Business Owner's Policy Insurance (BOP) for Attorneys
Combine your property and general liability insurance into one law firm insurance policy.
What is a Business Owner's Policy?
Simple, Customizable Insurance for Law Firms
A business owner's policy (BOP) comprises several coverages, including general liability (different from your professional liability) and commercial property insurance. When combined into one policy, it can provide a blanket of liability and property protection for your law firm.
BOP insurance is a smart choice for law firms because you work directly with clients and your property has value. A smartly structured BOP can protect you from a loss arising from client accidents and other incidents like burglary, fire, or other uncontrollable scenarios.
Business Owner's Policy Information for Attorneys
Create a Tailor-Made Solution For Your Firm
What does a BOP generally cover?
Some of the coverages included in your BOP are:
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3rd-party bodily injury
If a client is hurt on your property, you have coverage to help pay for any medical or legal expenses arising from the accident.
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3rd-party property damage
Exactly as it sounds, this part of your policy can pay for repairs on or replacement of damaged property. It can also provide relief from any legal fees arising from a client's lawsuit.
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Product liability
Generally included for businesses that make, distribute, or sell physical products. This coverage can provide protection should that product cause harm to people or property.
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Advertising injury
This provides your firm coverage should your firm be sued for libel, slander, or copyright infringement.
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Business property damage
This is the part of your BOP that responds to help pay for expenses due to damage from fire, theft, and certain weather events.
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Business personal property damage
This provides coverage for items used to run your business, like furniture.
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Business interruption loss
Sometimes you have to close your practice due to factors outside your control. This coverage can provide relief from lost income.
Are there things a BOP does not cover?
Yes - while your BOP will bundle a variety of coverages into one policy, the following common risks are not covered - although they can be added to further customize your policy
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Employee Injuries
Required in many states, workers' compensation insurance is the right policy to cover damages and expenses from employees injured at work.
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Employee lawsuits
Employment Practices Liability (EPLI) is insurance that provides coverage for lawsuit expenses related to harassment claims, discrimination claims, and claims of wrongful termination.
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Vehicles used for your law firm
Your personal auto policy, or your employee's policy, will not provide coverage for vehicles used for your firm. A Commercial Auto Insurance policy provides this coverage and may be required in your state. A non-owned auto endorsement can be added to your BOP, however.
What's the difference between a BOP and General Liability coverage?
A BOP adds property insurance, equipment, and business interruption coverage for your firm.
When Does A Lawyer Need A Business Owner's Policy?
A Business Owner's Policy can help if:
- You own or rent your firm's workspace
- You have clients that require you to carry general liability
- You have a physical location and/or your physical property has significant value
- You have the potential for being sued, other than for your professional services
- Your assets, including client information, are at risk of being stolen