A policy for business owners covers liability and commercial property claims. Liability coverage includes injuries to customers, damage to other people's property, and advertising-related injuries. Commercial property insurance protects your commercial building and its contents. The Business Owners Policy (BOP) combines the protection of major property and civil liability risks in a single insurance package.
This type of policy brings together the basic coverage required by a business owner in a single package; however, it is usually sold at a lower premium than the total cost of individual coverage. This policy's business personal property (BPP) coverage provides protection for items used to run a business, such as furniture and machinery. The policy for business owners includes both general liability insurance and commercial property insurance coverage, sometimes referred to as business risk insurance. Alcoholic liability insurance protects bars and restaurants if they serve alcohol to an intoxicated person who then causes property damage or harms another person. General liability insurance may include facility liability for accidental injuries such as slips, trips and falls on your property.
Professional liability insurance (also known as errors and omissions insurance or E&O) protects companies when a client questions the quality of a professional service. The policy for business owners, on the other hand, provides this same general liability coverage and also covers damage or loss to the building, equipment and inventory. Check with an authorized insurance agent to make sure your business owner's policy includes all the coverage you need. Typically, larger companies with greater risks, including small or medium-sized businesses with several employees, purchase a business package policy (CPP). With business interruption insurance included in the BOP, the insurer covers the loss of income resulting from a fire or other catastrophe that interrupts the operation of the company.
Insurance for business owners usually includes property, business interruption and civil liability insurance. Employment practice liability insurance (EPLI) can cover the costs of lawsuits related to complaints of harassment, discrimination and wrongful dismissal. The policy for business owners excludes car insurance, workers' compensation, health insurance and professional liability. For your own company, determine if cost is an obstacle or if an efficient insurance method is preferable.
(SPEECH), a BOP or a policy for business owners brings together most of the insurance coverage a small business owner usually needs in one package. This damage would have to be the result of actions taken in the normal course of business operations, which may cause bodily injury or property damage due to defective products, faulty installations or errors in the services provided.
