Business Owner’s Policy – When General Liability Insurance Isn’t Enough
Insurance is an important piece of running a business, regardless of your size. For small businesses with limited resources, it’s especially critical that you have proper liability coverage. Otherwise, causing a serious injury and/or getting sued could result in a crippling loss of funds.
Even if you’re under an LLC, you could be personally exposed to these types of risks. A general liability policy should provide you protection for lawsuits, injuries that occur on your premises/because of your product, property damage, etc.
For many businesses, however, that is not enough. Especially if you have a physical property for your business. In that case, you’ll at least need business property insurance. The more policies you have, however, the more complex (and expensive) things can get.
A better solution might be to bundle your business insurance needs under a “business owner’s policy” or BOP.
What is a BOP and Who is it For?
A BOP is a customizable, hybrid policy that includes general liability coverage, business property coverage, and other areas of coverage as needed.
It’s generally reserved for small businesses with a physical location that operate in a relatively low-risk industry. While a BOP might not be for everyone, it can provide great coverage at an affordable rate for some businesses. These policies can even be tailored to meet your specific needs.
A few areas and items that BOPs can cover include:
- On-site accidents
- Property damage
- Loss of possessions
- Loss of third-party items under your care
- Cyber threats
- Loss of income/business interruption
BOPs are most common among restaurants, apartment complexes, and retail stores. However, other types of businesses may benefit from them as well. The best way to find out if a BOP is a good fit for your business is to speak to an insurance agent.
Link-Hellmuth Insurance has helped Ohio companies find quality, affordable business insurance in Springfield, Ohio and beyond since 1894. We have an unmatched understanding of the industry and are well equipped to find the policy that best suits your business’s needs.
Contact us today!