Businesses often share a number of similar property and liability risks, including customers getting injured on company premises, equipment getting damaged or stolen, or the business having to shut down temporarily due to a storm, cyber attack, or other circumstance. While individual policies address each of these risks separately, doing so can be both time consuming and often expensive. Often, a more efficient and cost-effective strategy is a businessowner’s policy (BOP). A BOP is designed to address the most common liability and property threats that businesses regularly face by bundling multiple insurance policies into a single package.

 

What Does a Businessowner’s Policy Cover?

A BOP can be customized for each business, so specific coverages will vary. However, for all BOPs sold through Suracy, the following coverages are generally included:

  • Property Insurance: the property insurance portion of your BOP covers owned buildings along with other physical property, such as machines and office furniture.“Named peril” protection covers the cost of property that is lost or damaged due to specific events like theft or fire. “Open peril” coverage covers the property regardless of how it is lost or damaged. Note that property insurance generally doesn’t include heavy machinery or vehicles.
  • General Liability: if a visitor is injured as a result of something you or your employees failed to do, then your business could be held liable. For example, if a customer slips and falls because a spill wasn’t cleaned properly, that customer may be able to pursue a claim against your business. General liability protection helps cover your business for legal fees related to such claims.
  • Business Interruption: Many unforeseen circumstances, such as severe storms, cyber attacks, or fire can disable a business for a time. Business interruption coverage is designed to help recoup some of the revenue lost from these interruptions. If the business has to relocate temporarily to continue operations, then this coverage can help offset some of the expenses associated with the move.

Please note that some risks cannot be included in a BOP, including auto, workers’ compensation, and disability.

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