Law Firms, Accounting Firms and Title Agencies know that they need professional liability insurance for their malpractice or errors and omissions coverage. But many firms neglect the business side of their practice. BOP stands for Business Owners Policy is sometimes also referred to as Business Insurance. A BOP is a prepackaged policy specifically designed to meet the needs of small to medium sized firms. This makes it more cost effective and simpler for firms to purchase the needed protection then buying these coverages separately. Without a BOP firms cannot complete their insurance protection puzzle needs.
The BOP can combine insurance coverages for:
- Property Insurance
- Crime Insurance
- Liability Insurance (not the malpractice insurance)
- Business Interruption Insurance
- Hired non owned auto
- Cyber-Data Breach
- Sewer/Water Backup (Not Flood)
A BOP can be tailored to the firm’s needs by mixing and matching essential coverages. While the BOP is a foundation coverage for any firm, some firms may find that they still need to buy separate insurance coverage such as a standalone cyber policy to get the specific limits and coverages they require.
A BOP benefits the firm with:
- Lower premiums than purchasing all coverages separately
- Convenience as one insurer and billing to deal with
- Customization to fit your needs
While BOPs protect firm and partner assets of the business side of the practice, professionals also need to cover the professional side of their practice. This is where coverages such as Attorney Malpractice Insurance or Accountant Malpractice Insurance come into play. For professionals a BOP is an important protection piece in your coverage protection puzzle.