man on computer

Business Owners Insurance (BOP)

 

What’s a Business Owners Policy?

A Business Owners Policy, or BOP, is an insurance package that bundles together several types of commercial insurance into a single policy. With its competitive pricing, a BOP is designed for small to medium-sized IT operations looking for protection against fire, theft, certain lawsuits and more.

What does a BOP cover?

The coverage provided in a BOP package is the ideal place to begin building an effective risk management program at an affordable price. Important coverage considerations for IT companies should include:

  • Commercial General Liability (CGL) provides protection against claims arising from bodily injury, property damage, or medical payments as a result of your business operations.  A BOP does not protect against claims of professional errors or negligence. These types of claims are covered under an Errors and Omissions policy.
  • Property Coverage provides protection for the property your business owns. Whether it is furniture, inventory, a building or fixtures, you need to protect your assets against physical loss.   
  • Electronic Data Processing Coverage provides protection for your computer equipment, data systems, information storage media and expenses or income loss. Some insurers include these perils in the basic form, while others make them only available by endorsement for an additional premium  
  • Personal Property of Others provides coverage for the personal property of your customers while temporarily in your care, custody and control. 
  • Hired Auto and Non Owned Automobile Liability provides coverage for bodily injury and property damage caused by a vehicle you hire (including rented or borrowed vehicles) or caused by non-owned vehicles (vehicles owned by others, including vehicles owned by your employees).
  • Business Income Billable Hours Option provides an alternative valuation for short-term losses, reimbursing you for your lost time, even if clients are rescheduled.
  • Denial of Service Attack – Time Element provides business Income and extra expense due to the necessary suspension of electronic commerce computer operations due to a denial of service attack.
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Operated by McCormick & Reinmuth Insurance Agency Inc.