5 Reasons Why a BOP Isn’t Enough - photo of office business owner by pexels-sora-shimazaki

5 Reasons Why a BOP Isn’t Enough

Most business owners are probably already familiar with the term BOP. For those who aren’t, this is an acronym for Business Owner’s Policy, a cluster of insurance policies that are designed to help business owners by providing them with the basic protections that they need.

A BOP typically includes property insurance, which covers your building, surrounding property, and everything in it. Another standard, business interruption insurance, kicks in when something happens and your business is unable to operate normally for a period of time. Last but not least, a BOP often includes general liability insurance.

The main issue with a BOP is the fact that it doesn’t cover everything. There are several other types of insurance that you may need. Here are some of the reasons why a BOP isn’t enough.

1) Your Employees Might Get Hurt on the Job

If you have employees who work from your company’s building, they run the risk of getting hurt while on the job. Even a simple slip and fall might be enough to financially ruin or damage your business if you don’t have Workers’ Compensation insurance. This type of coverage is usually not included in a BOP.

2) Your Website Might Get Hacked

Even the smallest businesses need to worry about hackers these days. If you run an online business, like a store, you could run the risk of getting hacked and having your customers’ data stolen. The same is true of any business, regardless of industry, which keeps their information in the cloud. In order to have some help, should this happen, cyber liability insurance is your best bet.

3) Your Company Car Could Get into an Accident

A standard business property policy provides coverage for the building and what’s in it. These policies don’t cover any of the company’s vehicles. Should you or one of your workers end up in an accident, a standard vehicle insurance policy won’t cover you. You’ll need to have a commercial auto insurance policy in place to prevent catastrophe.

4) Your Workers Expect Some Benefits

A BOP covers some of the what the company owns and uses, but it doesn’t include much for the employees. If you want to provide your workers with health insurance, paid leave, and more, you’ll need some additional policies. Your workers will thank you, and you can mention those benefits when you’re looking for additional employees.

5) You Might Make a Professional Mistake

While standard liability insurance covers some circumstances, it doesn’t cover all of them. If you’re in an industry where you run the risk of getting sued due to a professional mistake, then you’re going to need an additional liability policy for protection. These policies are often the difference between a company that stays in business, and one that can no longer afford to operate, due to a lawsuit.

If you have any questions about your BOP or need additional coverage, contact Spivey Insurance. We’re ready and willing to help you protect your business and all the things that matter most!

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