Business Owners Policy (BOP)
If your business is classified as low-risk, you may be eligible for bundled Property Insurance and General Liability Insurance coverage in a specialized, affordable policy known as a Business Owner's Policy, or BOP.
In some cases, a BOP also offers business interruption coverage, which provides you with income and helps cover the expenses you incur as a small-business owner should your business suffer a covered property loss and is forced to close down temporarily.
Talk with one of Pinnacle's small business insurance experts to verify your eligibility and find the Business Owner's Policy that fits your work!
General liability coverage: included in a Business Owner's Policy offers protection in the case of lawsuits that claim your business is responsible for property damage or bodily injury. Such lawsuits tend to be costly, even if your business is not ultimately found liable. In the process of defending yourself, you may be responsible for paying lawyer's fees, court costs, witness fees, police report costs, fines, judgments and more. These expenses can easily top tens of thousands of dollars. The General Liability Insurance included in a BOP protects your financial reserves by covering those expenses, and in some cases even covers any interest that accrues during the course of the lawsuit.
Property coverage: protects your business property against loss or damage. It also protects property in your care, control, or custody, even if it belongs to your clients, associates, or others. In the event that covered property is harmed or lost, the BOP provides funds for the property's replacement value, rather than its depreciated value.
This means that, with a BOP in place, you have the means to replace property quickly so you can get back to serving your clients ASAP.
At insureon, our goal is to protect your business from the cost and distraction of property and bodily injury lawsuits and to insure your business assets against damage and loss. Here are some key details about how we achieve both of those goals through your BOP.
Property claims: including furniture, equipment, inventory, and supplies – is typically covered at your own business location and when it is away from your office. Common property claims include theft, accidental damage, and fire. If, for example, your business property should be damaged or destroyed due to fire, explosion, or lightning, your BOP coverage would help you replace it, whether you own or rent your office or other business space. Additionally, if your business accidentally causes a fire in your office space, damage to other tenants' space and contents would also be covered. See our Property Insurance page for more information.
General Liability Claims: In addition to protecting your business against the high costs associated with property and bodily injury lawsuits, the general liability coverage of your Business Owner's Policy may also protect your small business against completed operations liability, contract liability, personal and advertising injury, and liquor liability. See our liability insurance page for details.
Business Interruption Insurance: Some policies may also include insurance to reimburse your business for lost income and extra expenses your business may incur as the result of a covered property claim. For example, if a fire in your office forces you to shut down your business for a month while you find and move into temporary office space, you may be able to receive reimbursement for lost income as well as costs associated with your temporary relocation.