What Does A Business Owners Policy Include?

​A business owner policy (BOP) covers all major property and liability risks in a single insurance package. This policy should safeguard your company against unfavorable events such as business interruption, peril, and property damage. Here are the things that a business owner policy covers you should know:

1. Commercial Property Insurance
   Commercial property insurance protects commercial property you own, lease, or rent, such as buildings, equipment, and furniture. This insurance covers repairing or replacing your commercial property if it is damaged by fire, theft, or weather-related events. Aside from these, this insurance can help cover the loss of accounts receivable and valuable papers or records.
   
   
2. General Liability Insurance
   This insurance helps to cover medical expenses and bodily injury/property damage for you or your employees are liable. The insurance also assists in the repair or replacement of damaged customer property. Furthermore, general liability insurance contributes to the cost of your legal defense. Businesses aren't sued even if they aren't at fault.
   
   
3. Business Income Insurance
   If an unexpected event causes a suspension in your business operations due to a covered loss, business income insurance can help replace lost income. This insurance covers fire, theft, wind, and other natural disasters as covered causes.

Additional Business Owner Policy Coverage
You can customize your Business Owner's Policy (BOP) by adding additional coverages. Optional BOP coverage includes:

1. Cyber Liability Insurance
   This insurance generally covers attacks and damages to computer systems or electronic data and data breaches. This coverage is essential if your company handles or stores sensitive customer, patient, or employee information.
   
   
2. Worker's Compensation Insurance
   Workers' compensation insurance typically pays for medical expenses incurred by an employee or an employee's family due to a work-related injury, illness, or death. Workers' compensation insurance also assists in covering your employee's income if they cannot work due to a covered illness.
   
   
3. Commercial Auto Insurance
   This policy can protect your company from financial losses if an employee is found at fault in an auto accident. Another important policy to consider for businesses that use cars and trucks is commercial auto insurance.

Protect Your Business!
To summarize, a business owner policy (BOP) is an important tool for small and medium-sized businesses to protect against various risks and financial losses. The BOP should provide the necessary coverage to keep a business afloat and running in the event of a loss. In addition, it also helps to protect the business owner's assets.

At Desmond Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or CLICK HERE to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!