Let’s think about it: you have all kinds of insurance. Health insurance, life insurance, the list goes on and on. The same goes for your business. With a Business Owner’s Policy (BOP), you guarantee the protection of your business from any and all property and liability risks. At Decisely, we work with A-rated insurance companies to provide guidance on risk analysis and business consultation. Not to mention, keeping your business and assets safe.

First off, why do you need a BOP?

You need to obtain business insurance and a Business Owner’s Policy if your business has a physical location and if you have assets that could potentially be damaged or stolen. These include things like furniture, cash, equipment, etc. But it’s also a lot more than that.

So what’s in a Business Owner’s Policy (BOP)?

1. Liability Protection

Essentially, this is your protection from any possible harm that could come from your business. Now, we aren’t talking anything illegal here, but sometimes accidents happen such as on-the-job injuries or faulty installations of equipment.

2. Property Insurance

The insurance for your office building and any other assets or real estate owned by your company.

3. Business Income Insurance

This is your protection from an event(s) or disaster(s) that may disrupt your business from actually doing business. Typically, business income insurance refers to earthquakes, fires, floods, and other natural disasters.

And, if you’re needing something a little more, BOPs also have add-ons. The first of which is Data Breach Coverage. This is ideal if your business stores private patient or customer information and if it may be at a risk for a data breach.

The second add-on is Professional Liability Coverage. This kind of coverage deals with the not so pretty aspect of business. Also known as the potential to be sued. In this case, Professional Liability Coverage helps to protect your business from someone claiming that your business committed a negligent act or omitted information in the services you provide.

Okay, besides the protection, any other advantages of a BOP?

In one word: yes.

Here’s the thing: you’re going to need protection for your business no matter what. Unless you really like to live on the edge. And even then. So not only is a BOP a smart choice, it’s a convenient one. It also simplifies a lot of elements in terms of both business and property liabilities. Rather than purchase multiple policies, a BOP keeps everything under one roof, so to speak. And again, these are customizable based on your business needs. So, as you embark on building out your new business, be sure to invest in a BOP: it’ll be the beginning of a beautiful friendship.