If you decide to compare business insurance for a small- or medium-sized company, insurers might offer you something called a Business Owners Policy (BOP). BOP insurance generally provides a typical package of coverage that includes property, liability and business interruption insurance. You can also choose to purchase these policies separately, but BOP insurance may make coverage simpler and even cheaper.
What BOP Insurance Doesn’t Usually Cover
Some insurance companies may offer to customize a BOP to some extent. Still, you should know that most of these insurance packages do not include some kinds of coverage that you might need.
Consider some examples of business insurance BOPs usually don’t include:
- Commercial car insurance: You may need to cover vehicles that you use for business with a commercial auto policy.
- Professional liability: Some professionals need malpractice or errors and omissions insurance coverage.
- Health, life, or disability insurance: Your company may want to extend group benefits to employees.
- Cyber insurance: These days, lots of companies purchase insurance to cover the risk of doing business online or of having their business computers attacked by hackers.
- Flood or windstorm insurance: You may need to buy separate flood and windstorm insurance, especially if your business is located in a high-risk area.
How to Find the Right Business Insurance for Your Company
Insurers tend to group companies by size and line of business in order to offer standard coverage. However, every business runs in a unique way and may face risks that similar companies don’t need to worry about. An experienced business insurance agent should speak with you about your company. He or she can use the information you supply about your business to help you tailor a comprehensive and affordable package of protection. BOP insurance might serve your needs very well, but you also might need other coverage.