A Business Owners Policy (BOP) contains many, but not all coverages a business needs. The basic BOP provides coverage in three primary areas:
- Business Liability- covers you if a person is injured on your premises (e.g. a slip and fall), or your product or service leads to an injury or damage to someone’s property.
- Business Property- covers you if your property (e.g. inventory or business equipment) is damaged from a covered peril (fire, theft, smoke, water, etc…)
- Business Income- covers you for the lost business income after a covered loss.
A basic BOP policy will not cover the following claim scenarios, unless you add additional coverage:
- An employee sues you for wrongful termination or harassment
- A hacker breaks into your employee or client files and steals personal information
- An employee runs an errand for your business in their personal vehicle and severely injures someone in an accident
- You are carrying inventory or business tools on your truck and they are damaged in an accident or stolen
- You offer your professional advice or services and your client sues you stating they did not get the result they expected.
These are just a few of the losses that are not covered by a basic BOP. We can review your policy with you to determine if you have the coverages you want and need.