Business owner's policy for finance and accounting businesses

Every time a client walks through the door, there’s a risk of a slip-and-fall injury. Additionally, a fire could destroy thousands of dollars of computers and electronics and leave your office in ruins.

A business owner’s policy covers these risks and more. This policy bundles general liability insurance and commercial property insurance, typically at a lower rate than purchasing both policies separately.

General liability insurance provides coverage for third-party injuries or property damage for which you might be found liable. Commercial property insurance protects your building, equipment, and inventory from damage or loss.

A BOP protects against:

• Stolen or damaged business property
• Client injuries and property damage
• Libel and other advertising injuries
• Forced closure due to a property claim

Accountants and other financial experts can tailor a BOP to meet their unique needs. Useful add-ons might include business interruption insurance, cyber liability insurance, or other endorsements.

Businesses that are eligible for a BOP typically:

• Have fewer than 100 employees
• Have a small workplace or office
• Make less than $1 million in annual revenue
• Operate in a low-risk industry
• Need less than 12 months of business interruption insurance

Talk to a licensed Insureon agent who specializes in financial businesses to find out if your company meets the criteria for a BOP.

Insurance agents often recommend a BOP for its affordability and broad coverage. Most policies cover the following:

The commercial property insurance included in a business owner’s policy safeguards business property that is damaged, vandalized, or stolen. This includes:

• Computers and electronics
• Office furniture and furnishings
• Your building if you own it

If your financial business suffers damage from a fire – even one that started in another building – a BOP can cover renovation costs.

The general liability portion of a BOP can pay for legal expenses related to third-party injuries or property damage. For example, it would cover the following incidents:

• A client trips over a loose power cable at a tax preparer's office and breaks a wrist.
• A bookkeeper accidentally drops a client's laptop and the screen is cracked.

The general liability portion of this policy also offers protection against advertising injuries, which include:

• Defamation, including libel (written) and slander (spoken)
• Copyright or brand infringement

For example, if you accidentally copy another accounting firm's slogan in an advertising campaign, a BOP would cover your legal costs if the other company sues.

If your business is forced to close after a fire, storm, or other covered property claim, a BOP can help compensate for lost income and day-to-day expenses until you're back in business.

For example, a financial planning firm might have to temporarily close its office after a storm breaks the windows and floods part of the building. Business interruption insurance, included in most BOPs, covers operating expenses while the office is being renovated. It could also cover the cost of rent if you're forced to temporary relocate your business.

A business owner's policy protects against the most common lawsuits and damaging incidents, but it doesn't cover every risk. Finance professionals should also consider:

Professional liability insurance: This policy covers legal defense costs if a client suffers a financial loss due to your advice or services. It's sometimes referred to as errors and omissions insurance (E&O).

Workers’ compensation insurance: Workers' comp is required in almost every state for businesses that have employees. This policy covers medical costs and lost wages for work-related injuries.

Cyber liability insurance: If a financial expert suffers a data breach and client information is compromised, this policy helps pay for recovery expenses, credit monitoring services, and customer notification costs.

Commercial auto insurance: This policy is required in most states for vehicles owned by a business. It covers costs if your work vehicle is involved in an accident.

Fidelity bonds: Also called employee dishonesty bonds, fidelity bonds compensate clients in the event of employee theft. They're often required by client contracts.

Are you ready to safeguard your financial business with a business owner's policy? Complete Insureon’s easy online application to compare quotes from top-rated insurance carriers. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.