Business Owner Policy
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Better coverage for your business at a lower cost
Simple, because it has better coverages at a lower cost.
Business Owner Policy (BOP) is a very complete policy for your business, probably the best option. It combines general liability, property and professional liability coverage into a single policy. It offers protection for you, as a business owner, and for your company.
It is a very good option for restaurants, construction, retail stores, warehouse, offices and contractors.
Coverage
Liability:
The Liability coverage that BOP has is the same as that of the General Liability policy. This includes protection against injury to third parties, property damage, advertising or defamation damage, and claims related to your products or finished operations.
Property Coverage:
Property Coverage provides coverage for the building where your business is located weather you’re renting or own the building and all movable or used property by your business.
Preguntas frecuentes
What types of business need a BOP?
In theory all businesses, no matter how small they are and regardless of their trade would benefit from a BOP but these coverages are ideal for businesses that provide services, that have several employees. Businesses that have high customer traffic such as restaurants, beauty salons, shops and agents, for professionals such as attorneys raises goods agents, insurance agencies etc.
What do I need to quote a BOP?
Like a General Liability policy, we need the company’s information or business owner information , description of operations, as this policy secures material goods of the business you also need a cost estimate to replace the goods.
What is the difference between a General Liability and Business Owner Policy?
The biggest difference between the policies is the coverages, the General Liability only protects the business from any damages or claims caused by the activities described in the policy, while the BOP contains additional coverages. Additional coverages include property coverage, whether you are renting or owning the property, employee negligence or fraud, lost income, material assets of the business among many.
Does BOP also cover my employees?
No, the BOP does not cover employees, however it does cover the business owner against damages, losses, fraud or negligence caused by an employee.
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