property Insurance is part of BOPs which covers the company’s building, equipment and inventory.
• Crime insurance covering burglaries, robberies or destruction (including employee theft or embezzlement)
• Liability protection includes coverage from lawsuits resulting from customer injury or other offenses including slander, invasion of privacy or the copyright infringement.

Also, carefully review each policy's coinsurance (also referred to copay, it is the portion of the coverage that you will pay) requirements as well as coverage limits. And be aware that BOP liability does not include professional liability insurance, protecting against claims of negligence.

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