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 helps protect your property as well as certain property in your care in certain cases, up to the limits on your policy. The coverage may pay for the actual cash value or 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 helps cover 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 your company is 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 may cover the court and medical fees.
Add Professional Liability Insurance to your policy to help protect your company from civil suits from a dissatisfied customer. If you provide a service or advice to your customers, professional liability insurance may be a good investment.