Sometimes referred to as errors and omissions (E&O) insurance, professional liability coverage is meant for any business providing expert advice or services. Almost every business offering expert services can benefit from professional liability insurance. It can provide legal defense, investigation, and settlement stemming from client or customer claims alleging your advice or failure to provide professional services properly resulted in their financial loss.
What is BOP insurance?
A Business Owners Policy (BOP) is a bundle of general liability insurance and commercial property insurance. It’s designed to help small-to-medium sized businesses safeguard against many of the common risks they face on a daily basis.
What does a BOP cover?
When purchasing BOP through Thimble, business owners can also opt in for additional coverages, like equipment breakdown and hired or non-owned vehicle liability.
General liability insurance
General liability coverage protects a business against the risks that arise when interacting with third parties. It can provide the investigation, defense, and settlement for third-party claims resulting from non-employee bodily injury, property damage, and personal and advertising injury.
Commercial property insurance
Commercial property insurance covers a business’s property and items from accidental loss or damage. It can be split into two sub-categories:
- Business building insurance (BBI) covers damage to the building structure itself, whether it’s an office space or an entire warehouse.
- Business contents insurance (BCI) covers theft or damage of business property inside or within 100 feet of the building.
Business interruption insurance
Business interruption insurance covers loss of business income sustained due to interruption of operations as a result of direct physical loss or damage. If physical damage to your property prevents your business from operating, this coverage could help you recoup precious lost income and even pay for additional expenses to temporarily “set up shop” somewhere else while you wait for repairs to be completed.
Who needs Business Owners insurance?
Business Owners Insurance is meant for businesses that have a small footprint. The vast majority of policyholders will be small-to-medium sized business owners who prefer the simplicity and cost savings of combining general liability insurance with commercial property insurance.
Why is BOP important?
While general liability coverage protects your business from third-party claims arising from bodily injury, property damage, and personal and advertising injury, it doesn’t cover accidental loss or damage to your property or belongings, or lost income due to business interruption.
Whether it’s the office space, the hardware you use, or the equipment that allows you to perform your job, all it takes is a break-in or accident to result in unexpected expenses. If that happens, can your small business continue to operate?
A BOP provides small business owners with both types of coverage with many additional coverages and extensions, combined in a more cost-effective and convenient package than if you were to purchase each coverage separately. That makes it a savvy choice for any business owner that wants to position their business for success.
What other kinds of business insurance do I need?
Although a BOP can protect you from many of the common risks associated with running a business, it won’t cover damages resulting from all types of risk. That’s why many business owners choose to purchase other coverages in addition to their BOP coverage including:
Professional liability insurance
Business Equipment Protection
If you own or borrow tools and equipment to execute your work, Business Equipment Protection (aka inland marine insurance) can protect you from financial loss resulting from accidental damage, vandalism, loss, or theft of your tools. While BOP may only cover owned equipment within 100 feet of the insured property, inland marine insurance covers your gear anywhere in the US, even if it’s a rental.
Workers' compensation insurance
Almost every state mandates all licensed businesses to obtain workers’ compensation insurance if they employ a certain number of employees (in many states, all you need is one employee for the state to mandate workers’ compensation insurance). This type of insurance protects your business and its employees in the event that an employee falls sick because of the job or is injured while working. It can help cover the costs of medical expenses, lost wages, ongoing care costs, and funeral expenses.
Is BOP required by law?
Neither general liability insurance nor commercial property insurance are required by law for the majority of businesses. However, many property leases require the renter to obtain general liability coverage. And just because something isn’t mandated doesn’t mean you shouldn’t have it. When a single accident could jeopardize your business’s success, investing in BOP insurance is an important safeguard.
How do I show proof of BOP insurance?
Thimble allows you to generate as many Certificates of Insurance (COI) as you need. You may also need something known as Evidence of Property Insurance to show that you have property coverage. This evidence, provided on an ACORD 24 form, proves that you’re insured and lists the details specific to your coverage. After you’ve purchased your policy, you can request these forms as often as you need.
Does BOP protect my store, office, or physical location?
Yes. It includes commercial property coverage.
Does BOP protect my equipment and gear that travels with me to jobs?
Yes, BOP will cover up to $10,000 of loss, theft, or accidental damages to property you take off premises, so long as you are the owner of that property.
How are these claims handled in my Thimble policy?
To report a claim for either general liability or commercial property, please email Coterie Claims Team Support at email@example.com. Or call 1-855-680-2440 (available 24/7).
For more specific details, please follow the contact instructions listed on your policy.
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