What Is a Business Owner’s Policy?
A Business Owner’s Policy (BOP) bundles essential coverages into a single, cost-effective package designed for small to medium-sized businesses. For law firms, a BOP typically combines general liability, commercial property, and business interruption coverage at a lower premium than purchasing each separately.
Think of a BOP as the foundation of your firm’s insurance program. It protects your physical assets, covers your premises liability, and provides income protection if a covered event forces you to close temporarily.
PSL Insurance Group offers BOP packages tailored to law firm needs, with coverage limits and endorsements appropriate for legal practice operations.
BOP Coverage Components
A typical Business Owner’s Policy includes:
Commercial Property: Coverage for your office building (if owned), furniture, equipment, computers, law library, and other business personal property. Includes protection against fire, theft, vandalism, and other covered perils.
General Liability: Third-party bodily injury and property damage coverage, plus personal and advertising injury protection.
Business Interruption: Replaces lost income and covers extra expenses when a covered property loss forces you to suspend operations. This can include temporary office rental and expedited equipment replacement.
Additional coverages can be added including equipment breakdown, employee dishonesty, and valuable papers coverage for client files.
Is a BOP Right for Your Firm?
Business Owner’s Policies are ideal for law firms that:
- Have fewer than 100 employees and revenues under eligibility thresholds
- Operate from leased or owned office space with standard business personal property
- Want simplified coverage with one policy and one renewal date
- Need cost-effective protection without sacrificing essential coverages
Larger firms or those with complex operations may need separate policies with higher limits, but most small to mid-size practices find BOPs provide excellent value and comprehensive protection.
