As we approach the end of 2017, small business owners everywhere are reporting on the year they’ve had and strategizing for the year ahead. This is an excellent chance to take the time to look at the insurance coverage you currently have for your business and re-evaluate it based on what you’ve learned from the past. Now is the time to take a look at things and really identify the risks within your company. Do you typically face the same kind of risks and to the same degree? Based on your company’s past experience, do you see common areas where insurance is absolutely always needed? It’s probably time to look into a BOP.

What is a BOP?
BOP stands for “Business Owners Policy,” and what it does is combines the typical types of insurance you might need as a small business and puts them into one package. You might currently have several different kinds of insurance pieced together à la carte to cover everything you need or think you need. Wouldn’t it be nice to put all of these insurance needs together into one policy? With a BOP, you can tailor the policy to meet the unique needs of your business and even add optional coverages specific to your situation.

Who needs a BOP?
If you’re a business owner and your business has a physical location, you’ll want a BOP to cover any kind of disasters that could happen to your office space. You’ll also want it if you have assets with your business that could be stolen or damaged.

Why get a BOP?
Having a BOP is really about simplifying your business’ coverage by adding any business property and business liability coverage all in one combination pack. It’s a smarter choice because you can typically save money for your business by going with broad coverage for typical risks and then adding other coverages that fit the particular needs of your company.

What can a BOP include?
A BOP will include commercial property insurance for your business’ building and any contents included in it. It can also come with a general liability insurance that’s a broad protection for your company if you were to be sued. You can also have a business income insurance that will help cover things like payroll in case of an unexpected event that would otherwise keep you from paying your financial obligations. Some businesses can also add errors and omissions insurance to their BOP that help protect against lawsuits for any negligent acts or errors. Depending on your type of business, there are other coverages that might make sense for you as well.

It’s important to note that a BOP doesn’t cover health, disability, or workers’ compensation insurance for your company. It also can’t cover professional liability or auto insurance, so you will have to get separate policies to cover your employees, services and, vehicles. Sargeant Insurance can help you with all of your business insurance needs. Contact Robert at Sargeant Insurance Agency, LLC at 818-561-2600 or Robert@sargeantinsurance.com to discuss your options and get the best coverage for your company.