What does a Business Owners Policy (BOP) Cover?

The most basic coverages included in a Business Owners Policy (BOP) are property and liability insurance coverage.  Property insurance protects buildings and contents owned by your business from loss or damage including inventory, computers and even office furnishings. There are two different levels of property coverage, standard and special, which provides more comprehensive coverage of your business’s property and physical assets. Outdoor signs are not covered under BOPs unless added for an additional premium.

Liability insurance covers your business in the event of claims of bodily injury to third parties or property damage to someone else’s property. The claim may be as a result of the actions of you or your employees including faulty installations and errors in services provided.

Business Owners Policies also usually contain business interruption insurance also known as business income insurance. Business interruption insurance provides reimbursement for up to a year of lost revenue resulting from an insured property loss such as from fire, hurricanes or other disasters. Business interruption insurance can also include the extra expense of operating out of a temporary location.

If your business relies on electronic commerce such as online sales for a significant part of your business’s income, speak with a Bowles & Associates, Inc. business insurance specialist about special coverage for losses due to computer issues such as attacks by viruses or hackers.

Depending on the specific needs of your business and the risks your business might face, Bowles & Associates, Inc. can work with you to add additional coverages to the original policy package. Bowles & Associates, Inc. can also provide your New Orleans area business with any of these coverages separately!

What kinds of Businesses are Eligible for a Business Owners Policy (BOP)?

Only small to medium-sized businesses that meet certain criteria are eligible for a Business Owners Policy.  Examples of small businesses that are good candidates for coverage with a Business Owners Policy (BOP) are boutiques, antique shops, coffee shops, book stores, shoe stores, toy stores, hardware stores, specialty shops from souvenir shops to taxidermy shops, law offices and other professional services plus many more types of small retail businesses too numerous to list!

Factors that must be considered when determining if your New Orleans area small business qualify for a Business Owners Policy (BOP) include: the type of business, the size of the premises, business location, building construction, fire hazards, security features, financial stability, required liability limits, the type of business and the
extent of offsite activity.

Call a Business Insurance Specialist at Bowles & Asociates, Inc. to find out if your business is eligible to save money with a comprehensive Business Owners Policy!