Business Owners Insurance
As a business owner, it’s important to have the right insurance policy in place to protect your company in the event of an accident or disaster. Business owners insurance can help to cover the cost of property damage, legal bills, and lost income in the event that your business is forced to close its doors. Shopping around for the right Business Owners Policy, or BOP, can be a time-consuming process, but it’s important to make sure that you’re getting the best coverage for your needs. An experienced insurance broker can help you compare policies and choose the one that’s right for your business. With the right policy in place, you can rest easy knowing that your company is protected.
Business Owners Insurance Policy
Typically a BOP policy includes:
• Property insurance (covering buildings, equipment and inventory).
• Business interruption insurance (covering losses that cause you to shut operations or reduce production for a time). Business interruption insurance can provide money to offset lost profits or to pay continuing expenses (typically for up to a year for insured losses).
• Casualty or liability protection (covering harm done by the employees or products to other people or their property).
• Crime insurance (covering loss of money or securities resulting from burglaries, robberies or destruction) as well as losses from employee theft or embezzlement.
• Liability insurance covering lawsuits arising from accidents (as when someone trips and falls on your business’s property) or when you sell a product that damages the customer’s property or you are accused of offenses such as slander, copyright or invasion of privacy.
• Vehicle coverage for rented or borrowed vehicles.
• A number of other coverage’s such as flood insurance or earthquake insurance or owned vehicle coverage and specialized liabilities are generally not included in POBs. Some of these may be available separately for extra premiums.
• One of the distinguishing features of BOPs is that most automatically include business income and extra expense coverage (subject to some limitations).
• Medical Payments – This pays medical bills when your customers, suppliers or visitors are injured on your premises or as a result of your operations outside your premises.
As with all insurance, you should make sure you have all the coverage you need before signing on the dotted line. KeyInsurance.com will assist you with all of your business owners policy needs!