What type of coverage do you need?

Businessman Filling Out Paperwork

Small businesses often find business owners protection (BOP) a great way to insure their operation. These packages hold several essential components of business insurance. With a BOP in tow, you won't have to worry about trying to coordinate several policies. Nevertheless, BOPs do not cover all the risks your business faces. How can you augment your BOP to add critical elements of protection?

Generally, you must buy other policies to use alongside your BOP. Yet, in some cases, you can add optional protection to the BOP itself to better protect your business. Take a close look at some of the coverage you might be able to attach to your policy. These policy options might prove to your benefit.

Standard BOP Coverage

BOPs usually come with three standard types of coverage.

  • Property Insurance covers the business' building (if you own it), along with other possessions.
  • Business Interruption Coverage insures you in the event of temporary closures to your business.
  • Liability Protection covers third-party damages that are your responsibility.

Yet, standard BOPs often don't contain other elements of protection. So, don't think of your BOP as comprehensive right off the bat. You'll probably need additional coverage to properly insure your business.

Adding Coverage To The BOP

Some BOPs come with the option to add protection. This is different from increasing your coverage limits. It means adding additional elements of protection to your policy. Ask your Dean, Heckle & Hill agent if you have the option to do this. Let's look at some of the common additions to BOP policies.

  • Cyber Liability Insurance. This protection can help you in the event a data breach or cyber theft exposes customer data. You can use coverage to help customers fight potential problems, like identity theft. It might also help you pay certain legal fees.
  • Professional Liability Insurance. Also called Errors & Omissions protection, this coverage helps if your professional mistakes cause financial harm to customers. These customers will likely hold you responsible for bad professional advice. If that happens, your policy can kick in to help you.

Other protection options you might be able to add include Employment Practices Liability Insurance, Inland Marine Insurance or Mechanical Breakdown Coverage. Still, there is no guarantee that you can receive these coverage elements by adding them to your BOP. At times, you might have to get separate insurance policies.

Ask your Dean, Heckle & Hill agent how you can customize your BOP's coverage in your favor. Your agent can likely help you learn about which enhanced coverage options might prove beneficial. If they can't add coverage to your BOP itself, they can likely help you enroll in other protection.

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