A Business Owners Policy (BOP) is a business insurance policy that combines coverage for all major property and liability risks a business may face in one package.
Most Business Owners Policies are purchased by small- to mid-sized businesses that face a generalized kind and degree of risk. Larger businesses often purchase customized insurance packages or commercial package policies to cover risks associated with their respective industries.
A Business Owners Policy includes:
- Property Insurance—coverage for buildings and contents owned by the business.
- Business Interruption Insurance—coverage for loss of income due to fire or other disastrous event that interrupts business operations.
- Liability Protection—coverage for bodily injury or property damage your business may cause others due to defective products, errors in service, etc.
A Business Owners Policy DOES NOT include:
- Professional Liability Insurance—coverage against financial losses from lawsuits filed against you by clients.
- Business Auto Insurance—auto insurance coverage for vehicles used for business-related activities.
- Workers’ Compensation Insurance—coverage for medical care and compensation for lost income for employees who are injured on the job.
- Health Insurance—employer-sponsored coverage for business owners, employees, and often for dependents.
You will need to purchase separate business insurance policies for these types of coverage.
If you own a small- to mid-sized business in Ohio or Kentucky and would like to discuss the advantages and disadvantages of purchasing a Business Owners Policy in our area, contact Burkhart Insurance Agency. We’ll help you weigh your options and choose a policy that’s right for you.