Business Owners Insurance

Two coverages in one policy for your business.

A business owners insurance policy, or BOP, combines business property and business liability insurance into one convenient policy. Your business faces a variety of risks unique to your industry, but there are certain coverages that businesses need regardless of their size or business type. Having a BOP helps you safeguard your business by helping to protect what you’ve built.

Why do you need business owners insurance?

Because your business faces the unexpected on a daily basis, there are always risks involved. Whether it’s the risk of damage to your property, potential financial devestation due to business interruption caused by a fire or other covered situations, or injury to your customers. A BOP helps you protect the business you are working so hard to build and nurture.

Protect the property of your business.

The first type of coverage in a BOP is property insurance. Property insurance may cover risks associated with your premises and equipment. In addition, it may often include any associated loss of business. This is essential coverage because it may help protect your business, assets, and income.

Get liability coverage for your business.

The second type of coverage in a BOP is liability insurance. Business liability insurance (also known as GL), may cover personal injuries customer sustain (slip and falls for example) or damage to their property. However, it’s important to note that liability insurance does not cover risks related to professional services—damages that result from you giving clients inaccurate advice, or failure to meet a deadline for instance.

Insurance coverage for your specific business.

Getting a business owners insurance policy means covering these risks in a single policy, which may be more comprehensive and cost effective than several ala carte policies. It is often highly customizable with various endorsements offered depending on the insurance carrier.

Understanding your unique business needs.

Finding a business owners policy that works for your specific business requires an understanding of your business operations. Business interruption coverage could be different for a florist who might make a large percentage of their annual revenue during specific holidays, a restuarant with a large payroll, substantial lease rent, and seasonal surges in business, and an insurance agency staffed by remote workers without a brick and mortar location.

If you own a business, reach out to discuss your business needs and coverage options.