What’s Covered in a BOP

So, what’s included in this insurance “bundle”? A typical BOP brings together three key protections, with options to customize for your specific needs:

• Property Insurance: The property insurance part of your BOP helps cover the costs to repair or replace your owned building, the contents inside, important equipment, and furniture. It protects your physical assets from things like:
  • Fire
  • Wind Damage
  • Vandalism
  • Theft

• General Liability Insurance: This acts as a security blanket from financial claims that might arise from accidents or injuries to others resulting from your business activities. For example, a customer slips and falls in your office and needs medical attention. General liability insurance is crucial. Lawsuits, even baseless ones, can devastate a small business. This helps defend you in those situations. General liability coverage can help with:
  • In case someone gets bodily injured while being in your property, the claim can be made. 
  • Property damage claims if something your business does damages someone’s belongings.
  • Legal fees if you’re sued.

• Business Interruption Insurance: In case a significant crisis situation occurs, like a natural disaster, you may be forced to close for a while. However, at the same time, you will need to pay the bills as they accumulate. Business interruption insurance will save your business’s financial life as it helps cover the lost income and essential operating expenses (like rent and utilities) during that downtime caused by a covered event. As a result, this type of insurance stops a temporary issue from becoming constant. 

Optional Add-Ons: Most BOP policies can be customized:

• Data Breach and Cyber Liability: Protects against the costs of data breaches, like customer notifications and legal fees.
• Equipment Breakdown: Helps cover the costs to repair or replace a malfunctioning HVAC system or critical machinery.
• Crime Coverage: Protects against losses from employee theft, burglary, and other crimes.

What’s Not Covered

It’s just as important to know what a BOP doesn’t cover:

• Professional Liability (E&O): A BOP doesn’t cover mistakes or negligence in your professional services. You’ll need a separate E&O policy for that. 
• Workers’ Compensation: If you have employees, you’ll need a separate workers’ comp policy to cover their medical bills and lost wages if they get hurt on the job. It’s often legally required.
• Auto Insurance: A standard BOP doesn’t cover company vehicles. Get a separate commercial auto policy for that.
• Flood or Earthquake Damage: Standard BOPs often don’t include flood or earthquake coverage. You might need to purchase those separately.

Why It Matters

A BOP isn’t just another insurance policy. It helps ensure your business’s survival and growth. Here’s why it’s important:

• Convenient Protection: A BOP saves you time and trouble by combining important coverages into a single policy.
• Cost Savings: Bundling coverages usually results in lower premiums than buying policies separately.
• Lender & Lease Compliance: Many lenders and landlords require certain insurance coverage. A BOP often meets those requirements, making it easier to get loans or leases.
• Business Continuity: A BOP assists businesses in recovering from an occurrence by providing coverage for business interruption, liability claims, and property damage.

Who Needs a BOP?

A BOP is a great option for many businesses. If you’re in one of these categories, you should consider it:

• Small to midsize businesses with physical locations.
• Retail stores, restaurants, offices, and service providers (like salons).
• Businesses with valuable equipment, inventory, or lots of customer traffic.
• Businesses looking to protect both their assets and liability.

A BOP, for instance, would be advantageous for a nearby coffee business. It would protect their building and equipment from damage, cover slip-and-fall accidents, and help compensate for lost income if a fire temporarily shuts them down.

Why Choose Us?

At HOAUnity, we know insurance isn’t one-size-fits-all. We work to get you the right coverage for your business:

• Exceptional Client Support: Get personalized guidance from quote to claim. You’ll have a dedicated agent who knows your business.
• Proven Industry Experience: We have experience working with businesses from various spheres and will understand your unique situation. 
• Tailored Coverage: We don’t pick a generic solution for everyone; we spend some time researching your needs and creating a custom strategy. 
• Trust & Transparency:  We realize that good interaction is the key to successful cooperation and will do our best to explain the options to you.

How to Get Started

Getting a BOP quote is easy! Here’s how:

1. Tell us about your business: Share details about your operations, property, and liability concerns.
2. Review your coverage options: We’ll help you compare bundled and add-on choices to find the right fit.
3. Get covered: Finalize your BOP and get instant proof of insurance.

Bundle Smart. Protect More.

Simplify your business insurance, save money, and gain peace of mind with a Business Owners Policy. It’s a smart way to build, grow, and safeguard your business.