Companies must have adequate business insurance to protect them financially when unexpected incidents occur. A crucial component of an effective business insurance strategy is what’s called business owners insurance—also referred to as a business owners policy or BOP. Having a BOP in place can help shield your company from the costs associated with many types of business risks.
Business owners policy insurance is also called property & liability insurance. That’s because, in addition to covering costs associated with liability, they can pay for certain business property repairs or losses and loss of business income as a result of a covered event. Almost every business faces these risks, so insurers often conveniently combine the coverages into one policy.
Nearly every type of company can benefit from a business owners policy. In particular, you may need a BOP if you:
So, you can see why many business owners purchase and maintain business owners policy insurance coverage. Without it, you open your business to taking on large financial burdens associated with liability or physical property losses.
We provide business owners policies for a long list of industries and business types, including:
The types of protection provided by a business owners policy can be found in other individual policies. However, combining them in a BOP is helpful in a few ways. First, you get broad coverage in one policy—from liability issues to property-related incidents. Second, managing and using your policy is easier, including that you can report claims for more concerns on one policy. It’s also easy to add coverages like employment practices liability, employee benefits liability, liability coverage for use of non-owned vehicles, etc.
And finally, you may be able to save money since combined coverage is often more cost-effective than individual policies. Consequently, if your business faces both general liability and business-property-related risks, it’s a good idea to talk with a biBERK licensed insurance expert. They can help you decide whether a BOP is right for your company.
A business owners policy essentially has two components: general liability protection and business property protection. The general liability aspect covers:
The business property aspect of a BOP covers:
Coverage for a wide variety of risks makes a BOP a great fit for many businesses.
A business owners policy, covers property, business income, and general liability. Plus, you can add several other coverages. However, it doesn't cover things like employee injuries, professional errors (sometimes called errors and omissions coverage), or business-owned vehicles.
If you have questions about whether a BOP covers a specific risk, be sure to ask us. If it’s not addressed by a business owners policy, we can tell you what type of insurance you need to protect your business from that risk.
Insurance policies often allow you to add what are called endorsements. That’s true for business owners policies from biBERK. Endorsements typically enhance a policy in some way. For example, our BOPs can include:
This type of flexibility is extremely advantageous, especially for small businesses that want to get adequate coverage but only the coverage they need.
Some of the specific endorsements we offer with our BOPs are:
This add-on insurance protects your business in case of an incident like a data breach involving private customer, employee, or client information. It can also provide coverage for regulatory action defense if a government agency requires you to appear in court.
If you need protection when you or an employee of your business is driving a rented, leased, hired, or borrowed vehicle for business purposes, this endorsement can provide it. A common example is an employee who makes deliveries using their own car. Adding this endorsement to a BOP means you don’t need a separate commercial auto policy for this purpose.
This add-on protects your business in case of a claim or lawsuit related to inappropriate workplace behavior (e.g., harassment, wrongful termination, discrimination, etc.).
This policy enhancement provides coverage in the event of errors or omissions in how you administer your employee benefits program. For example, it can protect you if you fail to add an employee to your medical insurance and the plan later denies the person coverage.
This endorsement covers your company’s property, tools, equipment, etc., while at a job site, in transit, temporarily in storage, or during installation.
Liability your business incurs related to the selling, serving, or furnishing of alcoholic beverages can be covered by this endorsement. For example, it can provide coverage if your business is found liable because you served a minor or someone visibly intoxicated who subsequently gets into an automobile accident. It can be crucial to any company that sells alcohol, including restaurants, convenience stores, and liquor stores.
This add-on covers the unexpected breakdown of electrical systems, air conditioning and refrigeration systems, mechanical equipment, boilers and pressure vessels, and computers. (Note: The loss must be the result of something like a power surge or electrical short. Coverage isn’t provided for equipment that simply stops working.) This coverage can pay for equipment repair or replacement, lost income while equipment is inoperable, costs related to the time and labor required to make repairs, and the cost of food spoilage.
biBERK business owners policies are very affordable. They start at about $500 annually, and most businesses pay less than $2,000. When you consider that even a minor incident can cost tens of thousands of dollars or more to resolve, that rate feels like a bargain.
To determine what you’ll pay for a BOP, you can get an instant, self-service quote online. Your rate is determined based on several factors, including:
And, of course, there are steps you can take to minimize your insurance cost. For instance, simply by purchasing insurance from biBERK, you can save up to 20% over other providers. That’s because our direct-to-you business model cuts out brokers and others, and we pass the savings on to you.
You should also take action to identify and actively manage your business risks. That may involve properly maintaining your work environment, promptly addressing hazards, etc.
As for billing fees, you can avoid them by signing up for automatic payments when you purchase your policy. That way, you don’t have to think about it and will never miss a payment.
One of the best things about buying a business owners insurance policy from biBERK is that it’s a simple, straightforward process. As noted above, you can get a quote online anytime it’s convenient—while you have your first cup of coffee in the morning, at lunch, between meetings, or in the evening when your day finally slows down.
Then, when you’re ready to make a purchase, you can also do that online. Your policy is typically active the next day, which means that incidents that occur after that and meet your policy parameters can be covered. Any properly insured business owners will tell you that there’s a tremendous sense of relief that comes from knowing your business is protected from unexpected financial losses.
Going forward, it's also simple to manage your policy or report a claim. We’ve structured our processes to be highly streamlined and efficient because we know you’ve got many demands on your time.
A biBERK business owners policy provides broad coverage. However, it’s important to recognize that your business may need other policies as part of your overall business insurance strategy.
In addition to BOPs, we offer:
All of these policies are available through the same, convenient process—from the online quote to the purchase and nearly immediate coverage to online claim reporting and policy management.
Check out these important insurance policies for business owners and contact us if you have questions about which are right for your business. Once your coverage is in effect, you can turn your attention back to running your business. And you can do so with confidence, knowing that biBERK will be here for you should the unexpected occur.