social social social
Info Icon Info Icon Info Icon
Español
Call or Text (516) 354-4849
☰ ˟
Logo
Call or Text (516) 354-4849
  • Home
  • Personal Insurance
    • Instant Quote
    • Automobile
    • Classic Car
    • Homeowners
    • High Value Home
    • Flood
    • Life
    • Motorcycle
    • Personal Umbrella Insurance
    • Special Events Insurance
    • Watercraft & Boat
  • Commercial Insurance
    • Instant Quote
    • Auto Repair Shops
    • Business & Commercial
    • Cannabis Industry
    • Car Wash Insurance
    • Transportation/Trucking Insurance
    • Commercial Property Insurance
    • Commercial Umbrella Insurance
    • Contractors Insurance
    • Cyber Liability
    • Daycare
    • Farm
    • General Liability Insurance
    • Office Insurance
    • Restaurant, Bar, & Tavern Insurance
    • Retail Store Insurance
    • Service Station Insurance
    • Small Business Insurance
    • Wholesalers and Distributors
    • Workers Compensation
  • Policy Service
    • Pay Your Bill
    • File A Claim
    • Carrier Links
    • Service Request
  • Resources
    • View our Blog
    • Refer a Friend
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Employee Directory
    • Privacy Policy
  • Contact Us
Home > Blog > How to Customize Your Business Owners Policy
WEDNESDAY, DECEMBER 23, 2020

How to Customize Your Business Owners Policy

A business owners policy (BOP) can be an incredibly useful insurance resource for business owners, but many business owners don’t know how to tailor their policy to maximize coverage. BOPs combine coverages for small businesses to save money on important insurances. It typically comes with: a close up of a sign

  • General Liability: General liability coverage provides the business with compensation for bodily injury and property damage incidents that occur on the business’ property. 

  • Commercial Property: Commercial property insurance provides the business with compensation if its property is damaged or lost due to fire, lightning, hail, smoke, wind, theft, vandalism and more. 


There are other policies that may be added to a business owners policy, however. Every business is different and thus has different insurance needs. Carefully consider the unique risks your company faces when it comes to property and liability. 

Liability Options for BOPs 

General liability only covers third party injuries and property damage related to non-professional negligence. Other optional liability coverages that may be added to a BOP include: 

Professional Liability 

Where general liability covers non-professional negligence, professional liability covers incidents of professional negligence that may directly affect a client. If your employees offer a professional or specialized service, they are at risk for claims regarding mistakes while offering those services. For example, if an accountant makes a mistake that causes a client to lose thousands of dollars, that client can then sue the company. A professional liability insurance policy can help pay for the legal fees that follow. This insurance has different names depending on the industry, but it is commonly known as professional liability, errors and omissions (E&O) insurance, and occasionally medical malpractice insurance. 

Cyber Liability 

In the modern age, a lot of information is kept online or electronically. This convenience unfortunately leads to a lot of risk. Information can easily be lost, damaged or stolen when stored electronically, and any of these incidences can fall back on the business. Cyber liability insurance can cover the business in case of hackers, cyber attacks and other issues and claims that can arise related to electronic data. 

Directors and Officers Liability 

Directors and officers liability (D&O insurance) covers claims made against your company’s board of directors or any of your individual officers. These claims can come from shareholders, clients, or employees and generally concern the director or officer’s actions on the board. It often comes with employment practices liability (EPLI), which covers HR issues such as discrimination, sexual harassment and more. 

Property Coverages 

Different businesses have different types of property that needs to be covered, so it’s important that you not only know what type of coverage you need, but to know the total replacement cost of all insured items. 

Commercial Auto Insurance 

Commercial auto insurance covers vehicles owned or used by a business in case of fire, wind, hail, falling objects, theft, vandalism, collision and more. It can also offer liability coverage that is often found on personal auto insurance policies. 

Inland Marine Insurance 

This insurance covers items or equipment that are in transport. If a hospital is moving expensive equipment as they change buildings, for example, inland marine insurance offers extra coverage. 

Flood and Earthquake Insurance 

Basic commercial property insurances don’t cover items against damage or loss due to floods or earthquakes. You may be able to add these coverages to your business’ BOP, especially if the commercial property is located in a high-risk area. 

Be sure to consider your industry’s unique needs, calculate the replacement cost value of the building’s assets, and connect with your insurance agent about building your BOP into the best policy for your business. 
Posted 6:53 PM

Tags: business, insurance, bop, business, owners, policy
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(12)
  • business(8)
  • coverage(7)
  • policy(6)
  • business insurance(5)
  • owners(4)
  • commercial(4)
  • homeowners(3)
  • auto insurance(3)
  • small(3)
  • rates(2)
  • car(2)
  • auto(2)
  • commercial umbrella insurance(1)
  • liability(1)
  • workers compensation(1)
  • general(1)
  • home insurance(1)
  • life(1)
  • flood insurance(1)
  • life insurance(1)
  • house(1)
  • dui(1)
  • whole(1)
  • terms(1)
  • bop(1)
  • contractors insurance(1)
  • general liability insurance(1)
  • professional(1)
  • credit(1)
  • farm insurance(1)
  • cyber(1)
  • liquor(1)
  • motorcycle insurance(1)
  • special event insurance(1)
  • boat insurance(1)
  • retirement(1)
  • motorcycle(1)
  • commercial property insurance(1)
  • fire(1)
  • homeowners insurance(1)
  • ron keats(1)
  • umbrella insurance(1)
  • small business insurance(1)
  • commercial auto insurance(1)
  • myths(1)
  • score(1)

View Mobile Version

Contact Us Today!
(516) 354-4849

Social Social Social

Personal

  • Automobile
  • Homeowners
  • Life
  • Motorcycle
  • Recreational Vehicle

Commercial

  • Business & Commercial
  • Commercial Auto
  • Commercial Property
  • General Liability
  • Workers’ Comp

About Us

  • Who We Are
  • Our Locations
  • Meet the Team
  • Pay Your Bill
  • Policy Service
trusted choice

Contact Headquarters

485 Jericho Turnpike
Mineola NY, 11501 USA

Ph: (800) 871-1992