What does a Business Owner's Policy Cover?
The two parts of BOP insurance give you what is considered necessary insurance for small businesses in one convenient policy. Here’s a general overview of what BOP insurance covers:
Commercial Property Insurance
Property insurance protects your property as well as property in your care in case it is lost, stolen, or damaged. The coverage will pay for the replacement costs of those items.
You can add an extra layer of protection by choosing to include Business Interruption insurance on your Commercial Property policy, which covers your lost income in the event that your business must shut down due to a disaster.
Commercial General Liability Insurance
Liability insurance helps your company when you are legally determined to be responsible for harm done to another person or their property. This harm can be caused by something your business does or fails to do. Liability insurance usually covers the court and medical fees.
Add Professional Liability Insurance to your policy to protect your company from civil suits from a dissatisfied customer. If you provide a service or advice to your customers, professional liability insurance is a good investment.