BOP (Business Owners’ Policy)
Insurance policies that combine protection from major property and liability risks in one package. A Business Owner Policy or BOP is an insurance package that assembles the basic business insurance coverages required by a business owner in one bundle. It is usually sold at a premium that is less than the total cost of the individual coverages. Business Owners Policies usually target small and medium-sized businesses and typically contain business interruption insurance, which provides reimbursement for up to a year or more of lost revenue resulting from an insured property loss.
A typical business owner policy includes: property insurance, business interruption insurance, crime insurance, vehicle coverage, and liability insurance. Depending on additional risks a business owner might face, the business owner and the insurance company can make arrangements on additional components to be added to the original package.
Loss of Business Income
If unexpected events cause your operations to be suspended due to a covered cause of loss, this coverage will help replace any loss of income, up to the policy limit, to help you meet your continuing financial obligations such as rent or payroll.
Business Property Insurance
Business Property insurance can help protect the property your business owns, leases or rents, including things like buildings, equipment, inventory, furniture and fixtures. It provides coverage for damaged computers and media and loss of accounts receivable records.
Business Liability Coverage
When it comes to liability protection, the broader the coverage the better. That’s why we offer business insurance policies that provide business liability insurance that covers your business in the event your business is responsible for causing harm to a person and/or damage to property. It also helps cover the cost of your defense.
Data Breach Coverage
Offered as an optional coverage, data breach coverage provides you with access to professionals who can help you comply with regulatory requirements, provide guidance on how to help prevent a data breach and handle a breach crisis if one occurs. Response expense coverage can help to quickly restore confidence in your business or practice through notification to impacted individuals and can help pay for good faith advertising expenses, for example. In most states, coverage is also available for defense and liability expenses in the event you’re sued because of a breach.
Employment Practices Liability Insurance
If you’re a business that has employees, then you probably need insurance that helps protect you from employment related claims resulting from alleged or actual acts of:
- Violation of the Family Medical Leave Act
- Wrongful discipline
- Wrongful failure to promote
- Wrongful termination
The Schneiderman Insurance Agency offers a Business Owners Policy (BOP) that has the option to include Employment Practices Liability Insurance coverage, which helps protect you from the types of claims above.
The following are some, but not all of the types of business risks that we can assist business owners with: