Business Owners Insurance

If you own or run a business and care to protect your income generating asset, you should have all kinds of Business insurance policies. One of the main and first insurance policies that most business owners get is Business Owner’s insurance policy (BOP).

Business Owner’s insurance is designed for small to mid-sized businesses and offers liability and property protection in the same policy. Think of it as buying a “full coverage” car insurance that offers liability coverage and property coverage for your car. Businessowners insurance policy usually offers 3 main core coverage (there could be other add-ons or special coverages added, depending on type of business you are in):

  1. General Liability coverage:

This coverage protects your business if your company caused bodily injury or property damage to others, usually your clients, vendors, visitors, landlord, etc. The lawsuits are typically brought against you in case you or your employees take actions or failed to take actions which resulted in a harm or financial damages to other people or other companies.

  1. Business Personal Property and/or Building coverage:

This coverage protects the business personal property (BPP) that your business owns (computers, tables, some types of equipment your business has, etc…) and it may also include the protection to the building if your business owns the building and if this coverage is added to the policy.

  1. Business Interruption coverage:

This coverage covers lost income in case of a covered accident interrupted your business due to which you unable to operate your business normally and, therefore, it loses the income. Not having this coverage could be devastating to business owners, since most business owners rely on their main source of income – their business.

 

Purchasing Business Owner’s policy should not be taken lightly. Speak with one of our knowledgeable agents today about your business coverages.