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CSIS Insurance Services, Inc. Blog

How Insurance Works: Business Owner's Policy For Small Businesses

3/22/2021

2 Comments

 
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Insurance companies often bundle up several insurance policies into a single package that's then offered as a single contract. For small and medium-sized businesses, the most popular is the Business Owners Policy (BOP).
​
This coverage combines coverage for virtually all significant you must evaluate insurance risks, with a few extra add-ons. 
What is BOP?
The BOP incorporates business income insurance, also known as business interruption insurance. This policy compensates the business owner if the company cannot run after a disaster and so loses income. The coverage also covers any additional expenses incurred from renting out a temporary location if the company is forced off its property.

This business income insurance counts for online businesses if they're hacked, or there's a virus, and they're forced to shut down. 

What is Covered by BOP?
BOP only covers small to medium-sized businesses, and these are expected to meet specific criteria first. Some of the significant coverages offered include:
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  1. Property Insurance
    This compensates for damage to any property used by the business due to things like fire or burglaries. Property insurance covers both the building and the personal assets or property, from office furnishings and inventory to machines and computers. 

  2. Liability Insurance
    Your business could find itself with a legal suit from disgruntled clients or customers injured by one of your products. When this happens, liability insurance covers damages your business is found liable for, including the lawyer fees and any medical costs.

  3. Business Auto Insurance
    The business auto policy protects vehicles owned by the business. The policy pays off third parties injury costs sustained at work.

  4. Workers Compensation Insurance
    Most states require employers to possess workers' compensation insurance for a specific number of workers (usually three to five). This covers medical assistance and replaces a fraction of lost income for an injured employee.

  5. Umbrella/Extra Policies
    These are policies that are purchased as additional coverage plans by businesses. For example, in businesses whose primary purpose and service are advice-giving, making recommendations, creating designs, physical care, or representing others, there may be complications and service delivery errors. 

    Customers may sue the business if they feel that the company failed to perform its job. Some of the additional policies include:

       - Errors and Omissions Insurance/Professional Liability
       - Employment Practices Liability Insurance
       - Directors and Officers Liability Insurance
       - Key Employee Insurance
       - Umbrella Policies

Conclusion
As a small business owner, it's essential that you evaluate the kind terms of a business owner's policy to ensure that all your needs are met. Remember that disaster could strike at any moment, so it's of utmost importance that you sufficiently protect your business.

At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.
2 Comments
Victoria Addington link
4/26/2022 10:50:06 am

It captivated me the most when you mentioned the business auto policy covers vehicles owned by the business. My friend just opened a start-up, and he wants to ensure that everything is protected. I think they should look for a small business insurance broker that can provide tailored coverage.

Reply
Eli Richardson link
2/6/2023 04:04:23 pm

It really helped when you elaborated on small business insurance and how it helps cover your employees' medical assistance needs. My aunt is starting a company in a few months, so she's currently looking for an insurance policy that protects her reputation and finances, so I'll make sure she reads your article now. I appreciate your insight on what to know about insurance for small business owners.

Reply



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