Business-Owners Policy (BOP)

What is a Business-Owner's Policy?

A Business-Owner's Policy (BOP) combines business property and business liability insurance into one business insurance policy. BOP Insurance helps cover your business from claims resulting from things like fire, theft, or other covered disasters. Business-Owner's insurance also helps cover claims that could arise from your business operations. These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury.
Businesses can tailor their Business-Owner Policy to help meet their unique needs by adding optional coverages, like:
  • A data breach or cyber intrusion
  • Business income for loss of off-premises utility services
  • Loss of refrigerated inventory

A BOP can be custom-made to fit industry-specific businesses like a veterinary hospital. This means it is great for businesses of any size, especially small businesses. However, even corporate groups can benefit from a BOP if the total gross revenue per location is less than $15 million.

Policies like a BOP are built to cover businesses that generally face the same risks. Customizing your BOP Insurance is an important first step when insuring your business. Veterinarians should do this from the beginning to protect against losses and damages early on, which is why working with an agency that specializes in the business of VetMed is crucial to preventing a financial hardship resulting from a coverage gap in your policy.

Who Needs a Business Owner’s Policy?

If you rent or own workspace, you’ll likely need a Business Owner’s Policy (BOP). A BOP can help your business if:

  • You have a physical location: No matter what type of location you have, it’s important to have coverage for your business and assets. BOPs can help cover businesses run out of homes, rented, or owned offices.
  • There’s a possibility of you getting sued: For example, let’s say a customer at your workplace slips and falls. Without the proper business owner’s insurance, you may be looking at hefty out-of-pocket fees to cover the customer’s medical expenses.
You have assets that could get stolen or damaged: From digital assets and customer data to equipment, furniture, cash, or inventory, some assets can be very hard to replace. With BOP Insurance, you have protection to help you if your assets get stolen or damaged. Get the protection your practice deserves with a business owner’s policy from Vetinsure!