Business Owners Policies (BOP)
This type of policy is actually two types of coverage in one, and is appropriate for any small business.
The first part of the BOP is called property coverage. This protects you if your firm suffers a loss to physical property. Typically the property portion of the policy protects:
Business Personal Property such as tables, chairs, fax machine, coffee maker, computer hardware and software, printers, plotters, AutoCAD, valuable papers such as sketches, specs, working drawings and the cost to replace them.
The second part of the BOP is called general liability coverage (GL). GL is the primary type of coverage for a contractor, but many other types of firms refer to it as “slip-and-fall” insurance. For architects, engineers and construction managers it is actually used less often than the protection afforded by the professional liability or errors & omissions policy.
Frequently landlords and/or clients ask to be named on a tenant’s general liability policy as an additional insured. The landlord may fear that they will be named in a claim made by someone visiting the tenant’s office, or by a jobsite incident that has nothing to do with them, and they seek protection under the tenant’s policy. While it is good practice to resist “diluting” your coverage by adding many additional insureds to your policy, this request is fairly typical. Similarly if you sublet space to a tenant it is good practice to insist on being added to their general liability policy.
Since Maloney & Company, LLC has access to several programs for BOPs we can evaluate your exposure and put a policy in place for you quickly. However, the BOP insurers require that you have a professional liability or errors & omissions policy in place before we bind the BOP.
For a BOP quote, please complete a BOP Questionnaire.
For more information, please contact us.