A Business Owners Policy is sold only to Small Business Owner’s to protect them against many of the basic risks they face. A small company is defined as one with less than 100 employees and less than $1 million in revenue.
The cost typically depends on the type of company but it’s less expensive than you may think. It can be less than general life insurance or property insurance.
What does it cover?
Lawsuits: A lawsuit can quickly wreak havoc on your business if you are not properly covered. Having a BOP can help protect you in case a third party sues your business. Most BOPs offer coverage up to $1 to $2 million to protect against legal expenses such as lawyer, witness, judgement and other court fees.
Types of lawsuits covered include:
Property damage
Slander
Physical Injury
Product Liability
Accidental Injury
Advertising injury (i.e. copyright infringement)
Damage: This includes protection for equipment, office furniture and business property. Also, it protects property that may be damaged from fire, theft or vandalism.
Temporary Shutdown: If you were to ever experience a claim that caused your business to temporarily shut down, the income you would lose during this time would be reimbursed.
What does BOP not cover?
Typically, a Business Owners Policy doesn’t cover damage due to business vehicles. You’ll need to consider Commercial Auto Insurance for additional coverage.
Can any business qualify for a BOP?
If your company has high-risk operations, then it may need more coverage than what a Business Owners Policy can provide. Also, having a large office space or store may disqualify you. Contact us to find out more about what it takes to qualify for a BOP.
Call today for a 
