When it comes to running your business, you have enough to worry about without having to deal with multiple insurance policies to keep up with. At Billy Brown Insurance, we understand the value of straightforward coverage solutions. That is why we offer a no-fuss business owners policy (BOP) that comes with the types of general coverage that most businesses are looking for.
What is a Business Owner Policy (BOP)?
Business Owner Policies are designed to cover small to medium size businesses that face similar types and degrees of risk. It combines several generalized coverage types into one simple policy. Though a BOP is not designed to cover industry-specific risks, it can protect your company against general lawsuits and most types of property damage. It affords ease and simplicity and can be purchased in addition to any other specialized coverage solutions your business may need.
Types of Coverage in a BOP
There are three primary types of coverage included in a typical business owners policy. These include:
Liability Protection
All businesses face liability risks simply by opening the doors. Your company could be sued for an accident that occurs on your premises or for third-party injuries and property damages that occur as a result of you or your employees’ activity or negligence. General liability insurance can also cover your legal responsibility if you unknowingly sell defective products or if your company performs a faulty installation.
Property Insurance
Property insurance is an important part of any business owner policy, as it protects the structure of your business and its contents against loss or damage due to a covered event. Your BOP may also include coverage for crime, which protects your business against fraud, theft, and forgery.
Business Interruption
If your business faces a devastating loss, such as a fire or inclement weather, business interruption protection can help cover the loss of income so that you can continue to pay your bills and perhaps cover your payroll. It can also cover the extra cost of operating your business from a temporary location until operations can return to normal.
Optional Coverage
Depending on your coverage needs and your insurer, it may be possible to add other types of coverage to your BOP, such as equipment breakdown, employment practices liability, cyber liability, and more. The staff here at Billy Brown Insurance can help you determine which additional coverages may be right for you.
Excluded Coverages
It is important to note that several other types of commercial insurance coverages are not included in a BOP. Depending on your company’s industry, size, and activities, you may need one or several extra coverages in addition to those included in your business owners policy. Examples include:
- Commercial auto insurance
- Workers compensation insurance
- Professional liability insurance
- And more
At Billy Brown Insurance, we want to help connect your business with the right coverage to fit your needs and protect your financial margins. We can help you determine if your business is better suited for a business owners policy alone or if you may need additional protections in addition to your BOP. We can also shop and compare coverage and rates on your behalf to help ensure you maximize the value of your coverage and the savings on your premiums.
For more information about commercial BOP insurance in the greater Delafield area, contact Billy Brown Insurance today. We look forward to serving you soon.
