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Topics: Business Owner's Policy
In this article, we’ll cover your biggest questions regarding BOP, including the following:
Ready to get started? Read on to learn more about BOP coverage and to find out whether it’s the right insurance solution for your company.
A BOP, or Business Owner’s Policy, is a common insurance solution for small and micro businesses in the United States because it offers cost savings for some of the most common business liabilities. A standard BOP covers three main areas:
General Liability – If a customer is injured at your place of business, general liability insurance is designed to cover the potential medical costs and associated legal fees. This kind of coverage also can cover “advertising injury,” which includes offenses like copyright infringement and libel.
Property Portion – Whether you rent or own your place of business, ensuring that your property is covered in the event of damage is important for keeping your company up and running. Property coverage can be “named-peril,” “open-peril,” or “special.”
Business Interruption Coverage – Major storms, problems with the local electrical grid, or even a hacking incident can interrupt the flow of your business. With business interruption coverage, you can feel confident that your business will be covered through the incident. This coverage protects your business during covered events and can replace money you would have made or provide funds to operate in alternate location temporarily.
One of the biggest benefits of BOP coverage is that it’s designed with small business owners in mind. Easily customized, a BOP can include types of insurance that are specific for your particular industry. For example, if you have a small team of employees, you’ll likely be required by law to have workers’ compensation insurance. A BOP can be paired with workers’ compensation coverage, as well as disability insurance.
Unlike other forms of insurance, a BOP is easily customized to your particular industry. We commonly get questions like, “how much coverage do I need?” Instead of selling you a policy that overshoots your needs, our team will evaluate your new venture based on other companies similar to yours in size, industry, and income. Then we’ll update the policy as the needs of the business change.
Is a Business Owner’s Policy from AmTrust the right product for your business? Contact an AmTrust appointed agent and find out. We’ll work with you to answer all of the questions you have about your business liability and help you get a policy configured that fits your business.
Learn more about BOP from AmTrust Financial.
Find out what small business owners need to know about a businessowners policy, or BOP, and what one can do to help protect their company.