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Business Owner's Policy (BOP insurance)

Business Owners PolicyA Business Owner's Policy (BOP) can be a cost-effective alternative for small businesses.

The Benefits of our Business Owner's Policy (BOP insurance)

Our BOP policy can include:.

  • Comprehensive Property Enhancements: Includes a  blanket limit of insurance, combining essential property coverages to maximize the flexibility of your insurance dollars after a loss.
  • Expanded Liability Coverage: Includes blanket coverage for additional insureds.
  • Earthquake Coverage: Available in select states.
  • Global Liability Protection: Covers foreign exposures, including kidnap and ransom.
  • Electronic Data Liability Coverage: Shields your business from liabilities stemming from data loss or damage.
  • Equipment Breakdown Coverage: Protects against financial losses due to mechanical or electrical equipment failure.
  • Water Damage Coverage: Includes water backup and sump overflow protection to address damages caused by water-related incidents.
  • Professional Liability Insurance: Tailored for specific industries including dental labs,  hearing aid centers, optical, and veterinarians.
  • Comprehensive Crime Coverage: Encompasses protection against forgery, alteration, employee dishonesty, and losses involving money and securities.
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Who needs Professional Liability Insurance?

Any professional working in medicine should have professional liability coverage in today’s climate of uncertainty, particularly with juries increasingly handing out generous awards to injured parties. The potential for lawsuits and financial damages is much higher in the medical field than other industries.

This is true for general medical professionals like  physicians and  physicians assistants. Executives like medical directors should also be covered as their decisions impact on a large number of people and affect the actions of medical professionals in their team.

Specialists like  phlebotomists, respiratory therapists, surgical technicians, optometrists, pharmacists, and imaging technicians should have professional liability cover, as they can be sued for actions taken in the course of their duties.

Professionals working in the field of psychological and mental health, including psychologists, psychotherapists and mental health technicians should also have professional liability cover, as should those working in alternative medicine, including massage therapists.

What Is a Business Owner’s Policy or BOP Insurance?

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for small to medium-sized businesses, providing a blend of liability protection and property insurance. This policy is especially relevant for medical professionals who own their practice, as it offers a more holistic approach to risk management than standard insurance policies.

BOP combines various insurance coverages into one package, making it more convenient and often more cost-effective than purchasing individual policies.

Typically, a BOP includes general liability insurance, property insurance, and business interruption insurance. This bundled approach addresses the unique risks faced by business owners, including those in the healthcare sector.

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What Particular Medical Professionals and Facilities Should Be Covered with a BOP?

A BOP is particularly beneficial for:

  • Private medical practitioners (e.g., family physicians, dentists, chiropractors).
  • Small clinics and outpatient facilities.
  • Medical professionals with administrative offices or private practices.
  • Specialized medical service providers (e.g., physical therapists, psychologists).

These professionals often deal with a mix of physical assets (like medical equipment and office space) and liabilities (such as patient data security), making BOP an ideal insurance solution.

How Much Does a BOP Cost?

The cost of a BOP varies based on several factors:Business Owner's Policy (BOP)

  • Location of the practice: Areas prone to natural disasters might have higher premiums.
  • Size of the practice: Larger facilities with more employees typically face higher costs.
  • Coverage limits and deductibles: Higher limits and lower deductibles increase the premium.
  • Type of medical practice: Specialized practices with higher risks (e.g., surgeries) may incur more costs.

On average, medical professionals might expect to pay between a few hundred to several thousand dollars annually, depending on these factors.

How Do I Get a BOP?

To obtain a BOP, medical professionals should:

  1. Assess their needs: Understand the specific risks associated with their practice.
  2. Shop around: Compare policies from different insurance providers.
  3. Consult with an insurance agent: Preferably one who specializes in medical business insurance.
  4. Review and customize the policy: Ensure it covers all the specific needs of the practice.
  5. Purchase and maintain the policy: Stay updated on policy renewals and changes in business that might affect coverage needs.

Speak with an Insurance Professional

Call 947-274-3093 or
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Ralph Schiller

Ralph Schiller

Ralph specializes in sourcing the most suitable BOP coverage at the best price. You can call him or fill out the form and he will get your message directly.

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