If you have a small business, it is likely that you have a business owners policy. A business owners policy (BOP) covers various forms of insurance for small businesses in low-risk industries. 

A basic BOP includes: 

• General Liability: General liability insurance covers incidents involving bodily injury or property damage to a third party that occurs as a result of normal business operations. This can include faulty installations and products. 
• Property Insurance: Property insurance covers the physical buildings and their contents in case of fire, smoke, lightning, wind, hail, theft, vandalism and more. 
• Business Interruption Insurance: In case a disaster makes it impossible to operate, business interruption insurance helps cover the income lost while business operations are put on hold. It can also help with the cost of moving the business to a temporary location. 

On its own, a BOP does not generally include coverage for professional liability insurance. Professional liability refers to claims against your business regarding professional negligence that may cause your client to lose money. You can typically add this to your business owners policy. 

Also known as errors and omissions insurance or medical malpractice insurance, this coverage is crucial for certain industries and professions that face high risks of professional negligence. 

What Does a Business Owners Policy Not Cover? 
BOPs don’t cover: 

• Auto Accidents: If your business operates with the use of owned or borrowed vehicles, you will need commercial auto insurance. Commercial auto insurance provides coverage for a range of accidents for work vehicles. It typically includes comprehensive, collision, personal injury protection, uninsured/underinsured motorist and liability coverage. 
• Workers Compensation: Workers compensation steps in if an employee is injured while on the job. It can provide compensation for medical expenses, disability, lost income and more. 

Small businesses often invest in BOPs because, while not very flexible, they’re often affordable and provide crucial coverage. The average cost for a BOP is about $1,200 a year, which is only about $100 a month. On its own, the average cost of general liability insurance can be as much as $2,758 a year. 

Costs for a BOP depend on a variety of factors, such as: 

• Size of the business 
• Credit score 
• Claims history 
• Coverage limits 
• Location 
• Business experience 

Shop around and compare quotes in order to find an affordable business owners policy that covers professional insurance. Speak with an insurance agent about your BOP needs today.