Even the most conscientious business owners suffer losses and damages that, if not covered by commercial insurance policy, can spell disaster for their organization. That’s why the majority of business owners carry insurance – it gives them the financial protection and peace of mind they need for when the unexpected happens. One of the best ways to ensure your business is adequately insured is through a Business Owner’s Policy (BOP).

What is a BOP?

You don’t need to be an insurance expert, but understanding what a BOP is and how it protects you will come in handy if you ever have to file a claim. A BOP is a comprehensive insurance package that typically includes coverage for:

• Property insurance
• Business Inventory/Stock
• Business Interruptions/Loss of Income insurance
• Crime/Theft insurance
• Liability insurance

Depending on specific risks your business might face, such as a data breach or professional liability, your insurance agent or broker may recommend one or more additional coverages. A BOP saves you money by bundling coverages under one policy.

How a BOP Helps Your Business

Depending on which options you choose – and what level of coverage you need – here are just some of the ways a BOP will help your business after property damage or loss.

• Property Coverage. The types of property covered usually include your owned or rented business premises as well as the contents. Contents can include owned, leased, or rented equipment, inventory, computers and furniture. Any items owned by a third party but are temporarily in your care or control are also covered.
• Business Interruption Coverage. Also known as Business Income and Extra Expense Insurance, this coverage is critical to enabling your business to recover after a loss. It helps pay your ongoing expenses and also helps make up for lost profits. Extra Expense Coverage is for those extras incurred due to the loss, such as rent for temporary facilities after your business is shut down.
• Liability. Liability protection covers your business’s legal responsibility for any personal injury or property damage someone suffers at your place of business. Examples include defective products and faulty installations. Your business is also covered for personal and advertising injury, which includes among other things, false arrest, slander, libel, and infringement of copyrights in your advertisements. 

Final Thoughts

As a commercial property manager or property owner, you’re well aware there’s always a risk that you’ll suffer a property loss. A BOP is a valuable plan that protects your assets and helps your business stay in operation. It simplifies your insurance process by combining the coverages you need into one policy, which also saves you money.

Don’t let an unexpected loss devastate your business. A Business Owner's Policy is a convenient and comprehensive way for you to get all the coverage you need. 

Miller Public Adjusters currently serves the states of
Wisconsin - Florida - Illinois - Indiana - Michigan - Minnesota - Texas

Call us 24 hours a day at (800)958-4829 to schedule an appointment or
please fill out a Free Claim Review to see if we can help.