Business Insurance Update
There is no denying the fact that the success of your business depends on the hard work of you and your team. But one disaster can wipe out all your efforts and take the profits to dust. So, to avoid such a situation, you need to insure your business; whether it is a small enterprise or a large corporation.
There are insurance companies which have policies that combine protection for all major property and liability risks into one package. You can also opt for separate coverage. Such a policy is called a Business Owners Policy (BOP). Larger companies tend to purchase a commercial package policy.
What Is Included In A BOP?
BOP’s include property insurance for buildings and equipment owned by the company. If there is any loss of income due to disruption of operation and business because of accidents like fire, it can be covered under the Business Interruption Insurance.
A BOP also covers the company's legal responsibility for the harm it may cause to others, (bodily injury and property damage) as a result of your company’s negligence. BOP’s can also include professional liability, auto insurance, and workers’ compensation insurance. Earthquake/Flood is not included in most BOP’s.
Advantages of A BOP
4/19/2018 09:07:10 pm
I appreciate you for helping me understand more about getting a business insurance especially when you talked about the business owners policy. I found it interesting that, while some policies included the whole coverage into one package, this type of insurance can separate the protection of the major property and liability risks. A friend of mine is starting a coffee shop soon, and I heard that he doesn't have an insurance for his business yet. It would be of great help if I share this with him. Thanks!
11/5/2020 05:31:37 am
Thank you for pointing out that companies must batin business insurance this may help protect their major property and liability risks. It's also good to know that the BOP will cover the service's legal responsibility, just in case a bodily injury occurred. Well, from my point of view, companies must obtain this type of insurance because this is practical.
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