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.
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.