The BOP Umbrella of Coverage

Whether a Law or Accounting firm rents, owns a building or works out of their house; a Business Owners Policy (BOP) is essential insurance coverage.  While most firms understand how important malpractice insurance is.  Professional liability insurance only covers the errors and omissions.  A malpractice claim can be devastating to an uninsured firm, but claims arise from the business side of the practice also.

A BOP is designed to cover most insurance exposures that are not covered by malpractice insurance.  Even for a sole practitioner that rents just a desk, a BOP is essential.  Just because your landlord doesn’t require it, does not mean you do not need it.  The basic BOP can combine insurance coverages for:

  1. Property Insurance (Building and Business Personal Property)
  2. Damage to other leased property
  3. Crime Insurance
  4. Liability Insurance (not the malpractice insurance)
  5. Business Interruption Insurance
  6. Hired non owned auto
  7. Sewer Water Backup
  8. Cyber Insurance (Can sometimes be added)

Although with cyber or crime insurance many firms find that they need separate policies for certain exposures if they cannot get the limits and coverages needed under the business owner’s policy.  If higher liability limits (not malpractice insurance) are needed, an umbrella insurance policy can also be added.

A BOP benefits the firm over purchasing these coverages separately with:

  1. Lower Premiums
  2. Convenience
  3. Customization to Fit Your Needs

As with Attorney Malpractice Insurance or Accountant Errors & Omissions Insurance, a firm needs to protect its assets.  A BOP is an important protection piece to complete your coverage puzzle.

 

 

Lee Norcross 
Contact Me Today
Lee Norcross, MBA, CPCU

Managing Director, CEO

(616) 940-1101 Ext. 7080 
Posted 10:00 AM

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