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Howe Insurance Brokerage Blog

What Business Owner's Policy Doesn't Cover

3/8/2021

4 Comments

 
Picture
​A standard BOP covers just what you would expect the inclusion says it covers. Even though the inclusion that a BOP gives is standard coverage, there's still a possibility that your business will purchase extra coverage that doesn't fall into the extent of what a BOP can offer you.
What Doesn't A BOP Cover?
However profitable a Business Owners Policy may be, it doesn't cover all cases or incidents. Here are two things that BOPs don't commonly cover.

Damages Due to Inaccurate or Incomplete Advice Given
A BOP does not provide coverage for damages that result from incomplete or inaccurate advice. An E&O insurance policy can likewise secure you against these cases. On the off chance that you own a law office or a financial advisory organization, this kind of inclusion might be particularly beneficial.

Cases Arising From Services Performed
A BOP doesn't cover lawsuits that emerge from fragmented, undelivered, or delayed services. Suppose a customer files a claim against your business due to these reasons. In that case, you should buy Errors and Omissions (E&O) Insurance, which is a kind of professional liability insurance. This coverage type can generally compensate for your legal costs.

What Does a Business Owners Policy Cost?
Much the same as other business insurance products that your business needs to buy, there are a few general factors that will decide the expense of your BOP, including the ones below:

Longevity
If you are a fresh-out-of-the-box new business, you will pay more for your BOP than a company that has been effectively working for quite a long while.

Property Value
The more value your property has and the more challenging and more costly it is to replace your business substance and gear, the higher your BOP premium will be.

Industry
The higher the workplace-related dangers are in your industry, the more you'll pay. That implies that a restaurant will often pay more for a BOP compared to a software company, for instance.

Conclusion
BOPs are still adjustable, implying that many endorsements can be joined to your BOP to give you more comprehensive coverage. This includes policies such as EPLI and professional liability. Commercial property endorsement entailing mechanical breakdown coverage and spoiled merchandise can also be one of them.

At Howe Insurance Brokerage, LLC, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (435) 674-8771. Get your free quote today by CLICKING HERE.
4 Comments
John Carston link
4/5/2022 10:48:09 pm

I appreciate that you explained the importance of understanding your policy to ensure that it is effectively working. My brother told me last night that he was planning to consult someone that could assist him with handling his insurance brokerage properly, and he asked me if I had any idea what could be the best option. Thanks to this informative article, I'll be sure to tell him that he can consult a well-known insurance brokerage appraisal service as they can provide more information about their services.

Reply
truck insurance link
7/11/2024 04:13:15 pm

Truck insurance can include cargo insurance, which protects the goods being transported. This is essential for businesses that handle valuable or sensitive shipments.

Reply
Team Shoreline link
3/12/2025 12:09:35 pm

This article provides a clear breakdown of the limitations of a standard Business Owner's Policy, emphasizing the critical need for supplementary coverage like E&O to truly protect your business. Additionally, it serves as a reminder to regularly review and update your policies with an experienced broker to ensure your coverage evolves with your business needs and industry risks.

Reply
James Barham link
4/5/2025 04:51:28 am

As an entrepreneur, protecting my business and assets with the right insurance policies is essential for long-term success. It's reassuring to know that companies like Best Insurance Group prioritize affordability while offering quality coverage. The ability to get a free quote is a amazing option! I’ll definitely be checking out their services to ensure I’m fully protected as my business grows. Thanks for the helpful information!

Reply



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      • Classic Car Insurance Quote
      • RV Insurance Quote
      • Boat Insurance
    • Homeowner Quote
    • Business Quotes >
      • Business Quote
      • HOA Business Quote
      • Business Owners Package (BOP) Insurance Quote
      • Event Insurance Quote
      • Insurance Bonds Quote
      • Workers Compensation Quote
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    • Flood Quote
    • Landlords Insurance Quote
    • Renters Quote
    • Other Quotes >
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    • Report a Claim
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    • Proof of Insurance
    • Contact My Carrier
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      • Auto Insurance
      • ATV Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Event Insurance
      • Insurance Bonds
      • Workers Compensation
    • Corporate Events
    • Annuities
    • Disability Insurance
    • Final Expense Insurance
    • Umbrella Insurance
    • Property >
      • Home Insurance
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