Business Owner’s Insurance also known as Business Owners Policy (BOP)
A business owner’s policy (BOP) combines property and liability insurance into a single insurance policy. BOP insurance mainly covers claims of bodily injury, property damage, etc., and is a good choice for small and medium businesses.
A regular business owners’ policy will include (all or few of) below mentioned key coverages:
- Commercial property insurance– This protects the building, inventory, and equipment.
- General liability insurance-This helps cover any bodily injury/property damages or medical expenses that you and your employees may be legally responsible for.
- Business income – This cover helps you in paying your bills and your employees if your business is temporarily shut.
- Crime insurance– This insurance helps protect your business from fraud, forgery, and theft.
Additional coverage options may include:
- Equipment breakdown – This protects your machines, equipment, including computers.
- Personal and advertising injury – This covers copyright infringement.
- Accounts receivable – protecting against losses from unpaid invoices.
- Cyber liability – This covers attacks and damages to computers and electronic data.
- Rented vehicles – This provides coverage on leased or hired vehicles for the business.
Consult with our EZ Online Service about the type and amount of coverage and our advisor will guide you further.
Commercial General Liability Policy:
- Commercial general liability (CGL) type of insurance policy provides coverage to any business for personal injury, bodily injury, and property damage caused in the business while functioning of business operations.
- Commercial general liability is comprehensive business insurance, though it may not cover all the risks your business may face.
- It’s important to understand the difference between a commercial general liability policy and BOP. Commercial packages bundle coverages according to your specific needs. BOPs always bundle the same three general business coverages – some level of property, liability, and business interruption coverage.
- You can purchase your commercial general liability insurance just as a stand-alone policy, as part of a Business Owners Insurance (BOP), or even as part of a Commercial Package Policy (CPP).
- If your Business Owners Policy (BOP) or CPP do not provide sufficient coverage, you may consider buying a commercial excess (umbrella) policy, which will provide that additional protection to your business.
Let EZ Online Services help you choose a policy that will fit your needs. Protecting all your assets, whether business, personal or both, is our primary goal. An insurance policy chosen by an expert can lessen the impact of some of life’s most common, yet unforeseen accidents.
