Business Owners Policy (BOP) Insurance
A business owners policy (BOP) is several Â鶹ֱ²¥ policies your Â鶹ֱ²¥ company combines and offers at a discount. A BOP usually includes general liability Â鶹ֱ²¥, property Â鶹ֱ²¥ and business interruption Â鶹ֱ²¥.
Since the insurer designs the BOP, they also set the criteria for qualifying to purchase a BOP. Not every small and medium-sized business is eligible to purchase this Â鶹ֱ²¥ package.
Contact MSB Insurance Group to find out if a BOP is a good fit for your organization.
What Is Covered Under a BOP?
A BOP typically provides the following three essential Â鶹ֱ²¥ policies:
- Property Â鶹ֱ²¥ helps cover the costs of replacing or repairing company property after a covered incident.
- General liability Â鶹ֱ²¥ helps cover a company’s legal liability after accidental third-party property damage or injury.
- Business interruption Â鶹ֱ²¥ helps cover regular bills such as rent and payroll if a company must temporarily close to allow for repairs after a covered event.
Your agent can help you tailor your BOP by adding endorsements or other Â鶹ֱ²¥ policies to help mitigate additional risks.
Depending on your industry and the size of your operation, your agent may recommend the following:
- Employee practices liability
- Business vehicle Â鶹ֱ²¥
- Cyber liability and cyber risk Â鶹ֱ²¥
- Flood Â鶹ֱ²¥
- Equipment breakdown Â鶹ֱ²¥
- Employment practices liability Â鶹ֱ²¥
- Workers’ compensation Â鶹ֱ²¥
- Umbrella Â鶹ֱ²¥
Who Is Eligible for a Bop?
BOPs generally work best for small and medium-sized businesses in low-risk industries. Insurance companies set the criteria to qualify for a BOP. Your agent can help you understand whether this coverage is appropriate for your organization.
How to Get a BOP
Contact MSB Insurance Group today to learn about qualifying for a BOP and tailoring your coverage to meet the Â鶹ֱ²¥ needs of your business.