Business Owner Policy or BOP is a type of business insurance. It is a basic policy providing the most common types of coverage most businesses need. Purchasing a BOP plan makes sense for many companies because combining these commonly needed policies can significantly reduce costs. However, Business Owners Policy plans do not always cover all areas of need. Most policies cover property insurance, liability insurance and business interruption insurance.

What to Add to Your BOP Plan

Making changes to your existing business insurance or adding to it is always good practice for companies who may be facing additional risks. The following are four types of commonly added coverage to BOP plans.

#1: Professional Liability Insurance

This is a higher level of liability insurance than a BOP policy offers. With the high cost of litigation, smaller businesses have a growing need for more extensive protection. If you are a medical or dental provider or other professional, you may need this coverage to protect against higher lawsuit risks.

#2: Employee Practice Insurance

Protection from employee claims against your company is also a growing need for smaller companies. Harassment claims or discrimination claims, for example, can be very costly to most businesses today. This policy can minimize those risks.

#3: Business Vehicle Insurance

If your business operates a vehicle for any component of the company’s operation, you need to have business vehicle insurance in place. Commercial auto insurance applies to everything from fleets of trucks and vans to the vehicle you use for meetings and appointments if it is a business-only vehicle.

#4: Workers Compensation

Most BOP plans do not include workers compensation, but it is available as an additional component to your company’s plan. If you have employees, you may be required to maintain this coverage. It aids in covering medical and other losses in situations where an employee is hurt on the job.

Having the right business insurance can give you peace of mind. It can also provide you with the reassurance that your company is covered in situations where you could not prevent or even manage the financial implications. Modify your BOP plan to include these and other coverage applicable to your business.