BOP- Business Owner's Policy for Technology Businesses

BOP-  Business Owner's Policy for Technology Businesses

Business Owner's Policy Insurance Quotes

Many companies may qualify for special discounts on business owners insurance (BOP) if the business is classified in a low risk category (for example, a new business IT company might qualify as a low risk at a lesser premium). A BOP policy is packaged with an array of insurance products and sold to business owners, both small and medium sized, with a well-defined risk.  A BOP package generally includes property and casualty insurance, liability coverage and business interruption coverage. 

Businesses must meet certain legal requirements mandated by specific governments such as state requirements, and BOP policies can simplify your life by combining general liability (covering many of your basic liabilities) together with property insurance coverage in one neat package. This tidy little package can protect your company from lawsuits and unexpected costs that could otherwise result in bankruptcy.

As your business needs change, work with your insurance agency to make sure you are adequately protected with insurance coverage. For example, there are many products designed specifically for today’s new wave of high tech IT type companies.  IT business owners can save on their business insurance as this type of business may not need certain types of coverage that are typically available to businesses more at risk. In particular, you might save on your General Liability and Business Property Liability premium if you meet certain criteria.  This is because many newer (and some older) businesses are not considered “high risk”, have smaller work space requirements due to technology, and may not require long term business interruption insurance coverage.  Insurance companies recognize that the risks are generally less for this type of company and adjust premiums accordingly.  Review your current business insurance package to see if you might qualify for a better priced product based on the type of business you have.  As your business changes with all the technology that is out there today, your insurance needs may change…and this might save you money!  Are you starting a new business?  Check to see if a discounted BOP policy is available to your business.

Need more details?  Learn what is covered under each category:


Business Owner's Policy Average Cost

Think about it… what can happen to your business and how will you pay for unexpected expenses. Some of your unexpected, non budgeted expenses might include legal expenses and court fees, settlements, advertising and personal injury expenses, libel and slander etc. All aspects of legal action can be expensive and timely. The General Liability section of your BOP policy covers many of these expenses so that you can continue to focus on running your business.   

Do you or your employees drive or make deliveries to customers? A BOP policy can include Commercial Auto Insurance under your General Liability Insurance policy.  Commercial auto insurance can be included with your general liability insurance and will cover business owned autos.  Hired and non-owned auto insurance may also be available for employee owned cars or rentals used to conduct business. 

Your building, supplies, equipment including computers and other items, can all be recovered with the Property Insurance section of your BOP policy.  Let’s say that you own an IT business with expensive equipment.  Your property insurance will help you recover your losses if your equipment is stolen, damaged by weather events, destroyed or damaged in a fire loss. You can also purchase “Business Interruption Coverage” which will pay for the income lost because of a property damage loss if you are forced out of business due to this covered loss.