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Whether you finally opened your dream bakery, or your family business is now under your ownership, a businessowners policy is a must when it comes to running and owning your business. East Street Insurance is a one-stop shop for all things insurance, including businessowners policies.
BOP stands for businessowners policy
A businessowners policy (BOP) combines protection for property and liability in one insurance package. This type of policy contains coverages needed for a business owner in one bundle. It is sold at a premium that is less than the total cost of the individual coverages combined.
A BOP can help cover your business from claims resulting from events like fire, theft, wind, hail and other disasters. A businessowners policy also provides coverage for liability claims that could arise from your business operations. These can include claims of bodily injury, property damage, personal injury and advertising injury. When you speak with an insurance agent from East Street Insurance, they can help you understand what claims may and may not be covered under a typical BOP. There are endorsements that you can purchase for additional coverage on your policy.
Do all business owners need a businessowners policy?
If you rent or own your workspace and/or serve clients at your business, requiring liability insurance, you need a businessowners policy. A BOP can help your business if you have a physical location. It’s important to have coverage for your business and assets just in case life takes a wrong turn. A businessowners insurance policy can help cover businesses that operate out of your home, rented or owned offices, stores, garages, etc.
If you operate any type of business, there is always a possibility of getting sued. For example, let’s say a customer slips and falls at your workplace and injures themselves. Without the proper insurance, you may be looking at hefty out-of-pocket fees to cover the customer’s medical expenses and injuries. A BOP can help take care of your customers and protect yourself from financial burdens.
When you run a business of any kind you will typically have assets and property that could be stolen or damaged. Everything from computers and customer data, to furniture, cash and inventory, these things can be very expensive and difficult to replace without the proper insurance policy. Our BOP can provide protection if any of these unexpected events occur.
What is the BOP insurance coverage?
Our businessowners policy packages business property and liability insurance together. Our BOP can protect business property that you own, lease or rent including your:
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Buildings
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Equipment
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Computers
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Inventory
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Furniture
The liability coverage provided by our BOP could help you if you are sued for accidentally causing harm to a person and/or damage to someone’s property. It also can help cover the cost of your legal defense. This is important because businesses can be sued even when it’s not clear that they did something wrong.
Business income insurance provided by our BOP can help replace lost income if a covered event causes a suspension of business operations. This coverage is essential to help you cover things like rent for a temporary location, while recovering from a loss.
At East Street, our BOP automatically includes two very important coverages needed in today’s computerized world.
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Data Breach – This coverage reimburses you for various expenses associated with a covered data breach such as: notification expenses, forensic investigation expenses and public relations expenses. We also cover third-party damages that you are legally obligated to pay.
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Cyber Extortion – This coverage reimburses you for your expenses if your business is hit by a covered ransomware attack or other cyber extortion attempt.
In addition to the coverages provided above, we offer several specialized options to help us customize a businessowners policy for you and the specific needs of your business.
How much does businessowners policies usually cost?
While some businessowners insurance policies cost as little as a few hundred dollars, the premium cost varies based on the type of business you operate, your coverage limits and the specific needs of your business. The next step of the process is how to get businessowners insurance.
How can I purchase a businessowners policy from East Street Insurance?
Speak with one of our East Street Insurance agents to get a free quote or request a free quote online today. Our licensed agents can help you get coverage for the first time or help you evaluate the coverage you currently have. They will make recommendations tailored to fit the individual needs of your business.