Is BOP insurance enough to safeguard my business? Some entrepreneurs believe that purchasing a Business Owner’s Policy (BOP) adequately protects their investment. However, that’s only partially accurate. Typically, a BOP combines commercial property insurance and commercial liability insurance into a single policy to shield the business from customer claims, theft, fire, damage from covered natural disasters, and other common risks.
But this is a broad protection, and your business may still be exposed to specific risks. To truly safeguard your business, you should customize the BOP policy to your unique needs by adding additional coverages such as:
- Workers’ Compensation insurance, mandated by Florida law. This policy covers employees’ medical expenses in case of on-the-job injuries.
- Employment Practices Liability Insurance (EPLI) handles the expenses associated with employee claims of harassment, discrimination, and wrongful termination—claims that have become increasingly common.
- Commercial Auto Insurance is advisable if your company uses vehicles for business operations.
- Customer Records insurance can be invaluable, especially if vital customer records are lost due to a fire or flood, affecting your ability to collect debts or maintain business relationships.
- Business Interruption Insurance covers lost income and extra expenses when there’s a temporary halt in productive activities.
- Contractor’s Tools and Equipment Insurance is crucial for individuals transporting expensive, specialized tools to serve their clients in a van.
As you can see, many coverages go beyond what a BOP offers. It’s wise to sit down with a specialized agent from Univista Insurance, explain your business’s specifics, and tailor the coverages that will genuinely protect your investment.
At Univista Insurance, we offer the most cost-effective and efficient business insurance. Is BOP insurance enough to safeguard my business?