A Business Owners Policy (BOP) is a policy that can cover a variety of commercial risks and can offer protection for entrepreneurs.
In most cases, a BOP combines commercial property insurance with general liability insurance, making it a “one-stop” solution for the essential coverages your business might be looking for. Opting for a BOP generally tends to be less time consuming than buying the policies individually, making it a more practical option for busy Ohio business owners.
Understanding PolicySweet’s Business Owners Policy
If you purchase a PolicySweet® BOP insurance policy, you can receive protection in three key areas.
What’s Covered by the BOP?
A BOP can cover three areas to help ensure protection from financial loss.
General Liability Insurance
This facet of your policy typically covers accidental third-party bodily injury, related medical expenses, and claims made against you for injuries.
Cyber Risk Insurance
In most cases, cyber risk insurance can offer protection for the financial impact caused to your company from data breaches, viruses, hackers, network security attacks, cyber extortion, and other online threats.
Business Property Insurance
This part of your BOP helps to safeguard your business from various risks, including fire, theft, vandalism, and more. When a covered loss occurs, property insurance can help replace the business items and income that was lost as a result.
You can save time and effort by purchasing a single policy — a BOP — that can cover your general liability, cyber, and property risks.
How Can I Secure a Business Owners Policy?
Getting Ohio business insurance with our instant quote tool can be quick. Simply follow the steps below to request a free, no-obligation quote, and we will customize a policy to help meet your needs.
Here’s what to do:
- Tell us about your business.
- Instantly receive a quote with no commitment.
- Get coverage right away by accepting the terms of the policy!
What Isn’t Included in BOP Insurance Coverage?
While Business Owners Policies can shield companies from several liabilities, it doesn’t cover every risk. A supplementary policy, such as Workers’ Compensation insurance, may be necessary for certain businesses.
Workers’ Compensation can safeguard businesses from the financial and legal burdens that come with workplace accidents and illnesses. If you want to provide coverage for your employees, you might consider acquiring Workers’ Compensation insurance on top of BOP coverage.
Why Might a BOP Be Necessary?
Businesses of all sizes and in all types of industries should evaluate if having insurance policies in place make sense for their business. Unanticipated costs related to covered losses can be lessened with the help of a BOP. You may want to think about getting a Business Owners Policy if any of the following apply to you.
Helping to Protect Your Business Assets Is Your Top Priority
A BOP can protect your company’s assets, tools and equipment that may be essential to its operations. If someone were to steal or damage your company’s furniture, fixtures, or equipment, a BOP can help cover it. Your insurance coverage may include the expense of fixing or replacing damaged, lost, or stolen items.
Your Operations Are Conducted in a Physical Location
Whether you own, rent, or lease the space where your business is located makes no difference. Having insurance to help safeguard your organization in case something unexpected happens can be crucial.
If you lease an office space, there may be a chance that the landlord’s insurance won’t cover certain incidents. No matter where your business is based, BOP coverage can be a good idea for protection. A BOP can help shield your company against catastrophic financial losses caused by incidents such as theft or fire.
There’s a Possibility of Lawsuits
Should a client or customer choose to sue your company, BOP insurance can help. Your business may be covered against claims of customer injuries caused by company equipment or employees and claims of third-party property damage. If you don’t have business insurance, you might have to pay for legal fees from your own pocket.
You Hold Sensitive Customer Data
When you get BOP insurance from PolicySweet, you’ll also get cyber insurance, which could help pay for experts to investigate the cause and extent of cyberattacks and data breaches.
Is a Business Owners Policy Legally Required?
Local and state governments do not usually require a Business Owners Policy. Nevertheless, depending on your company’s nature and location, getting general liability insurance, which is part of our BOP, may be mandatory. For instance, contractors in Ohio may be required to have general liability insurance to get a license.
You might still need insurance in several scenarios, even though BOP coverage isn’t typically mandated by law. As a precaution against unforeseen events, insurance may be a requirement in client contracts. Customers may want to know that your business has insurance before they let you into their property. When applying for a business loan or lease, you might have to prove you have insurance as well.
What Businesses Does PolicySweet BOP Cover?
Helping to protect small companies is the goal of PolicySweet’s BOP coverage. If you manage a business in any of these industries, you might want to think about getting a BOP:
If you’re unsure if we cover your type of business, don’t hesitate to contact us.
What Are the Requirements for Getting an Ohio Business Owners Policy?
Although most businesses can get a Business Owners Policy, a few may not match the coverage criteria.
Your business can likely get a BOP if it meets the following conditions:
- Has under a hundred employees
- Operates in a small business or office space
- Earns less than $1,000,000 each year
- Has a low history of claims
Request a free quote today to find out whether you qualify. If you have any concerns about the requirements for Business Owners Policy coverage, you can also reach out to us at 1-800-625-8257.