business owner's policy (BOP insurance)for healthcare professionals and facilities
What Is a Business Owner’s Policy (BOP Insurance)?
A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for small to medium-sized businesses, providing a blend of liability protection and property insurance. This policy is especially relevant for medical professionals who own their practice, as it offers a more holistic approach to risk management than standard insurance policies.
BOP combines various insurance coverages into one package, making it more convenient and often more cost-effective than purchasing individual policies.
Typically, a BOP includes general liability insurance, property insurance, and business interruption insurance. This bundled approach addresses the unique risks faced by business owners, including those in the healthcare sector.
what does a BOP cover?
The typical components of a BOP include:
This covers damage to the building and contents owned or rented by the business. This can include protection for damage to specialized medical equipment damage.
Business Interruption Insurance:
Compensates for lost income and expenses during unexpected closures (e.g., due to natural disasters).
General Liability Protection
This shields you against lawsuits for bodily injury, property damage, or personal and advertising injury.
What Particular Medical Professionals and Facilities Should Be Covered with a BOP?
A BOP is particularly beneficial for:
- Private medical practitioners (e.g., family physicians, dentists, chiropractors).
- Small clinics and outpatient facilities.
- Medical professionals with administrative offices or private practices.
- Specialized medical service providers (e.g., physical therapists, psychologists).
These professionals often deal with a mix of physical assets (like medical equipment and office space) and liabilities (such as patient data security), making BOP an ideal insurance solution.
How Much Does a BOP Cost?
The cost of a BOP varies based on several factors:
- Location of the practice: Areas prone to natural disasters might have higher premiums.
- Size of the practice: Larger facilities with more employees typically face higher costs.
- Coverage limits and deductibles: Higher limits and lower deductibles increase the premium.
- Type of medical practice: Specialized practices with higher risks (e.g., surgeries) may incur more costs.
On average, medical professionals might expect to pay between a few hundred to several thousand dollars annually, depending on these factors.
How Do I Get a BOP?
To obtain a BOP, medical professionals should:
- Assess their needs: Understand the specific risks associated with their practice.
- Shop around: Compare policies from different insurance providers.
- Consult with an insurance agent: Preferably one who specializes in medical business insurance.
- Review and customize the policy: Ensure it covers all the specific needs of the practice.
- Purchase and maintain the policy: Stay updated on policy renewals and changes in business that might affect coverage needs.
Contact Michael Richards now
Michael specializes in insurance for this particular group. You can call him on the number below or fill out the form and he will get your message directly:
insurance for allied health care
insurance for hospitals
Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.
insurance for long term care facilities
Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.
insurance for medical providers
traditional insurance products
Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.
- Professional Liability Insurance (Medical Malpractice Insurance)
- General Liability Insurance
- Business Owner’s Policy (BOP Insurance)
- Excess and umbrella coverage
- Cyber Liability Insurance
- Telemedicine Malpractice Insurance
- Commercial Property Insurance
- Commercial Auto Insurance
- Directors and Officers Liability (D&O) insurance
- Sexual Abuse & Molestation (SAM) insurance
- Workers’ Compensation Insurance
- RAC Audit Coverage
- Errors & Omissions Insurance
- Employment Practices Liability
- Environmental Liability insurance
- HNO Insurance
- Fully/Partially Funded insurance
- Crime Insurance
Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:
- Starting a Single Parent Captive (Pure captive)
- Joining a Protected Cell Captive (Segregated Cell)
- Micro Captive Insurance
- Group Captive Insurance
- Risk Retention Group (RRG)
- Special Purpose Vehicle (SPV) Captive
- Stand alone ERP (extended reporting period)
- Loss Portfolio Transfers (LPTs)
If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.