Business Owner’s Package (BOP) Insurance
What is BOP?
A BOP—a Business Owner’s Package—Insurance Policy combines many standard required insurance coverages that a business owner needs into one package. Your BOP can be tailored to fit the needs of your unique company, but most BOPs include some combination of business interruption insurance, liability insurance, crime insurance, property insurance, and vehicle coverage.
Typically, a BOP will save your business money because it can be offered at a premium that is less than the total cost of all of the individual coverages.
What is Included in a Typical BOP?
Although every BOP is different based on the needs of each individual business, BOPS usually include coverage for:
- Property insurance for buildings and contents owned by the company. Coverage can be standard or special; special coverage is more comprehensive than standard.
- Business interruption insurance. Covers the loss of income or revenue resulting from a fire or other catastrophe that interrupts normal business operations, and can sometimes include the extra expense involved in operating from a temporary location.
- Liability protection. Covers your organization’s legal responsibility for any harm to others resulting from anything you and/or your employees do or fail to do during business operations that may lead to bodily injury or property damage stemming from defective products, faulty operations, or errors in services provided.
What is NOT Included in a Typical BOP?
Business Owner’s Packages do not include professional liability insurance, commercial vehicle insurance, worker’s compensation insurance, or health and disability insurance. Therefore, depending on the laws of your state, you will require separate policies to cover professional services, vehicles, and benefits to your employees.
At SunGate Insurance Agency, our goal is to provide you with the right Business Owner’s Package to meet the legal requirements of your state and to offer you peace of mind! Contact us today find the policy that works for you!