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Business
Owner's Policy

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A business owner's policy (BOP) combines property and liability insurance, grouping these coverages in a single insurance policy. The insurance of Business Owner (BOP) helps cover bodily injury or property damage claims and is often a good option for small and medium-sized businesses, such as restaurants, wholesalers, contractors or retail stores.

What does the Business Owner's Insurance Policy cover?

The two main coverages of a BOP are liability and property.

Here are some examples:

• Liability for bodily injury or property damage (e.g., if you spill water on a customer's computer and cause damage)
• Defense costs for covered liability losses (e.g., libel and slander)
• Protection for commercial furniture and equipment (e.g., chairs, desks, computers)

Commercial property insurance.

The commercial property policy protects your property, as well as the property in your care, in the event it is stolen, damaged or lost. This policy pays for the replacement cost of the insured property. You can include another layer of protection by including Business Interruption insurance in your commercial property policy, which reimburses you for lost income in the event your business must close due to a disaster.

Commercial liability insurance.

Commercial liability insurance helps your business when it is determined by law that it must be held liable for damage caused to another person or their property. The damage may be caused by something your business did, or failed to do. Commercial liability insurance covers legal and medical expenses. Adding professional liability insurance to your policy will protect your company from civil lawsuits by a client. If your business offers consulting or professional services to your clients, this policy is a good investment.

What is covered in a business owners insurance (BOP) policy?

Business owners insurance (BOP) generally provides the following three essential insurance policies:

• Property insurance helps cover the costs to replace or repair company property after a covered incident.
• Liability insurance helps cover a company's legal liability for accidental damage or injury to the property of others.
• Business interruption insurance helps cover regular bills such as rent and payroll, in the event that a business must temporarily shut down for
• Making repairs following a covered incident

Your agent can help you design your business owners insurance. (BOP) adding endorsements or other insurance policies to help mitigate additional risks. Depending on the industry and company size, your agent may recommend the following:

• Liability for employee practices
• Commercial vehicle insurance
• Cyber liability insurance and cyber risk insurance
• Flood insurance
• Equipment breakdown insurance
• Liability insurance for labor practices
• Workers' compensation insurance
• Umbrella insurance