As a small business owner, you understand all too well the potential financial implications of property damage or personal injury claims. Without adequate insurance protection, the results can be devastating. When considering your company’s unique insurance needs, a business owner policy (BOP) of insurance is a good starting point.

What It Includes

Every business owner policy includes coverage for both general liability and property insurance. General liability protects a company when a client or third party is injured either at the business location or while using the company’s product or services. Property insurance covers damages to property, inventory and/or machinery.

What Can Be Added

A BOP’s property component can be expanded to include business interruption insurance–;a valuable addition in case an event such as an extended power outage affects your bottom line. Provisions for boiler and machinery insurance (also known as equipment breakdown) as well as crime and mobile property insurance are also available. Liability insurance can be enhanced and customized depending on your company’s specific risks exposures.

What Is Not Included

A business owner policy is not designed to be totally inclusive. Below is a list of some insurance needs your company may or may not require that are not included in a standard BOP and can only be added as stand-alone policies:

  • Workers compensation
  • Health insurance
  • Disability
  • Directors & Officers
  • Life insurance

Don’t run the risk of jeopardizing your company’s long-term financial security. Consult an insurance expert when deciding on a comprehensive package of protection.