A business owner’s policy, or BOP, combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
A business owner’s policy protects against common accidents while shielding your business property from damage, too. This policy bundles general liability insurance and commercial property insurance in one plan, usually at a reduced rate. A BOP protects against:
Manufacturing business owners can tailor a BOP to meet their specific needs. In the manufacturing industry, useful add-ons might include business interruption insurance, food spoilage coverage, contract liability coverage, and other endorsements.
Businesses that are eligible for a BOP typically:
Talk to a licensed Insureon agent to find out if a BOP fits your manufacturing company.
A BOP includes commercial property insurance that protects:
A BOP reimburses you for stolen items, as well as property damaged by vandalism, weather, a burst pipe, or a fire.
The general liability portion of a business owner’s policy can pay for legal bills and other expenses related to customer injuries or property damage. For example, it can provide coverage if:
A BOP can cover medical bills for an injury, or repair or replacement of a damaged item. If a client or other third party sues over damages, it can cover attorney’s fees and other costs related to the lawsuit.
The general liability portion of a BOP also provides coverage against advertising injuries, including:
For example, if an employee writes a negative comment on social media about a competing manufacturer and your business is sued for libel, general liability insurance could help pay the resulting legal fees.
A temporary closure can lead to significant financial loss for a small company. Business interruption insurance shields your manufacturing company from lost revenue and other expenses related to closure caused by a covered event.
For example, if there’s a fire at your lumber mill, business interruption insurance can cover lost profits, employee wages, and other operating expenses while your business is closed for renovation.
A business owner’s policy provides general liability and property protection for manufacturers, but it doesn’t shield against employee injuries and other risks. Manufacturing business owners should also consider:
General liability insurance: Manufacturers that don't purchase a BOP should at least consider general liability insurance to protect against basic manufacturing risks.
Workers’ compensation insurance: Required in almost every state for manufacturing businesses that have employees, workers’ comp can cover medical costs for work injuries.
Umbrella insurance: Also called excess liability insurance, this policy boosts coverage on a general liability, employer’s liability, or commercial auto policy once the limit is reached.
Are you ready to safeguard your manufacturing business with a business owner’s policy? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.