Business Owners Policy

If you own or manage a small business, your insurance needs may be properly addressed by a business owners policy or BOP. BOPs are similar to a homeowners policy, offering both property and liability protection. Businesses such as retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices, and convenience stores are eligible for BOP coverage.

BOPs protect buildings as well as other features such as additions, indoor and outdoor fixtures, machinery and equipment, landlord furnishings, and maintenance property, such as mowers, snowblowers, ladders, etc. BOPs also cover outdoor furniture, floor coverings, and appliances used for refrigerating, ventilating, cooking, dishwashing, and laundering. The building coverage also applies to materials, equipment, supplies and temporary structures located near the insured premises.

The policy’s protection to business personal property applies whether the property is located inside or immediately outside the covered buildings. Business personal property includes property you own, lease or control as long as the property is used by the business.

Business owners liability coverage can provide premises protection for claims or suits made by other parties. Its liability section covers losses involving injury to other persons or damage to property that belongs to others. It can provide protection against personal injury (slander or libel), advertising injury, and losses involving an operation’s products or services. There are coverages that are not included under the liability coverage. They include, but are not limited to, malpractice, errors and omissions, employment practices, and cyber liability coverage.

Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money and securities, illegal property, land, water, growing crops or lawns, or watercraft.

A BOP may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. Liability coverage can be expanded to handle additional business interests and limited vehicle liability.

These are complicated and complex issues that should be discussed in person. We can be reached at 610-933-4950 to review your coverage options.