As a business owner, you know that running a successful company requires taking calculated risks. But while some risks can lead to big rewards, others can be financially devastating. That’s where Business Owners’ Policies (BOPs) come in.
BOP insurance is like a safety net for your small business, helping you navigate unexpected challenges and keep your company running smoothly.
By mitigating the financial risks of running a business, BOPs give small business owners the freedom to experiment, innovate, and pursue new opportunities with confidence. Ready to get started?
Every business is different, and not all BOPs are created equal. That’s why you should always work with an experienced insurance broker who can help you assess your risks, customize your Business Owner’s Policy, and find you the most affordable options.
Since 1994, HCP National (a certified WBENC & MBE brokerage) has helped organizations nationwide define and minimize their risks by implementing the right insurance products. Our number one priority is to help you find the best Business Owner’s Policy at the lowest possible cost.
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A BOP is a comprehensive insurance bundle designed to protect small- to medium-sized businesses from a range of risks.
BOPs have all the tools you need to handle the unexpected, from property coverages, to liability protection in case someone gets injured on your property, to business interruption insurance that will cover claims and help keep your company afloat if you have to close temporarily.
So, what does a Business Owner’s Policy cover? It can vary depending on your business and your needs, but typically it includes a combination of property insurance, liability insurance, and business interruption insurance.
This all-encompassing policy can be a lifesaver for small- and medium-sized businesses that may not have the resources to handle unexpected expenses on their own. Here’s a breakdown of some of the features typically included in a BOP, as well as some optional coverages:
Ready to get started? For more than 20 years, HCP National (a certified WBENC & MBE insurance brokerage) has been helping American businesses find the right commercial coverage for the best-possible price.
Every business comes with its own set of risks and challenges, and BOPs can be customized to fully protect against the risks that matter most to you. For instance, if your business is focused on technology, you may want to add coverage for cyber-attacks and data breaches.
By having a BOP in place, small and medium business owners can have peace of mind knowing that they’re protected against a range of potential risks, from property damage to liability claims.
Depending on your state and industry, you might need to have certain types of insurance coverage. BOPs can help ensure that your business is compliant with legal requirements.
If your business is forced to shut down temporarily due to an insured event, such as a fire, BOPs can help cover lost income and other expenses, helping to keep your business afloat during difficult times. This coverage can make the difference between a business surviving or having to close its doors permanently.
Customization is one of the main perks of BOPs. Coverages vary, and by tailoring a business insurance package to a specific company, BOPs provide more comprehensive protection than a standard insurance policy.
Small businesses are diverse, and each one faces its own unique set of risks. From retail shops and restaurants to tech startups, manufacturers, wholesalers, and consulting firms, all businesses need protection against the unexpected.
Essentially, any business that wants to minimize financial risks and protect themselves against potential liabilities should consider a BOP.
But, if you fall under one of these categories, know that BOPs are an almost inevitable investment you’ll need to consider:
If you own a commercial building location, such as a store, restaurant, or office building, then you need to invest in BOP insurance. Adding a commercial property insurance portion to your business policy can protect your property from damage caused by fires, storms, theft, and vandalism. It also covers lost income if the business is forced to close due to an insured event.
Most states require businesses with employees to carry an insurance package with workers’ compensation coverage. This type of insurance provides medical benefits and wage replacement for employees who get injured or become ill on the job. BOPs can sometimes include workers’ compensation coverage, so it makes sense to invest in this type of insurance policy if you have any employees.
Businesses face a range of risks, and one of the biggest threats to a business’s success is the possibility of getting sued. Whether it’s a customer slipping and falling on your property, a product malfunctioning, or a disgruntled employee filing a lawsuit, lawsuits can be expensive and time-consuming to defend.
BOPs provide liability coverage that can shield businesses from lawsuits and claims that arise from bodily injury to product liability. They can help cover legal and medical expenses, settlements, and judgments, which would otherwise be a huge financial burden.
If you’re a business owner with client contracts that require general liability insurance, you might want to consider getting a Business Owner’s Policy (BOP). As a client contract is a legally binding contract, you need to make sure that you’re protected from any potential legal claims.
A BOP will offer both a comprehensive insurance solution that satisfies clients’ insurance requirements and protects the business against a range of risks.
Business owners need to protect their assets and business property such as personal vehicles and office equipment from damage or theft. BOPs often include property coverage that can help you replace valuable items if they are stolen or damaged in an insured event.
For businesses that want comprehensive protection, BOPs are the way to go. It’s a convenient and cost-effective way to bundle all of the necessary insurance coverage in one policy. This makes it easier for small business owners to manage their insurance needs and make sure they have the right coverage at an affordable rate.
Based in California since 1994, HCP National is a commercial insurance brokerage that offers comprehensive insurance solutions to protect businesses from risk. We’re one of the largest certified minority-woman-owned insurance brokerages in the country.
We take customer service seriously, work diligently to decrease your insurance costs where possible, and have an expert team with an average tenure of 20 years. You can put your trust in us, knowing that our clients have never had an eligible claim denied.
From general liability insurance to property insurance, contact us today so we can tailor a Business Owner’s Policy just for your business.
NOTE: THE ABOVE IS A GENERAL DISCUSSION ABOUT HOW BUSINESS OWNER’S COVERAGE MAY WORK. YOUR INSURANCE POLICY, AND ALL ADDENDA, ARE THE ONLY AUTHORITY OF HOW YOUR COVERAGE WORKS. DO NOT RELY ON THIS ARTICLE AS AN EXPLANATION OF YOUR COVERAGE. HAVE YOUR ATTORNEY REVIEW YOUR ENTIRE POLICY WITH YOU TO DETERMINE WHAT IS AND ISN’T COVERED.
I have been very happy with HCP National Insurance Services, Inc. for my medical malpractice insurance needs. The team at HCP National is friendly, responsive, professional and easy to communicate with and always eager to help. I have visited the office and met the team and have been very impressed. I recommend HCP National with my highest level of recommendation.
I have found my Account Manager to be extremely helpful and to always have my best interest at heart. She is excellent to work with!
I found HCP National Insurance Services, Inc. by looking online for a commercial liability insurance provider. I was not familiar with the company, but gave them a call. It was the best experience I have had with an commercial insurance provider ever. My HCP representative went above and beyond to assist our company. Every question or email was answered in a most timely manner and every effort was made to get us through the application process. I highly recommend this company and we will use them again.
I have been a long time client of HCP for professional liability insurance for my practice. My account manager has always been punctual, diligent in pricing us out to market, and efficient in handling all of our year end paperwork and changes to coverage levels. I would recommend them to all doctors.
Our business has complex insurance requirements and HCP was awesome to work with! They took the time to understand our business to ensure we had the proper coverages and were able to finalize all our insurance needs right on time! HCP National is a great partner for our business!
My account manager was so helpful and knowledgable. I loved that she was available to work through our unique needs! I highly recommend HCP.
Since 1994 – HCP’s top priority is finding clients the best possible coverage and terms at the lowest possible cost. HCP is a certified diverse (MBE & WBENC) insurance brokerage.
