Defining Business Owner’s Policy (BOP)
By: adminPublished: August 19, 2017
Defining Business Owner’s Policy (BOP)
Through the AARP® Small Business Insurance Program from The Hartford, a Business Owner’s Policy (BOP) combines business property and business liability insurance into an appropriate policy. A BOP insures your business from damages resulting from things like fire, theft or another covered disaster and from damages involving bodily injury, property damage, personal and advertising injury that may arise during the course of running your business.
Businesses can modify a Business Owner’s Policy (BOP) to aid in meeting their needs in a unique way by including optional coverage like breach of data, business revenue for off-premises uses and other specific coverages to their BOP.
Who can benefit from a Business Owner’s Policy?
A business owner’s policy is necessary if:
- There’s a likelihood you can be sued – for instance, by a customer who was injured at your work place.
- Your business has a physical setting, whether it’s outside your home or a rented or owned office, store or other work areas.
- You own assets that can be stolen or damaged –either a digital asset, customer data, equipment, furniture, cash or inventory.
Advantage of a Business Owner’s Policy?
It is smart and expedient to purchase a BOP. It makes coverage needs simpler by containing business property and business liability, two essential coverages that most businesses need, in one policy. In comparison to acquiring separate policies for business property and business liability, The Hartford’s Business Owner’s Policy (BOP) gives businesses a way to save your money while also offering total insurance for situations like fire outbreak, theft, loss of income and lawsuits. It is even smarter and more expedient to choose it because other vital coverages can be included. Businesses with precise needs can modify their business owner’s policy by including covering additional services like business revenue for off-premises uses, breach of data and many more, to meet the precise needs of their company.
Contents of a Business Owner’s Policy (BOP)
- General Liability
In protecting liability, the broader the coverage, the better. That is the reason The Hartford’s BOP offers business liability insurance that insures your business in the case of being sued for causing harm to a person and/or damage to property. It also insures the cost of your defense – because businesses can be sued even if they are right.
- Business Income
If unforeseen events give rise to deferment in your operations subsequent to a covered cause of loss, The Hartford’s BOP insurance will substitute loss of income to meet your ongoing financial responsibilities such as rent or payroll.
- Commercial Property
The Hartford’s property insurance can protect your business property, leases or rents, including things like buildings, equipment, inventory, furniture, and fixtures. It offers coverage for receivable account, valuable papers, and records.
Additional coverage can be included in your business owner’s policy to modify coverage to your particular needs. Here is a popular optional coverage that is normally added to a Business Owner’s Policy:
- Data Breach Coverage
Data Breach coverage from The Hartford gives you access to professionals who can help you fulfill regulatory requirements, provide control on prevention of a data breach and handle a breach crisis if one happens. For instance, Response expense coverage can quicken restoration of confidence in your business or practice through warnings to impacted individuals and can aid in paying for good faith advertising expenses. Coverage is also obtainable for defense and liability expenses in case you’re charged because of a data breach.
Beyond the Business Owner’s Policy
Are you an employer?
For employers, Workers’ Compensation Insurance is important. Workers’ Compensation coverage pays the medical bill of an employee or employee’s family if a work-related injury, illness or death occurs, if it is purchased alone and it is mandatory in most states, Workers’ Compensation also covers an employee’s income if they can’t work due to a covered illness or injury.
If you have a business, do you rent or lease vehicles?
Commercial Auto Insurance from The Hartford is a must-have for companies that use cars and trucks for their business. It protects your business from the potential shocking financial loss your company can experience if you or an employee is found faulty in the event of an auto accident.