Business Owners Policy (BOP)
Combined Coverage for Special Advantages.
A business owner’s policy (BOP) for Colorado is like a homeowner's policy for business. This insurance is perfect for small to medium sized businesses because they combine some of the basic coverages needed by a typical small business into a standard package. The premium you pay is generally less than would be required to purchase these coverages separately. Business owners also like the simplified nature of the package as opposed to buying a collection of small policies.
Most of the BOP coverages for Colorado businesses include all the insurance a business would need, excluding auto and worker’s compensation.
Typically a BOP policy for Colorado includes:
1. Property insurance (covering buildings, equipment and inventory).
2. Business interruption insurance (covering losses that cause you to shut operations or reduce production for a time). Business interruption insurance can provide money to offset lost profits or to pay continuing expenses (typically for up to a year for insured losses).
3. Casualty or liability protection (covering harm done by the employees or products to other people or their property).
4. Crime insurance (covering loss of money or securities resulting from burglaries or robberies or destruction) as well as losses from employee theft or embezzlement.
5. Liability insurance covering lawsuits arising from accidents (as when someone trips and falls on your business’s property) or when you sell a product that damages the customer’s property or you are accused of offenses such as slander, copyright or invasion of privacy.
6.Vehicle coverage for rented or borrowed vehicles.
A number of other coverages such as flood insurance or earthquake insurance or owned vehicle coverage and specialized liabilities are generally not included in POBs. Some of these may be available separately for extra premiums.
One of the distinguishing features of BOPs is that most automatically include business income and extra expense coverage (subject to some limitations).
Find Out if Your Business is Eligible
Since Business Owners Policies apply only to special types of businesses with specific needs, operations, and risks, it’s important to contact a specialist at Long's Insurance Agency who can help you determine whether a BOP is right for your small or medium-sized business.