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Business Owners Policy

Business Owners Policy, commonly known as BOP, is a customized insurance policy that joins property and general liability insurance. As a small business owner, it is not only important to protect your business against claims that could risk your business, but is just as valuable to protect your own property. New Redwood Insurance Services will walk you through your Business Owners Policy coverages, as well as suggest any changes that could save you money. Owning a business is stressful enough, let us help you sleep easy knowing you're livelihood is covered.

When you hire us, we work for you, not for the insurance companies.

Professions that should consider a BOP

Architecture & Engineering
Beauty
Fitness
Consulting
Retail
Health
Commercial Maintenance
Home Services
Marketing
Property
Therapy
 

Frequently Asked Auto Insurance Questions

What does a Business Owners Policy Cover?

A BOP is typically a packaged policy that covers:

  • General liability insurance covers your business from claims that may arise, such as property damage claims, bodily injury claims, and medical costs that may be associated. These claims must come from another business or person. 
  • Property liability insurance covers your business equipment and even furniture in five office locations from claims and accidental damages.

Why would I need a Business Owners Policy?

It is important to protect your business from any claims and accidents that may occur. 

You should consider a BOP for your business if you:

  • Use office furniture and equipment such as computers, printers, and servers. 
  • Run and work with data regularly. 
  • Need to insure your owned building where you run operations. 
  • Business is at risk of dishonest employees or clients’ stolen property. 
  • Require general liability insurance coverages.

For specific details and advice on your current BOP, please contact us here at New Redwood Insurance Services.

Will my business’s unique assets be covered by my BOP?

Your Business Owners Policy is customizable and can be tailored for your business’s specific needs. Options include:

  • Electronic Data Liability endorsement which protects your business in the event your business information is compromised. Coverages include: 
    • Damaged or lost electronic data
    • Business operations interruption
    • And even E-Commerce coverage!
  • Hired and Non-Owned Auto Liability endorsement covers you and your employees in the event a rented car or employee owned vehicle is in an accident while in business use. Coverages include:
    • Legal defence costs
    • Bodily injury claims
    • Temporary / full time employees’ driving accidents
  • Office Insurance endorsement covers your owned buildings and from several events. Coverages include:
    • Business Income Loss due to a disaster that may results in business interruption
    • Building Property coverage includes the structure, necessary space to maintain building, inside flooring and ceiling fixtures
    • Physical Damage or Loss to building
    • Newly Constructed Property
    • No Deduction for Depreciation
  • Commercial Crime Packages protect your business from employee dishonesty, as well as:
    • Transferred funds and computer fraud
    • Computer and funds transfer fraud
    • Forgery or alteration of financial instruments
    • Theft of Business Monies 
    • Theft of Customer’s Property / Assets 
  • Terrorism Coverages

What doesn’t my Business Owners Policy cover?

Your BOP won’t include:

  • Claims that arise from your professional services.
  • Damages that occur to a client due to inaccurate advice. 

For these coverages, you should talk to an agent today about Professional Liability Insurance, also known as,  Errors and Omissions Insurance.