Business Owners Policy (BOPs) in Lake Bluff and Wilmette, IL
Business owner policies (BOP), or business owners insurance, is insurance that combines business property and business liability coverage into a single business insurance policy. BOP insurance helps cover your business from claims resulting from fire, theft or other covered disasters.
What Type of Insurance Is Business Owners?
A business owner policy covers businesses that generally face the same risks. Customizing your BOP is a critical first step when insuring your business, and you should do this from the beginning to protect your business against loss and damages early on.
A BOP will keep you protected if you have:
Employees—Workers can accidentally injure customers or cause property damage, and with a BOP, you’ll have protection for them and your business.
Private customer data—If someone steals or loses personally identifiable information, a BOP can help pay expenses, such as notifying impacted clients and public relations.
A physical location—A BOP covers businesses run out of homes, rented or owned offices, stores or garages.
The possibility of being sued—Should a customer be injured after a slip and fall at your business, you couldface hefty out-of-pocket fees to cover your customer’s medical expenseswithout a BOP.
Assets that could get stolen or damaged—Some assets are hard to replace, from digital assets and customer data to equipment, furniture, cash or inventory—but with a BOP, you don’t have to worry if your assets are stolen or damaged.
You can tailor your BOP to help meet your unique needs by adding optional coverages such as data breach, business income for off-premises utility service and other specialized coverages.
What Is the Difference Between General Liability and a Business Owners Policy?
A BOP simplifies your insurance needs and eliminates the need for separate policies by combining the following types of coverage in one convenient bundle:
Commercial property insurance—Covers losses to property from common perils. It also covers office equipment, furniture, inventory, machinery, raw materials, computers, and anything vital to your business operations.
General liability insurance—Covers your business’s legal responsibility for any harm caused to others, up to the policy limit. It also covers attorney fees and medical bills for anyone injured by your company.
Numerous businesses purchase BOPs to protect from losses not covered by general liability insurance, including:
What Are the Advantages of a BOP?
A BOP is a good option for small and midsized businesses because it offers many advantages, including:
Cost savings—BOPs can provide cost savings by bundling insurance policies, so you don’t have to purchase each one separately.
Coverage for medical expenses—Commercial general liability policies protect your businessif a nonemployee is injured on your premises or in an incident related to your operations. Coverage for medical payments can be triggered without legal action, allowing you to settle minor medical claims quickly and without litigation.
Customization—While BOPs cover multiple business risks, you don’t need to worry about buying something that you don’t need. Tailor these policies to fit your business’s specific needs with additional coverage for risks such as cyber liability, equipment breakdown, personal and advertising injury, and more.
Learn More About Business Owners Policy (BOP) Insurance
You have many responsibilities and face numerous risks in operating your business. Contact Hill & Stone Insurance today at 847-295-3030 to learn more about how a business owners policy can keep your business safe.