Business Owners Policies

Business Owners Policies

Business Owners Policies

Business owners assume significant risks related to owning and operating their company. A Business Owners Policy is an essential component to keeping you and your assets safe from liability. Some small-business owners wrongly assume that general liability insurance will be enough to cover any losses incurred by themselves or their customers, but that is not the case. A general liability policy will not protect a business owner’s personal property, which is why taking out additional coverage is so critical.

Need Business Owners Policy

Who Needs A Business Owners Policy?

If you own a business, then you need a Business Owners Insurance Policy, which provides third-party liability against property damage, bodily injury, business equipment loss, personal injury, and more. Also, if you own a commercial building or property, you should consider a BOP. A BOP can be customized to include those things you need to safeguard without paying for things that you do not. The cost of the policy depends on what you are insuring and your business or property’s location, and can vary widely from one policy to the next.

What Does a BOP Cover?

A BOP covers all business-related liability. There are two different types of liability business owners need: general liability and property liability.

General liability protects a business owner from another business or person who makes claims about medical costs and property damage related to bodily injury.

  • Property Damage
  • Bodily Injury
  • Personal Injury
  • Defense Costs
  • Advertising Injury
  • Medical Expenses
  • Electronic Data Liability
  • Supplemental Payments
  • Damages to Premises Rented
  • Worldwide Insurance Coverage
  • Actions of Full-Time and Temporary Staff

Depending on what industry your business is in, how many people you employ, and other specifics, you can customize a policy to gain full coverage.

A property liability policy is meant to cover your equipment and furniture for up to five locations. It includes accidental damage in the workplace.

Coverage Under Business Owners Policies
Things Business Owners Policies Not Cover

Things that a BOP Will Not Cover

  • Use of Boats or Other Vehicles
  • Business Owner’s Property
  • Client Damages
  • Professional Services