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July 14, 2022

BOPs—the Small Business Owner’s Best Friend

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Business Owners Policies (BOPs) combine commercial property insurance and general liability in one package to the advantage of small and medium-sized businesses.

The BOP’s commercial property insurance covers your building and the contents that are used in your business. The BOP’s general liability insurance covers your company’s responsibility for any harm done to others by your company and your employees, including damage caused by defective products, errors in service, or problems like faulty installations. You are protected from third-party liability claims of bodily injury and property damage.

Also included in the BOP is business interruption insurance, which will take care of any loss of income after a fire, flood, or storm that interrupts the operation of your business. It also covers expenses related to moving to and working out of a temporary location.

It’s well known that up to a quarter of new businesses fail in the first two years and only half make it to five years. You don’t need any surprise expenses if something goes wrong and you need the financial protection that insurance can provide. No matter how many customers you have, how good your reputation is, and how well-done your marketing is, disasters like an accident on your premises or a hurricane can happen—after all, we live in Texas.

But, a BOP may not cover all you need covered in the way of insurance. You might need professional liability, commercial auto insurance, cyber insurance, or workers’ compensation insurance too. Contact Koch Insurance Group for a free consultation and advice about your best insurance plan for the future.

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