Who and What Does a Business Owners Policy Cover?

As a business owner, you’re responsible for taking steps to protect your investment and secure your company’s financial interests. Understanding, acquiring and maintaining a suitable business insurance portfolio is paramount to these efforts. A business owners policy (BOP) can be a particularly valuable commodity, but understanding the details and capabilities of your coverage is crucial.

What Does a BOP Cover?

BOPs can offer multifaceted financial protection against many common risks and exposures relevant to those across various industries. It can bundle several types of coverage under a single arrangement, often allowing for lower total costs and simplified management. Specifically, many BOPs include the following forms of insurance:

• General liability insurance can help pay for third-party losses for which your business or employees are at fault, such as those arising from bodily injuries or property damage.
• Commercial property insurance can assist with financial ramifications if your company’s tangible assets, such as its building, electronics or furniture, are stolen or damaged by a covered peril.
• Business interruption insurance may offset lost income and help keep up with ongoing expenses if a covered incident forces you to temporarily close or otherwise disrupts normal operations.

Who Is Eligible for a BOP?

As its name suggests, this type of policy is often an ideal choice for business owners. Specifically, BOPs may be available to those who own small- and medium-sized companies in relatively low-risk industries. Total revenue and workforce size can also affect eligibility. If you qualify for a BOP, it’s often a sound investment in your company’s finances and future.

We’re Here to Help

At Rapido Financial, we can help business owners in and around Dallas, TX learn more about BOPs and secure ideal coverage. Contact us today to discuss your options or get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.