How to Get the Most Out of Your BOP (Business Owners Policy) in 2021

​Running a successful business means being able to make timely, progress-focused decisions for your company. One of these is securing a Business Owner’s Policy (BOP) that consolidates property, risk, and business interference for small companies. This bundled cover is usually affordable than buying coverage independently. With a BOP, you can tweak the arrangement to meet your specific individual business needs.

What is BOP?
No, it’s not a funky dance from the eighties; BOP is a policy created to protect small businesses from some of the primary risks. These include, but aren’t limited to, fires, break-ins, liabilities, and business disturbance losses. Since BOP’s are prepackaged, entrepreneurs only have to review a single policy, making it the economical choice compared to acquiring separate covers.

Business Owners Policies are structured for smaller businesses, so ultimately, the size and kind of business determines eligibility. Food outlet businesses may not qualify for BOP due to their associated risks and the need to purchase their cover individually.
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Usually, BOP bundles up to three of these policies into one:

• Property Insurance – protects the building/offices plus other properties like machinery and stock.
• Liability Insurance – cover for bills incurred from at-work injuries 
• Business Disturbance Cover – a.k.a. Business Income Insurance, helps replace lost income if your company closed down at any point

Customize a BOP for Your Company’s Needs
Keep in mind that a BOP isn’t inclusive of all the risks you may run into your business. As such, if there are employees, you’ll likely have to get out extra workers' compensation, depending on where you are. Because of different businesses’ unique risks, it’s essential to discuss what coverage to get with your insurer.

Companies can customize their BOP to help meet their individual needs by incorporating:

1. Information breach
2. Business revenue for off-premises utility administrations
3. Professional liability cover
4. Workers practices liability cover
5. Employees compensation
6. Terrorism cover
7. Business motor vehicle cover

Boost Your Cover With an Excess and Umbrella Policies
Businesses can increase their cover offered by their BOP by adding liability or umbrella coverage. This supplementary cover expands a business’ cover beyond the limitations of the basic insurance cover. With it, you can fill in whatever gaps exist in your policies and cover other risk areas you may be exposed to.

Conclusion
Buying a BOP policy is innovative and convenient as it streamlines coverage needed by your specific business. Your employees and property will be safeguarded, meaning it can be business as usual, knowing the nitty-gritty behind the scene is taken care of. 

At Arnold, Bruce & Doerfler Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (503) 222-1951. You can also request a free quote by CLICKING HERE.