Business Owner’s Policy?
A Business Owner’s Policy (BOP) is, at its core, a protection against the combination of any major property damage. And business liability in just one comprehensive policy. It is presented as a package to the clients. By major insurance carriers as a way to ensure the new business owners get everything. They want out of their policy without getting bogged down in endless explanations. And rising costs for every new alteration to their plans. Accidental damage, theft, lawsuits; everything is covered under BOP.
Coverage of Business Owner’s Policy
A plan of insurance which provides coverage for the property that you own, rent or lease through your business. However, its coverage does not only include the property damage. But also all the material or equipment that is on the property. Electronics, furniture, mechanical tools and other such fixtures are covered. And not only this, but the damage done to soft copy records. Damaged computers, loss of records also falls under the coverage extensions.
If your business is directly or indirectly responsible for harming physically, mentally or economically to a client. Then such incidents will be covered under business liability coverage. If such incidents result in you being charged in a civil lawsuit. The policy can cover the financial aspect of that as well.
Loss of Business Income:
If by some chance, for any fathomable reason. Your business operations are halted, your premises sealed off and your accounts frozen. In such circumstances it will be insurance providers’ responsibility to ensure your pressing monetary demands are met; such as, rent, mortgage, utility bills etc. any outstanding financial obligations will be fulfilled within given deadlines.
Data Breach Coverage:
An insurance carrier shows the client. That how to not only ensure that their drives are not breached by hackers or cyber-attacks. But also how to handle a situation if such a situation may occur. The insurance carrier can also help cover any costs for good faith advertising to entice the customers back your company. After their confidence is broken in your business after the data breach. This optional coverage is usually taken by companies which have essential online presence.
Also called Errors and Omissions (E & O) coverage. An insurance carrier can protect a client’s business. From any claims of negligence, error or omission in the services or product provided by said business. Unfortunately, there are people in every place which are nothing more than sharks and opportunists. They resort to making false claims in order to sue your business and extort money out of you. It does not matter whether they will actually win the case or not, all that matters is. Your business will get a bad publicity because of the lawsuit. And your name will be damaged beyond repair in the market. You need professional liability coverage for such scenarios.
What does a BOP not cover?
A Business Insurance Policy does not cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You must obtain separate insurance policies in accordance with your respective needs. To cover related professional services, vehicles and your employees.
Customizing a BOP
Several insurance carrier companies offer the option of customization to its clients in certain businesses. They can enjoy the insurance services. Which are uniquely designed to minimize their unique risk scenarios. Which hold threat potential for only their business, or their type of business. Such customization’s can be availed by any small or mid-size businesses. Especially those who think several services offered are redundant. Or cannot afford the full portfolio of services included in a standard BOP.
SG Financials offers all of its clients a full range of options in its Business Owners Policy in Texas especially. We offer a comprehensive package with a complete set of coverage list in a standard format. Or we can customize the formulas as requested by a client to fit their own unique specifications. By eliminating certain key points, or adding certain key points. Our experience speaks for itself. We offer the services which guarantee we will always have your back no matter what. Being reliable is after all, one of the main policies of our company.