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Your Business Owner's Insurance Needs

How do I know if I need a BOP?

Business Owners Insurance or Business Owners Policies (BOP’S) are a MUST for business owners whom meet some basic criteria.

1. You run your business from a physical location, store, converted garage, home or an office space whether it’s owned or rented.
2. Your business has a need for liability coverage if someone were hurt or injured at your work place leaving you exposed to a lawsuit.
3. Your business has assets to protect if destroyed, damaged or stolen. These assets could range from furnishings to equipment, inventory to cash and should most likely include the possible loss or misuse of client/customer data.

Business Owners Insurance Policies Have Options

In general, BOP policies protect the owner(s) from the common business liabilities they face. Consequently, these types of policies combine business liability and property insurance into one policy at a reasonable rate. So, tailoring a variety of several optional coverages can serve to meet your specific needs:

• Employment Practices Liability Insurance
• Cyber Attack / Data Breach
• Mechanical Breakdown Coverage
• Professional Liability (Errors & Omissions)

BOP Standard Coverage Types

Since there are a few basic types of insurance that make up BOP coverage, lets look at the most common types or components of BOP.

Liability Protection
Liability protection helps to cover the costs associated with lawsuits. Namely, the legal defense arising out of being sued over damage to property and or causing harm to someone.

Property Insurance
Property insurance generally covers business assets, furniture, inventory, buildings and even fixtures.

Business Interruption
Sometimes businesses face a temporarily shut down due to a covered loss. Business interruption insurance will replace lost income.

In addition to these BOP options, there are several others that may be applicable to you. Because it really depends on the specific needs of your business. Just be sure that your exposures don’t exceed the standard coverages listed above.

It seems that all roads lead back to the business owner. So, it’s wise to take reasonable steps. Protect your lively hood and assets from unexpected exposures common to all business owners.

Contact Chris Wilson at (619) 980-7263 if you have questions. He can help determine the proper type and level of business owners insurance needed to adequately protect your business and personal assets.