Business Owner’s Insurance
What is Business Owner’s Insurance?
Business Owners Insurance, or BOP Insurance, combines some of the basic coverage needed by a typical small business into one standard package at a discounted premium. A Business Owners Policy (BOP) combines several types of commercial insurance, including General Liability and Property Insurance allowing small to medium sized businesses operating in a low-risk category to get the needed coverage in one policy. Consolidating all the necessary business coverage into a BOP insurance policy can be a good idea for small businesses, that qualify, looking to save money while getting their insurance needs covered.
How Business Owner’s Insurance Works
Typically a BOP insurance policy will provide the following coverage:
- Business interruption insurance (covering losses that cause you an interruption in operations for a time). Business interruption insurance can provide money to offset lost profits or to pay continuing expenses (typically for up to a year for insured losses).
- Crime insurance (covering loss of money or securities resulting from burglaries, robberies or destruction) as well as losses from employee theft or embezzlement. Note: separate specialized crime bonds are available and recommended for investment managers.
- Non-owned and Hired Automobile coverage.
- All property. Business Owners Insurance insures damaged leasehold improvements, general contents and IT equipment at replacement cost value, which means that you would receive enough from your settlement to replace the property at today’s value.
- General liability protection that insures against claims of bodily injury or property damage by someone injured at the business. The liability portion also covers the cost of defending lawsuits that claim you are responsible for causing bodily injury or property damage.
Other coverage can also be added to meet specific needs of the business. We can arrange various international coverage to address exposures ranging from occasional travel to having a foreign office.
Make sure you know your need for business insurance, and get all the coverage required to protect your business.