Business owner’s policies may be right for your organization if:
- You make less than $10 million in annual revenue
- Have fewer than 100 employees
- and Operate a physical location
A Policy Customized to Your Needs
A business owners policy can be customized to fit specific industry needs. Most insurers allow customization of BOP by adding optional coverages, such as:
- Cyber Liability, including data breach
- Crime
- and Other specialized coverages
Within the healthcare industry, individual practitioners and small medical offices often purchase a package policy. A BOP can provide an affordable alternative to securing separate insurance policies.
What a BOP does not cover?
The following types of insurance are excluded as part of a standard business owner’s policy:
- Professional Liability: A crucial insurance coverage for medical providers, professional liability protects against malpractice and negligence claims.
- Workers Compensation: Legally required for most employers, workers comp covers injuries and illnesses employees experience on the job.
- Employment Practices Liability: Employment practices liability insurance (EPLI) is needed to protect against lawsuits due to claims of harassment, discrimination, and wrongful termination.
- Commercial Auto: Commercial automobile insurance is necessary to cover the costs of auto accidents when your organization uses company-owned vehicles for business.
While those coverages are excluded from a standard Business Owners Policy (BOP), they may be able to be added as optional coverages depending on the insurer. Chivaroli & Associates can help your organization find and tailor the right BOP or secure additional standalone coverages for your unique risks.
