Business Owners Policy: Understanding the Coverage

​As a business owner, one of your responsibilities is to take care of your company from fire, business interruption losses, liability, and burglary. The BOP or Business Owners Policy can help you with these common risks. Get to know more about BOP and how it can help you with your business. 

Three Policies in One Package
The best thing about BOP is that it’s a combination of all insurance coverage that most businesses need. It includes the following:

• Business Interruption Insurance- This coverage, also known as Business Income Insurance, replaces lost profits in case your company closes down due to wind damage or fire. 
• Liability Insurance- it helps cover injury if someone got injured at your company by using your services or products. 
• Property Insurance- helps protect your office space or building, inventory, and equipment. 

​
Customize Your BOP to Meet Your Needs
It is vital to know that BOP has a lower coverage and does not cover all probabilities that are associated with your business. You may need to carry worker's compensation for your employees. Other states may require you to take another policy for your vehicle owned by the company. 

You may also encounter new concerns like computer system issues and company identity theft that are for separate insurance. Here are the other policies that you may need to check: 

• Business Vehicle Insurance
• Cyber Risk Insurance
• Employee Practices Liability Insurance
• Professional Liability Insurance
• Health And Disability
• Flood and Sewer Back-up
• Terrorism Insurance

Raising the Coverage With Umbrella and Excess Insurance
You can increase the protection of your BOP and other company insurance by adding a new or umbrella insurance policy. Because of the limitations of the BOP, adding supplemental plans can help boost the coverage of your current insurance. 

The umbrella coverage can help your business by broadening and filling in the gaps that were left by the other liabilities. You can consult with a professional to gather more info regarding this. 

Conclusion
As a business owner, there are risks and complications that you may encounter along the way. Having an insurance plan can help you run your business without any worries knowing that you have protection against the possible losses. Running your company is not an easy job; it requires patience, skills, and of course the correct policies. 

At All Things Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (763) 645-5450. Get your free quote today by CLICKING HERE.