What is Business Owners Policy?

Chances are, you’ve heard about Business Owners Policy referred to as “BOP” if you’ve ever looked into commercial insurance or talked to an insurance agent about it. Business Owners Policy is a comprehensive insurance package that combines coverages for small to medium-sized businesses who run the same kind and degree of risk. Usually, coverages are sold separately, which is why BOP is unique.

What Does Business Owners Policy Cover?

  • property insurance
  • business interruption insurance
  • liability
  • crime insurance

Property insurance protects buildings and contents owned by the company. Contents include but are not limited to: inventory, office equipment, furniture and computers, equipment leased or rented for business use, and property, currently in your care that belongs to someone else, that is accidentally damaged.
Business interruption insurance covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
Liability covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
Crime insurance covers your company from crime-related losses and offers coverages such as: employee dishonesty coverage, forgery or alteration coverage, theft of money and securities coverage, burglary or robbery coverage, and computer fraud coverage.

What does BOP NOT Cover?

BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.

Why Purchase BOP for Your Company?

A BOP policy includes basic required coverages for your company in one discounted package. You get what you need for a much lower rate.
Thinking about purchasing BOP for your business? If you have any questions or want to get a quote, get in touch with your UniAmerica Insurance agent today or give us a call at 1-310-835-3373.

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