BOP – Business Owners Package
A Business Owners Policy (BOP) includes both property and liability coverage for your business. No matter if you own a large corporation or a mom-and-pop shop, a BOP is going to be your best form of liability protection. With a combination of protecting your reputation and your business property, it is a comprehensive insurance solution.
Property can be defined as the building you rent/own or other business-owned items — For example desks, chairs, and shelves. The BOP will cover you from several named perils, fire and vandalism being two of the most common. In case you use electronics or other appliances that end up breaking, you can also add what is known as Equipment Breakdown. For any food-related business, there is optional Spoilage coverage that can be added.
The liability portion will protect the business from any legal repercussions that might arise during a claim. Because you are legally responsible for the actions that extend from your business operation, the BOP covers you in case you cause bodily injury or property damage. It can also protect the business from damages that come from the use of your product. Another way to utilize this liability coverage is in case another business sues you for slander. Anything can happen when you run a business, so it is best to remain as protected as you can.