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Business Owners Policy Information
Protecting your hard work, investments and assets is paramount as a business owner. That’s why a business owners policy (BOP) can be an essential tool in your risk management arsenal. If you’re a small or medium-sized business owner, it’s critical to understand how you can benefit from a BOP.
What Is Business Owners Policy Insurance?
A BOP combines common coverages into a single package and is specifically designed to meet the unique needs of small- and medium-sized businesses. It usually comprises several essential coverages in one policy, providing a cost-effective and convenient solution for business owners.
Typically, a BOP can offer protection against property damage, lawsuits and income loss due to covered events, such as fires, theft, liability claims or certain natural disasters. By bundling these coverages, BOPs may help business owners mitigate risks, safeguard their assets and maintain financial stability in the face of unexpected events.
What Does a BOP Cover?
The following are three core insurance coverages typically included in a BOP, although additional coverages may be available to tailor your policy:
Who Needs a Business Owners Policy?
- Commercial general liability insurance may help pay for the company’s legal defense if a third party alleges injury or property damage. It may also help cover the resulting third-party losses, such as medical bills and repairing or replacing their property if a business is responsible for these losses.
- Commercial property insurance may help cover business property, such as the physical building you own or lease, and equipment, furniture, and inventory damaged or destroyed by covered perils. This coverage may help cover repair or replacement costs in these situations.
- Business income insurance may help protect your business financially if it is forced to close temporarily following a covered loss. It may help pay recurring business expenses, such as taxes, commercial property rent and payroll.
A BOP can be beneficial for a range of businesses, including but not limited to:
- Retail stores
- Certain restaurants and food service businesses
- Professional services
- Small contractors
Above are just a few examples. The suitability of a BOP may vary based on each business’s specific characteristics and risk profile. Contact Iten Insurance Agency today to get started. Our team can assess your business’s needs and help determine if a BOP is the right choice for you.