people out to dinnerA Business Owner Policy or BOP insurance is one of the most common types of policies for today’s restaurants. In fact, a basic BOP restaurant insurance policy may be all some companies need to put in place.

However, there are other situations in which a BOP is not the only framework of the coverage you need. Extending a BOP policy further may be beneficial to you. 

It may be time to take a closer look at whether a BOP is enough. Especially if you are opening a new location or improving your business insurance coverage.

What Does BOP Cover?

BOP coverage is a type of business insurance that protects most of your company’s assets. It also includes some general liability coverage. For some companies, it usually offers enough financial protection from most risks. However, these policies are customizable. 

It is important to take a close look at the type of coverage included in your plan. Looking closely will help determine if a plan offers enough financial protection. There are some specific areas where you may want to extend your policy to offer more protections.

  • Does your business deliver food? If so, a commercial auto insurance policy may be necessary for your vehicles and drivers. It’s important to consider whether your BOP restaurant insurance will cover this outright.
  • Workers' compensation plans are not usually a component of the basic BOP. But, you can add this type of insurance to your plan to gain additional protections.
  • Umbrella liability insurance is often necessary for today’s businesses. This type of liability insurance extends further than your typical general liability coverage. Umbrella coverage gives you more protection against risks such as third-party injuries, illness, and larger liability claims from lawsuits.
  • Employment practices liability is also a necessary addition to many restaurant insurance plans. This coverage helps protect your business from claims of employee harassment. It can also protect you from unfair hiring or termination claims.
  • Extended property insurance is often necessary as well. It can help provide your business with more protection for high-end assets and equipment. This may work for items worth more than the average BOP policy will cover.
Take the time to take a closer look at your current restaurant insurance plan. At Exceed Insurance, we are here to help you explore your options for coverage. If you have questions, go online or call us at (855) 539-2333
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