And although comprehensive, companies with a BOP will still need to purchase other coverage such as automobile insurance (also called fleet insurance) and workers compensation separately.

For companies with particular risks specific to that industry, an insurance broker should be able to suggest types of additional coverage you may need to fully protect the company. For instance, a dry cleaner would want to purchase additional coverage in case of a mechanical breakdown since his or her business is so dependent on the performance of the machinery.

Small businesses should always look into getting more liability insurance than what is included in a BOP since the amount and kind of liability facing each business is typically specific to their industry. So a basic BOP usually won't be enough.

Interested in other business insurance options? Learn more about Commercial General Liability insurance here.