A business owner’s policy (BOP) combines three types of coverages to protect your small business against a variety of claims. The three most common types of coverages include:
The general liability portion of a BOP safeguards your business in the event someone makes a claim against you or your business. General liability insurance provides protection from liability lawsuits resulting from things like a customer slipping on a wet floor, a defective product causing damage to a client’s property, or claims that the products or services you provided caused injury. It can also protect you from libel, slander and certain legal claims related to advertising.
The property portion of a Business Owners Policy helps protect business property you own, lease or rent, including your buildings, equipment, furniture and inventory. It helps cover repair or replacement costs of stolen, damaged or destroyed property, including property that isn’t yours but was in your care. It can also cover loss of income and covered expenses like rent, payroll and other financial responsibilities while your property is being repaired or replaced after a fire or other covered loss.
Business income is designed for help replacing lost income if an unexpected event causes a suspension in your business operations due to a covered loss. This insurance acts as business interruption insurance. It includes important monthly benefits to employees, such as payroll and any other financial payments that are due to them. This also includes essential payments, like rent. Depending on your policy, it may also cover other extra expenses incurred.
If you are a small business owner, a business owner’s policy offers valuable protection if you encounter scenarios like the following:
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