What a Business Owner’s Policy Covers

What a Business Owner’s Policy Covers

Business Owner’s Policy Coverage for Your Small Business

If you’re looking for one nifty package to hold your essential commercial insurance, then a Business Owner’s Policy (BOP) may be for you. It is a convenient package that combines General Liability with coverage for your business property, inventory, and your building (if you own it). In addition, it can also cover the property of others that is in your care, custody, or control. In essence, BOPs offer a wide range of small business coverage at a reduced cost, making it a valuable and necessary policy for many companies.

General Liability

A BOP typically includes general liability coverage. If a guest is injured at your business as a result of your negligence, general liability coverage may help to pay for their medical expenses. It may also pay for legal costs if you are taken to court over an accident that occurred on your business’s premises.

Business Property

The property insurance in a BOP helps to protect your business’s building if you own it, as well as the contents. Perils can include fires, natural disasters, and even theft. If your property is damaged in some way due to a covered disaster, a BOP can help to repair or replace it for your business.

Business Interruption

This coverage covers the loss of income and increased expenditures if your business is affected by a covered peril. For example, if your building needs serious repair work after a fire, this coverage can help pay for you to rent a new workspace during repairs.

It’s important to read your small business policy carefully to understand which specific perils are covered in your policy. Get started on securing your reliable commercial insurance by contacting the team at Chambers & Company Insurance Brokers.

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