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Business Owners Package (BOP)
Benchmark provides an array of affordable Business Owners Packages from several different insurance carriers that combine protection from all major property and liability risks in one package.
Benchmark values your entrepreneurial spirit and our goal is to help you implement proper risk management strategy and insurance coverages to insure your business specific to your every day risks. Our small business experts compare rates and coverages with the top insurance companies in the US to provide you the most comprehensive insurance package for you industry.
What is Included in BOPs
The Business Owner Policy bundles a combination of property, liability, business interruption, crime and additional insurance coverages on a single package that aims to address all of your needs at a reasonable cost.
- Liability – Any enterprise can be sued. Customers may claim that the business caused them harm as the result of, for example, a defective product, an error in a service or disregard for another person’s property. Or a claimant may allege that the business created a hazardous environment. Liability insurance pays damages for which the business is found liable, up to the policy limits, as well as attorneys’ fees and other legal defense expenses. It also pays the medical bills of any people injured by, or on the premises of, the business.
- Property insurance compensates a business if the property used in the business is lost or damaged as the result of various types of common perils, such as fire or theft. Property insurance covers not just a building or structure but also what insurers refer to as personal property, meaning office furnishings, inventory, raw materials, machinery, computers and other items vital to a business’s operations. Depending on the type of policy, property insurance may include coverage for equipment breakdown, removal of debris after a fire or other destructive event, some types of water damage and other losses.
- Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
BOPs do NOT cover professional liability, auto insurance, worker ’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.
Optional BOP Coverages
Business Interruption Coverage – will pay the actual income your business loses and extra expenses incurred after a covered loss for up to 12 months. Some companies will also provide reimbursement for payroll coverage during the period of time your business is inoperable.
Commercial Crime Coverage – protects small business owners from losses resulting from business-related criminal activities. This type of small business insurance protection covers money, merchandise, and other property loss as a result of embezzlement, robbery, theft, forgery, or other business-related crime as stated in the policy.
Commercial Umbrella – In the event of a devastating lawsuit that could exceed your primary insurance coverage. Umbrella coverage provides your business with additional liability coverage to protect your business.
Utilities Service Endorsement – covers losses due to the failure of a power and communication utility service suppliers.
Hired and Non Owned Coverage – covers bodily injury and property damage caused by a vehicle you hire such as rented or borrowed vehicles or caused by non-owned vehicles which are vehicles owned by others or by employees.
Employee Dishonesty – is there to provide your business coverage for dishonest or criminal acts committed by you or your employees such as theft by your employees.
Employment Practices Liability – provides coverage for wrongful acts arising from the employment process such as wrongful termination, discrimination, sexual harassment, and retaliation.
Commercial Flood Coverage – provides property insurance coverage for buildings and content against damage done by rising bodies of water.