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Home > Commercial-Products > Coverage-For-Your-Business > Business Owners Policy (BOP) - Burlington NC & Durham NC

Business Owners Policy (BOP) in Burlington NC, Durham NC & Goldsboro NC

A business owner’s policy (BOP) can help keep a business operational and protect its assets, combining business property and business liability insurance into one business insurance policy.  

What Is a BOP? 

A BOP policy works to protect small- and medium-sized businesses with essential insurance coverages combined in a single policy. Coverage typically includes the following: 

 

  • Commercial property insurance may cover losses due to common perils. The policy can include protection for inventory, raw materials, furniture, office equipment, machinery and anything your business needs to operate. 

  • General liability coverage can cover financial losses due to harm caused by others, including medical bills and legal fees if someone suffers an injury related to your business or business activities. Coverage extends to the policy limit. 

  • Business interruption coverage may cover expenses related to involuntary downtime, including taxes and salaries, if you must temporarily close your business due to a covered loss. 


Business owners may choose to supplement a BOP with additional coverage. You can choose policies to extend coverage, such as workers’ compensation, commercial auto insurance and company-provided health insurance. Specialized coverage, such as business income for off-premises utility services and data breaches, may provide essential protection, as well.  

The Peterson Agency can help you review your company’s coverage to make sure you have adequate protection.  

Should My Business Have a BOP? 

Many business owners choose BOPs to help protect their companies from financial losses not covered by the general liability policy.  

Businesses with these characteristics may benefit from a BOP. These include: 

 

  • Companies bearing a statistically high risk for lawsuits.

  • Businesses with a physical location (outside of the home or home-based).

  • Operations with assets that may be stolen, including cash, digital property, furnishings, electronics and product inventory.


These business types often purchase a BOP: 

  • Manufacturers

  • Religious organizations

  • Retailers

  • Wholesalers

  • Technology consultants and solutions providers

  • Restaurants

  • Apartments

  

What Doesn’t a BOP Cover? 

A BOP doesn’t typically provide coverage for professional liability, workers’ compensation or auto insurance. Health insurance, life insurance and disability coverage for employees are also excluded. Business owners can purchase separate coverage.  

Business owners typically consider the following additional coverage:  

 

  • Errors and omissions (E&O) coverage—Businesses providing services in exchange for a fee may be sued by customers if they perceive that your company failed to perform its duties correctly and they suffered financial harm as a result. E&O coverage may provide financial assistance and coverage for legal costs up to your policy limit if your company is found legally liable. 

  • Crime coverage—Company owners may choose to add crime coverage to cover financial losses resulting from a crime, such as computer fraud or employee dishonesty. A typical crime coverage policy provides between $1,000 and $5,000 of coverage. 

  • Data breach coverage—This policy may help cover financial losses due to data breaches, such as: 

  • Replacement of lost income

  • Hiring crisis communication consultants

  • Defense and settlement costs from associated lawsuits

  • Notifying impacted individuals

  • Extortion and ransom payments

  

Want to Learn More? 

The Peterson Agency provides insurance solutions for small- and medium-sized businesses in North Carolina. We can help you decide whether a BOP is right for your business and whether you may need extra coverage. Call us today at 336-227-0154. 

 

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Main Office
257 S. Graham-Hopedale Rd. | Burlington, NC 27217

Phone: 336-227-0154 | Fax: 336-228-1736

Durham Office
1822 ENC 54 Hwy, Suite 150 | Durham, NC 27713

Phone: 919-489-3737 | Fax: 919-474-9630

Goldsboro Office
413 Royall Ave. | Goldsboro, NC 27534

Phone: 919-580-0079 | Fax: 919-288-1017
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