What is a Business Owner’s Package?
A Business Owner’s Package, commonly called the BOP, combines many of the most common and popular insurance coverage into a single, convenient insurance policy.
Typical Business Insurance Coverages
Standard Coverage (Generally included in every policy)
- General Liability
Covers accidents or injuries to customers, vendors or other third parties that may occur in the normal operation of the business. Owners or employees of the business are typically excluded from this coverage (That’s what Worker’s Comp is for.) - Commercial Property
Covers the physical location occupied by the business. If the business owns the space occupied, the policy provides protection against a variety of potential losses. If the business is a tenant in the space occupied, the policy provides liability coverage against damage caused to the landlord’s property, as well as coverage for any investments made by the business to build out or improve the space. - Business Personal Property (AKA Contents)
Covers the physical assets of the business, including furniture, equipment, technology, inventory stored on-site and more. - Products and Completed Operations Liability
Covers accidents or injuries to customers, vendors or other third parties that are caused by the physical products or completed work done by the business
Optional Coverages (Still very important!)
- Lost Business Income
Covers lost revenue to the business that is caused by accidents, weather damage, and other factors that impact the business’ ability to conduct their normal operation. - Cyber Liability and Data Breach Protection
Covers liability that stems from the release or theft of sensitive personal information of customers. This can be financial, medical or other sensitive data not available to the public. This coverage also provides resources for public relations campaigns and remediation expenses after a data breach has occurred. - Employment Practices Liability (EPL)
This coverage provides protects the business and its ownership from accusations of several employment-related actions, including sexual harassment, hostile work environment, wrongful termination, discriminatory hiring practices, and more.
How To Get The Best Possible Price
It REALLY helps to work with an Agent who has a personal relationship with the Underwriters who approve and set the price for your policy. All of the following factors can result in a better price for your insurance program:
- Package Discounts
- Clean Loss History
- Providing Current Insurance Docs
- Tenure of Company
- Tenure of Management
- Management’s Industry Exp
- Preventative Action Plans
- Regular Maintenance Plans
- All-Hands Safety Meetings
