WEDNESDAY, AUGUST 4, 2021
Business owner's policies, or BOPs, are among the most-common types of insurance for business owners. They can help protect your small business from many of the most common risks facing the home. This may include business interruptions, liabilities, fires and theft. However, these policies do not cover all your risks. It is best to work with your business insurance agent to find out what else you need. Here is a closer look.
What Does a BOP Cover Itself? 
The Insurance Information Institute states this type of insurance is best for small to medium businesses. Usually, these are those with about 100 employees or less and revenue up to $5 million. There is a lot of leeway there, though.
BOPs typically include coverage for your property, such as the physical location you work. It can also insure the property you own within your business, such as your inventory or products. In addition to this, it also covers liability insurance. If someone suffers an injury or your service injures them in some way, this coverage may offer some help. It can also help if a covered peril causes your business to close for a period of time.
Customizing Your Coverage
There are a few key things to consider about a BOP to ensure it is exactly what you need. Work with your insurance agent to tailor your policy to fit your business. Here are some ways to do so.
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Add more liability insurance. Many companies need a higher level of liability coverage through professional liability insurance. This gives you more protection from the biggest claims against your business.
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Employee practices liability insurance is also important. It offers some protection if employees claim you were unfair or acted in a discriminatory manner against them.
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Workers’ compensation is also important. It covers losses associated with worker injuries and illness. If your employees become ill, you need to know this coverage is in place. You might need to get supplementary coverage, as some BOPs do not offer this coverage.
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Flood insurance, which often is not included in property insurance, needs to be a part of your package.
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Commercial auto insurance may also be a valuable additional coverage. You need it if you operate a vehicle as a component of your business.
Most companies benefit from enhanced BOPs. Let your agent give you some guidance on your options. Doing this takes a few minutes. Yet, it can provide incredible protection for your business.
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