The right insurance can help cover your practice and assets so property damage, lawsuits, or an unexpected interruption does not cause a significant impact on your business. For chiropractic offices, that can mean protection for your equipment, space, income, and reputation.
What is a Business Owner's Policy?
You may be wondering, "What is BOP insurance?" or "What is a BOP policy?"
"BOP" is shorthand for Business Owner’s Policy, a form of insurance designed for most small and medium sized businesses; eligibility typically includes fewer than 100 employees, though coverage needs often also extend to revenue under $5 million. It is commonly a fit for practice owners, service providers, and trade contractors. BOP combines critical business insurances, typically bundling general liability coverage, commercial property insurance with property coverage for the building if you own it and other business assets, plus business income coverage if a covered loss interrupts operations.
Common BOP Coverages Include:
Property InsuranceCovers your physical assets, including X-ray equipment, furniture, computers, and inventory.
General Liability InsuranceCovers your physical assets, including X-ray equipment, furniture, computers, and inventory.
Product Liability InsuranceImportant if you resell supplements or orthotics under the original label.
Business Interruption Insurance Helps replace lost income and operating expenses if a covered loss closes your practice.
These coverage options show what a business owner's policy cover can include, and bundling them in one BOP can save money versus buying each as a standalone policy or as separate policies with separate insurance coverage.
Business Owner's Policy vs. General Liability
BOP provides more complete coverage than just general liability alone. How does general liability insurance work? It can also be purchased as a standalone policy, and it mainly covers third-party liability exposures involving a patient or other third party, not your own employees. Damage to your property is also not covered by general liability. A BOP does not include workers' compensation insurance or commercial auto insurance and other specialized coverages, so those need to be purchased separately for additional protection.
Make Sure Your Practice is Protected
Every practice is unique with risks tied to its industry and business operations. Discuss your practice with one of our agents to determine what insurance program best meets your needs and helps keep you protected, whether it's a business owner’s policy or, depending on your situation, additional coverages and specialized policies. Examples can include malpractice insurance tailored for chiropractors and naturopaths or protection including:
Hired and Non-Owned Auto Liability
Provides liability coverage for auto exposures when used for company business. “Hired” provides coverage for auto exposures not owned by you. “Non-Owned” generally describes an employee using their personally owned vehicle that is not owned, leased, hired, rented or borrowed by the named insured for company business.
Data Breach
If patient records are compromised, data breach or cyber insurance can provide important coverage for your practice as additional protection when a standard BOP does not fully address that exposure. In many cases, this insurance covers both electronic and paper records.
Employee Dishonesty
This policy provides coverage for employee theft of money, securities and/or property.
Employment Practices Liability Insurance (EPLI)
Coverage in the event of a lawsuit for wrongful termination, sexual harassment, discrimination, violation of the Family Medical Leave Act and more. Businesses that provide professional services may also need separate coverage alongside a BOP, since those liability exposures are not typically covered under a standard business owners policy.
Umbrella Insurance
This is an affordable option for additional financial protection when liability limits are reached on other policies such as your BOP or workers' compensation policy.
Product Liability
You may need a separate product liability policy if you are relabeling and selling or manufacturing products under your own business name. This policy is also necessary if you are producing your own treatment equipment such as orthotics or treatment tools.
Important Considerations for Your BOP
When choosing a business insurance plan, be sure it provides enough coverage to:
- Rebuild your property and replace your equipment
- Keep your business open
- Protect your assets from a lawsuit
BOP insurance rates vary by location, industry, business size, and the value of your commercial property and inventory. Comparing companies and quotes can help match coverage to your needs.