Many law firms and accounting firms know that they need professional liability insurance to protect them for malpractice. But many firms neglect the business side of their practice. BOP stands for Business Owners Policy. It is a prepackaged policy specifically designed to meet the needs of small to medium sized businesses. This makes it more cost effective and simpler for law firms and accounting firms to purchase the needed protection then buying these coverages separately.
The basic BOP can combine insurance coverages for:
- Property Insurance
- Crime Insurance
- Liability Insurance (not the malpractice insurance)
- Business Interruption Insurance
- 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.
A BOP benefits the firm with:
- Lower Premiums
- Convenience
- 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 Agent would be happy to help you with your BOP needs.