Business Personal Coverage (BPC) insurance is a type of business insurance that helps protect your business or rented equipment, buildings, and personal assets. It covers your tangible assets, such as real estate, but not your intangible assets. BPC insurance covers the equipment, furniture, accessories, and inventory that you own, use, or rent within your workspace. It also covers any transportable item your business owns.
Retail stores are the most common example of businesses that would benefit from this type of insurance. A Business Owners Policy (BOP) combines business property insurance with general liability insurance to protect your company from lawsuits in the event that someone is injured or their belongings are damaged as a result of your operations. To ensure that your business property is protected against loss, damage, or theft, you should take out personal business property insurance. General liability is the most common type of insurance that small business owners take out because it covers many of the basic risks that most businesses face.
The main difference between business personal property insurance and a policy for business owners is that a BOP usually covers entire structures, permanently installed accessories, and the contents of the building. After sharing your information, you'll have instant access to a personalized personal business property insurance quote and other recommended coverages. Business personal property insurance only covers the contents of the business space, equipment, inventory, furniture, and any improvements you have made to the space. If you own or rent your workspace, business personal property insurance (also known as business content insurance) is included as part of your commercial property insurance.
The coverages that the insured should look for in a coverage form for buildings and personal properties depends on the nature of their needs and on their financial connections to the commercial property in question. You can also consider business interruption insurance, which covers lost income and related expenses if your business has to close due to a catastrophic event, such as a fire. It's important for policyholders to inspect their coverages when they take out a coverage form policy for buildings and personal property to ensure that everything that needs to be covered is covered is covered. Business Personal Coverage (BPC) insurance can provide the property insurance you need and will help protect you if a customer or other third party accuses your company of causing them harm.
Any company with tangible assets should consider taking out this type of insurance, especially if a loss of property would have a significant impact on its bottom line.