Business Owners Policy (BOP)
What does a BOP cover?
An insurance package that bundles together several types of commercial insurance into a single policy, 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)
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
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
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
Coverage for the personal property of your customers while temporarily in your care, custody and control.
Hired Auto and Non Owned Automobile Liability
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).