Business Owners Policy Policy Feature Checklist
What to confirm in a business owners policy policy — what's standard, what's often limited, and what to add if needed — plus the gap most often missed.
Pull out your current Business Owners Policy and check the box next to each feature you can confirm it includes — anything unchecked is worth a quick conversation with your advisor.
Tick each feature you can confirm your policy includes — anything left unticked is a good question for your next policy review.
| Confirm? | Policy feature | What to confirm | Priority |
|---|---|---|---|
| Building & Contents at Replacement Cost | Confirm values reflect today's cost to rebuild and replace. | Standard | |
| Business Income (12 Months or More) | Replaces lost income while the business can't operate after a covered loss. | Standard | |
| Water & Sewer Backup | Water is the most common small-business claim — backup coverage is often limited or must be added. | Often limited | |
| Equipment Breakdown | Covers sudden breakdown of HVAC, refrigeration, electrical, and computers. | Often limited | |
| Hired & Non-Owned Auto | Covers employees' personal cars and rentals used for business. | Often limited | |
| Employee Dishonesty | Covers theft by employees — often a small limit. | If needed | |
| Data Breach | Often included at a small limit — a standalone cyber policy may be needed. | If needed | |
| Professional Services Exclusion | BOPs usually exclude professional advice — buy E&O separately if needed. | If needed |
The gap most often missed in this coverage
The most commonly missed gap in this coverage is water. Water and frozen-pipe damage is now the most common small-business claim, yet sewer and drain backup is often limited or excluded unless added — and the average fire claim has risen to about $80,000. Owners should add water and sewer backup, confirm replacement cost values, and install leak sensors.
Send us the checklist and we'll review your business owners policy coverage line by line, then market it across multiple carriers that compete for your account.
Related: Business Owners Policy · Business Owners Policy Supplemental (apply) · All coverage checklists
Frequently asked questions
What should a business owners policy policy include?
Standard features to confirm in a business owners policy policy include Building & Contents at Replacement Cost, Business Income (12 Months or More). This checklist also flags the features that are often limited or sublimited and the ones to add if needed, with a plain-English note on each.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my business owners policy coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.