What is business personal policy?

Business personal property (BPP) insurance provides financial protection for the repair or replacement of your lost, damaged, or stolen business property. It covers things like computers, furniture, and inventory. Business personal property (BPP) insurance covers equipment, furniture, accessories and inventory that you own, use or rent within your workspace. Basically, it covers just about everything, except the building itself.

Business personal property (BPP) is defined as the inventory that you can move and that your company owns. A business owners policy (BOP) is general coverage that includes insurance for your property. They usually cover permanent structures and accessories. Business personal property (BPP) insurance covers any transportable item your business owns.

Basically, things you can pick up and carry. One of the most underrepresented and overlooked extensions of coverage in a commercial property policy is personal property. That is, business personal property (BPP): personal property that is owned by the entity listed as insured in the policy. The BPP covers a variety of items that are normally identified as property in relation to the facilities identified on the policy statement page.

Usually, their goal is not to insure the personal assets of a company's employees or guests. Over the past fifteen years, several changes have taken place to significantly expand the definition of BPP in a number of different ways. Please note that coverage may vary by company and policy form. A workers' compensation policy covers medical bills for work-related injuries or illnesses, lost wages, and provides important liability protections for your company.

Business personal property insurance only covers the contents of the business space, equipment, inventory, furniture, and improvements you've made to the space. The tools and supplies you need to run your business, such as computers, tools, monitors, televisions, or industry-specific items for your business. If you don't own the building you use to house your business, BPP (no BOP) is the ideal coverage to protect everything inside the property you rent. General liability is the most common type of insurance taken out by small business owners, because it covers many basic risks that most businesses face.

After sharing your information, you'll have instant access to a personalized business personal property insurance quote and other recommended coverages. Securing the expensive equipment and inventory needed to run your business will cost more than that of a store that requires almost no customized infrastructure or equipment, such as a bookstore. Most personal auto insurance policies won't cover you in case of injury or damage if you drive for business purposes. Personal property insurance for businesses can help you replace everything in case something happens to your business.

So what is BPP and what does it cover? The following list comes from IRMI, the insurance knowledge base Risk &, and is a brief summary of what a business personal property extension covers. If you're a small business owner with a physical store, restaurant, studio, or office you own or work in, BPP is essential coverage for all your inventory, equipment, improvements, and furniture. The main difference between personal property insurance for companies and a policy for business owners is that the BOP usually covers all structures, permanently installed accessories and the contents of the building. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them.

There are several factors that influence the price you'll pay for coverage, including the type and size of your business, the amount of equipment and inventory you have, and the amount of coverage you want to purchase. But it also includes many other essential insurance policies in the business interruption insurance package, for example.

Jenny Kizzia
Jenny Kizzia

Professional food ninja. Proud coffee expert. Friendly pop culture guru. Certified beer buff. Beer scholar.