As a window cleaning business owner, you may not know where to turn to when it comes to learning insurance. You have a lot on your plate and several tasks to manage, so we make it easy for you to understand certain business concepts.
At Insurance Canopy, we provide cleaning business insurance for small businesses, and resources for business owners. In this article, we’ll teach you about business owners policies, essentially a package for insurance coverages!
What is a BOP?
A business owner’s policy combines business property and business liability insurance into one business insurance policy. Some of the claims covered by BOP insurance can be things like theft, fires, and other covered disasters. Bodily injury, property damage, or other business-related operations claims are also covered in business owners insurance.
As a small business owner, you can tailor your BOP to meet your specific needs by adding additional coverages, like cyber liability insurance, business income for off-premises utility services, and more. You can work with your insurance agent to work out the details and create a unique policy that fits your business’ needs. Keep in mind some companies will just call this an insurance package, the important thing is just to get the right coverages for your business.
What is Included in a BOP?
Credit: Phebe Van Der Meer
A business owner’s policy is several insurance coverages rolled into one policy. These policies are designed for small and mid-sized cleaning businesses seeking insurance. These policies are designed to include property coverage, business interruption, and liability insurance.
First, a BOP may include property insurance for buildings and content owned by your window cleaning company. This can also be any office or storage space you rent. In the insurance industry, they call this named-peril coverage for damage arising from specific events. Ask your agent to explain what events will be covered in your policy.
There is also business interruption insurance. This type of insurance covers the loss of income resulting from a fire or other disaster, that prevents you from performing the work and earning an income. For some, it may also cover the extra expense of having to operate your business out of a temporary location.
Lastly, a BOP will have general liability protection, which provides coverage for harm caused by your business operations. For example, if a ladder breaks a customer’s window, this part of the BOP can have you covered. Or, if a customer slips and falls on your cleaning equipment, your BOP can help you cover the cost of medical expenses. But also remember you can purchase general liability protection on it’s own, if the other coverages aren’t right for your exact business.
What is Not Included in a BOP?
Although the above three coverages are included in a BOP, keep in mind that there are a few things that are not included in a BOP. Professional liability insurance, also known as malpractice or errors and omissions insurance, is not included in a BOP. This means that if any harm or injury occurs due to your negligence as a professional, you can be held liable for any associated expenses, like medical bills or lawsuit and court expenses. For example, if you give any professional advice to a customer and they in turn get hurt, you could be held responsible.
Commercial auto insurance is also not included in a BOP. This means that you’ll need to purchase auto insurance for any company vehicles separately from your BOP. Worker’s compensation and health and disability insurance are not typically included in a business owner’s policy either. If an employee gets hurt while on the job, keep in mind that this type of coverage is separate from a BOP.
For the coverages listed above, you will need to purchase separate policies to get the coverage you need. This is done with your agent, as a package with your company, or you can shop these around for the best pricing!
About Insurance Canopy
Insurance Canopy provides small businesses with general and professional liability insurance at a monthly or annual rate. Our policies are designed to protect small business owners, including window cleaning businesses, in the case of a lawsuit arising out of their business operations. Window cleaners without cleaning business insurance may face lawsuits that could cost them their business and their livelihood. With a policy from Insurance Canopy, you get affordable coverage you need from A-rated carriers by building a custom insurance plan for your small business.
Cheers!
Caitlin Bagley
844.520.6993