BOP is a term used to describe a specific type of business insurance policy. BOP, which also means Business Owner Policy, can help cover many of the needs most business owners have.
This is a customizable policy, too. You can work with your Dean Heckle & Hill agent to update your coverage to meet your needs based on the risks your company faces. BOP insurance provides a layer of protection. However, it does not automatically cover all losses. Here's what you need to know.
What Is In It?
Many business insurance companies provide BOP insurance. It is a type of package that includes most property and liability risks within it.
It is possible to purchase just property insurance or just liability insurance. However, most companies need both. As a result, BOPs can work well. By combining policies, it may help to defray some of the costs to you.
These packaged policies provided by insurers often provide coverage to companies that are similar. For example, if you own a small business, this type of policy is likely to include the coverage you need. However, larger companies may require more extensive protections. Most policies include the following:
- Property Insurance: This includes coverage for all buildings listed on the policy. It also covers the contents within the buildings. Standard property insurance is most common. However, special property insurance is an option. This can enhance the amount of protection provided by the policy.
- Business Interruption Coverage: BOP insurance covers business interruption insurance for situations where your business cannot operate for a length of time. The reasons are very specific, but generally must be a covered type of claim. It helps pay for your costs to move to a new location while contractors finish repairs, for example.
- Liability Insurance: Most policies provide a standard level of general liability insurance. This policy provides protection for instances in which you are responsible for the losses another person suffers. This includes any instance in which you are legally responsible for such damage as medical bills and property loss.
Keep in mind that a BOP is a starting point. Some companies need to add to this package to ensure it better matches their needs. Commercial auto insurance, workers compensation insurance, professional liability insurance, and other types of coverage may be necessary as well. Work closely with your Dean Heckle & Hill agent to determine what the right type and amount of coverage is for your company.