Has Your Company Outgrown Its Business Owner’s Policy?

Business owners today recognize that protecting themselves and their business is critical in today’s business environment.  We are often asked is a Business Owner’s Policy, or BOP all the coverage a company will need.  As your business grows, it’s more than likely additional coverage will be needed to offset increased risk.

Insure you review the specifics of your Business Owner’s Policy with your commercial insurance broker. If you’re not doing this annually, it’s time for you to make an appointment.  On the surface, a Business Owner’s Policy will seem to be pretty inclusive.

Make sure to read the policy carefully and ask questions to any language you don’t understand.  It is also important to note any exclusion.  Often, it’s possible to find you or your business is not covered while you have assumed it was.  Some very common coverage exclusions could potentially be devastating should an event take place.

Equipment breakdown or mechanical breakdown coverage is not usually covered in a Business Owners Policy.  This type of policy is a separate and covers equipment breakdown, loss of revenue to a business.  This coverage is extremely important if your company depends on certain equipment every day for its scope of work and revenue.

While most business owners are aware of needing commercial fleet or commercial auto protection, liability protection should be increased with the fleet insurance as the Business Owners Policy may not additional liability coverage relating to business owned vehicles and the damages which could result.  Another consideration is in a location subject to hazardous weather such as tornados or floods, debris removal should be added.   Before rebuilding, debris must be removed and often is not included and the cost of removal can be very expensive.

The last coverage we need to discuss Professional liability or Errors and Omissions insurance.  Check with your insurance professional to determine if your business and occupation need professional liability insurance. It is sometimes added to some Business Owners Policies.  Attorneys, accountants, engineers, and doctors are just some professions that should carry this type of coverage.

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