Business Owners' Policy

A Business Owners' Policy (BOP) provides essential coverage for your building and furnishings in the event of a covered loss.


Business Owners' Policy

If you own your own practice, you are exposed to many types of risk. Your facility poses liability risks and your property (building, furnishings, records, etc.) is at risk of physical damage and/or loss.

If you sustain a property claim, your business finances may even be at risk if you have to close the practice for an extended period of time. Your employees may even be considered a risk in the event they embezzle or sue for employment-related issues or termination.

A Business Owners’ Policy (BOP) combines commercial property insurance with liability insurance coverage in a single policy to cover your building (if you own it) and its contents.

A BOP includes:

  • Property Insurance – to cover tables, X-ray machines, electronic data, damaged computers and more.
  • General Liability Insurance – provides coverage if you are sued because of libel, slander, advertising misprints, slips and falls.
  • Product Liability Insurance – if you are reselling supplements or orthotics under the original label (and not relabeling).
  • Business Interruption Insurance (also called Business Income Insurance) – if you have to close your practice because of a flood, fire or other disaster, this insurance may provide income you would have made during that time as well as costs you may incur if you have to practice at a temporary location.

A BOP typically does NOT include:

  • Workers’ compensation coverage
  • Auto insurance
  • Professional liability (malpractice) insurance
  • Health insurance
  • Disability insurance

When choosing a business owners' insurance plan, there are several key questions to ask your agent. Find out if the policy provides enough coverage to:

  • Rebuild your property and replace your equipment and any merchandise
  • Protect the personal property of employees
  • Keep your practice open, whether there’s been a partial loss or complete loss to the facility
  • Protect your assets in the event of a lawsuit including bodily injury, property damage, personal injury (slander and libel) and advertising injury.

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.