A Business Owners Policy, often referred to as a BOP, is a type of commercial policy which includes customized coverages in addition to basic general liability protection, designed to meet the insurance needs of small and mid-size businesses. By combining business property and liability protection into a packaged insurance plan, you can save money and reduce or eliminate coverage gaps. Such coverage in a Business Owners Policy (BOP) may include: Building and Business Personal Property – includes coverage to repair or replace your building and any equipment, stock, furniture or fixtures that you own. Business Liability – protects your business against financial loss resulting from claims of injury or damage caused to others by you or your employees. Additional coverages might in include personal property, loss of income, identity theft insurance and many more.
General Liability Insurance is designed to protect businesses against damages and negligence they become legally obligated to pay due to bodily injury, property damage or personal and advertising injury arising from premises, operations, completed operations and products.
Business Property Insurance can be purchased whether you own, rent or lease property in any industry. There is no such thing as one size fits all business property coverage. Various forms and coverage endorsements exist to meet your individual needs. In short, Business Property Insurance can protect buildings, equipment, building content, and other real and personal property.
Most states require Workers’ Compensation Insurance, but each state has unique laws. Workers’ Compensation Insurance can protect employees and a business in the event of an accident or diesase arising out of the course and scope of employment. Workers’ Compensation does not consider who is at fault, rather it is designed to protect employees and employers from costly litigation.
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