Business Owners Insurance (BOP)

A Business Owners Insurance policy typically includes the following essential coverages:

• Property Insurance: Coverage for your business property, including your building, equipment, inventory, and other assets.
• General Liability Insurance: Protection for your business if you're found legally responsible for bodily injury or property damage caused to others. If your business doesn't qualify for a BOP, you can still purchase general liability insurance on its own or as part of another commercial insurance package.
• Business Interruption Insurance: Coverage for lost income and operating expenses in case a disaster or unexpected event temporarily disrupts your business operations. Business interruption insurance helps cover lost revenue, ensuring you can continue to pay employees, bills, and other essential expenses. Extra expense coverage assists with the costs of renting temporary facilities while your business property is being repaired or rebuilt.

Additional coverage enhancements may include:

• Professional Liability Insurance: For businesses that provide professional services or advice, this covers errors, omissions, and negligence claims.
• Cyber Liability Insurance: Protection for businesses that store or process sensitive customer data from cyber threats like hacking and data breaches.
• Workers' Compensation: If you have employees, this coverage protects both you and your staff in case of workplace injuries.

• Employee injuries (covered by workers' compensation insurance)
• Professional errors or omissions (covered by professional liability insurance)
• Flood damage (requires separate flood insurance)
• Earthquake damage (typically requires additional earthquake coverage)
• Damage to your vehicle (covered by commercial auto insurance)
• Intentional acts or criminal activity (not covered under any policy)
• Losses due to employee theft (may need crime insurance)
• Damage to your inventory due to negligence (typically excluded)
• Cybersecurity threats or data breaches (requires separate cyber liability insurance)
• Loss of business due to power outages or utility failures (unless specifically added to the policy)

These exclusions can often be addressed with additional policies or endorsements to ensure comprehensive protection.

Business Owners Insurance is perfect for small to medium-sized businesses in a wide variety of industries, including:

• Retail stores and restaurants
• Service providers such as consultants, lawyers, and accountants
• Contractors and construction businesses
• Health and wellness businesses, including gyms, spas, and medical offices

Whether you own a brick-and-mortar store or operate an online business, a BOP can help you navigate the risks associated with owning a business.

The cost of a Business Owners Insurance policy can vary based on several factors, including your business’s size, industry, location, and the amount of coverage you need. It is almost impossible to provide an estimate without certain details of the business and services provided because it all depends on the risk exposure. At McShea Insurance, we work with you to find a solution that fits your budget without compromising on the protection your business needs.

Yes, you can customize a Business Owners Policy (BOP) to meet your specific business insurance needs. While a standard BOP typically includes property insurance, general liability, and business interruption coverage, many insurance carriers offer optional add-ons and endorsements that allow you to tailor the policy further.

Here are a few ways you can customize your BOP:

• Add Professional Liability Insurance: If your business offers professional services or advice, this can protect you against claims of negligence or errors and omissions.
• Include Cyber Liability Insurance: For businesses that handle sensitive customer data or rely heavily on technology, cyber liability coverage can protect against data breaches and cyberattacks.
• Add Equipment Breakdown Coverage: If your business relies on specialized equipment, this coverage can protect against the cost of repairs or replacement if equipment breaks down.
• Add Employment Practices Liability Insurance (EPLI): For businesses with employees, EPLI can cover claims related to discrimination, harassment, wrongful termination, or other employment-related issues.
• Expand Property Coverage: You can increase your property coverage limits or add protection for items such as inventory, business property off-site, or machinery.

Your BOP can be customized based on the specific risks and requirements of your business. It’s always best to consult with an insurance agent to ensure your coverage meets all your needs.