Just three months ago, small business owners were recovering from a great holiday season of new products, sales, and opportunities. The economy was flourishing, things were great, and then…BAM! - everyone got hit with this global pandemic. Governors across the country started issuing “Stay at Home” or “Shelter in Place” orders. Restaurants were forced to lay off workers and do take-out orders only, and many other businesses had to take similar actions. Businesses were interrupted, to say the very least.
If your business, like many others, has been interrupted by COVID-19, you may want to check your BOP (Business Owner’s Policy) to see if you have coverage available.
What is a BOP?
A BOP stands for “Business Owner’s Policy”. It is an enhanced insurance policy that combines general liability insurance and property insurance.
A general liability policy protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to their property. Property liability insurance covers your business furniture, equipment, work with private data/security breaches, accidental damage, employee theft, and loss of business due to interruptions.
How would a BOP help me now?
Well, if you have a BOP and your business has been forced to shut down due to COVID-19, then you may have an insurance claim to file with your insurer. Again, you must have language in your policy that states loss of business or a business interruption endorsement.
If you are unsure whether you have coverage, give us a call, and we will evaluate your policy for you.
If you know you have coverage and made a claim that was denied by your insurance carrier, give us a call and we will determine if your insurer has engaged in a bad-faith denial of your claim.