WEDNESDAY, NOVEMBER 25, 2020
When looking to protect your business, you will need a type of insurance policy tailored specifically for your company. Insurance needs vary industry to industry and even business to business, but some policies are versatile enough to let business owners adjust coverage as needed.
What Does a Business Owners Policy Cover?
A business owners policy (BOP) is an insurance policy that combines coverages into a single, flexible policy for small businesses. Basic BOPs combine:
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General Liability: General liability insurance covers claims against the business concerning bodily injury, property damage and personal and advertising injury. This covers general accidents and negligence, not professional negligence. It can provide compensation for the victim’s injuries and property damages as well as protect your business in case of a lawsuit.
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Commercial Property Insurance: Commercial property insurance covers the physical location of the business and its attached structures in case of fire, wind, hail, lightning, smoke, falling objects, theft, vandalism and more.
Coverages to Add to a BOP
These policies are flexible so that you can adjust coverage and limits as you need. While a basic policy includes general liability and commercial property, you can add other insurances specified for your industry. Common insurances added to a BOP include:
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Products Liability: Products liability insurance covers bodily injury and property damage caused by a product sold or manufactured by your business.
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Cyber Liability: Cyber liability insurance covers threats facing a business’ electronically stored information. If your business’ information is stolen, breached or held hostage, cyber liability insurance can help cover recovery expenses and other related costs.
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Inland Marine Insurance: Inland marine insurance covers equipment that is damaged while in transportation.
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Commercial Auto Insurance: Commercial auto insurance covers vehicles owned or used by a business for work purposes. If your business owns vehicles or if employees use personal vehicles for work, you may need this insurance. Commercial auto insurance policies can include many of the same coverages available on a personal auto insurance policy, such as comprehensive coverage, collision coverage, liability, medical payments coverage, uninsured/underinsured motorist and more.
By bundling coverages, BOPs are designed to save small businesses money on crucial insurance. Be sure to speak with an insurance agent about protecting your business with a BOP and adding coverages geared for your industry.
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