BOP, or business owner protection, is an important level of business insurance. As a business, just opening your doors to meet customer needs puts you at risk.
BOP coverage reduces these risks. It helps to alleviate the types of events that could cost your business money. BOP coverage also helps to keep insurance costs lower. It does this by combining the types of insurance companies like your own may need. As a result, it lowers the overall cost you might pay. If you lease or rent a building, BOP can help you.
What Does It Offer?
BOP provides coverage for business owners operating in leased or rented buildings. It can also help cover costs for those who own those buildings. For the leased property, BOP is likely to provide the following:
General Liability Coverage
In a leased space, you may be responsible for losses your visitors suffer when on your property. This includes risks associated with product failures or employee dishonesty. General liability insurance helps pay for those losses, and coverage is a part of most BOP policies. Your Bruening Insurance agent will work with you to address the amount of coverage you need.
Commercial Property Insurance
A second component of BOP is protection for your property. Even when you lease, you still have owned property to protect. The building owners' policy provides protection for the structure itself. But it does not provide any protection for your assets, though.
This is where commercial property insurance becomes important. It can cover risks associated with anything you own. This includes equipment and inventory. It also can cover your computer systems. It may even include other items stored at the business location for business use.
What Else You May Need
You may need to add additional protection to BOP. If you have employees, you may need to obtain a workers compensation insurance policy. It covers worker-related injuries and illness. Errors and Omissions insurance may be helpful to some companies. If your business provides information and advice to others, this coverage is important.
If you operate your business in leased or rented property, work closely with your Bruening Insurance agent. Determine what type of business insurance is right for your needs. Discuss the coverage limits and benefits, too. Then, customize your policy to meet the specific risks associated with your location and the type of business you operate.