What is Business Owner’s Policy (BOP) Insurance?
Businesses can tailor a Business Owner’s Policy (BOP) to help meet their unique needs by adding optional coverages like data breach, business income for off-premises utility services and other specialized coverages to their BOP.
Who Needs a Business Owner’s Policy?
- Your business has a physical location, whether it’s out of your home or a rented or owned office, store or other work place.
- There’s a possibility of you being sued – for example, by a customer who was injured at your work place.
- You have assets that could be stolen or damaged – whether they’re digital assets, customer data, equipment, furniture, cash or inventory.
What’s the Advantage of a Business Owner’s Policy?
What Does a Business Owner’s Policy (BOP) Typically Include?
Commercial Property Insurance
The Hartford's property insurance can help protect the property your business owns, leases or rents, including things like buildings, equipment, inventory, furniture and fixtures. It provides coverage for loss of accounts receivable and valuable papers and records.
General Liability Insurance
When it comes to liability protection, the broader the coverage the better. That's why The Hartford's BOP provides business liability insurance that helps cover your business in the event it is sued for causing harm to a person and/or damage to property. It also helps cover the cost of your defense – because businesses can be sued even if they did nothing wrong.
Business Income Insurance
If unexpected events cause a suspension in your operations resulting from a covered cause of loss, The Hartford's BOP insurance will help replace loss of income to help you meet your continuing financial obligations such as rent or payroll.
Any business that handles or stores private customer, patient or employee information is at risk for a data breach. When this sensitive information is lost or stolen, it’s important to act quickly to restore confidence in your business. If a breach occurs, The Hartford’s Data breach coverage can help pay for the expenses to notify impacted individuals, engage credit monitoring services (if warranted), public relations and more. We also offer coverage to help with defense and settlement or judgment costs in the event your business is sued because of a breach. And coverage is provided even if private data is stored internationally. Additional coverage options can help:
- Replace lost income and pay for extra expenses incurred to keep your business running if your business must close temporarily or slow operations due to a covered data breach.
- Protect a business from a data breach that occurred prior to the policy effective date.
- Pay for extortion expenses and ransom payments associated with the threat of a data breach.
You put your professional judgment and expertise on the line just about every day. Even if you’ve done nothing wrong, your business can be sued by a customer or client claiming a negligent act, error or omission in the professional services you provided. Add Professional Liability (Errors and Omissions) coverage to your BOP insurance to help protect your business from this type of claim. Some types of businesses may not be eligible for this coverage.