Business Owners PolicyWhether a Law or Accounting Firm rents or owns a building, 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 or malpractice claims.  While a Malpractice claim can be devastating to an uninsured Firm, it is normally a less frequent event than business side that a Firm faces daily.

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.  The basic BOP combines insurance coverages for:

  1. Property Insurance (Building and Business Personal Property)
  2. Crime Insurance
  3. Liability Insurance (not the malpractice insurance)
  4. Business Interruption Insurance
  5. Hired non owned auto

It can be tailored to the firm needs by adding other needed coverages such as sewer backup or data breach coverage although firms may 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 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 Malpractice Insurance, a firm needs to protect its assets.  A BOP is an important protection piece in your coverage puzzle.

Your L Squared Insurance Agency would be happy to help you with your BOP needs.



Lee Norcross 
Contact Me Today
Lee Norcross, MBA, CPCU

Managing Director, CEO

(616) 940-1101 Ext. 7080 
Posted 4:06 PM

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