business owners insurance

Business Owners Insurance

In today's society, if you are business owner, it is absolutely mandatory to carry some form of business owners insurance. A business owner’s policy or (BOP) coverage includes property insurance for buildings and contents owned by the company, and liability protection to cover a company's legal responsibility for the harm it may cause to others.

There are two different types of business owner’s policies. The standard policy provides the basic property and liability coverage needed to protect a small business and can be augmented by optional coverage to provide the protection that a business needs to stay current with the changing environment. The special policy includes the standard policy basic coverage and much optional coverage available only by adding an endorsement to the standard policy. The special policy provides a more comprehensive package for the small business.

BOP’s do not cover professional liability, auto insurance, worker’s compensation or health and disability insurance. Businesses need separate insurance policies to cover professional services, vehicles and their employees’ health/disability needs.