Small to medium sized business owners who either own their office building or rely on equipment to operate should consider acquiring a business owners policy or BOP. A BOP typically protects business owners against property damage, liability, and business interruption. Business owners may also elect some opt-in coverages such as crime, spoilage and forgery.
Business Owners Policy Coverage
A business owners policy provides enhanced general liability and property coverage for small to medium sized businesses.
General Liability Coverage
General liability coverage provides protection against third party bodily injury and property damage, reputational harm as well as advertising related injuries and product liability claims.
This coverage does not provide protection for employee related injuries or illnesses, therefore businesses should acquire a separate workers compensation policy to protect against employee injury liabilities and claims.
Property Coverage
Coverage for business owners, protecting the business’ physical location and property including: tools, equipment, inventory and furniture
What Doesn’t A BOP Cover?
A business owners insurance policy does not cover costs and liabilities associated with the services the business provides, including product recalls. This policy also does not cover damages attributed to inaccurate advice or counsel provided to clients or customers.
What Types Of Businesses Need A BOP?
Small to medium sized businesses should acquire a BOP, and some common types of businesses who need a policy include:
- Contractors (all types)
- Restaurants
- Retail Stores
How Much Does A Policy Cost?
Factors which influence the cost of a business owners insurance policy include:
- Size of the business
- Type of industry
- Location of the business
- Amount of coverage required
Reach Out To The Experienced Business Insurance Agents
The business insurance agents at JMG Insurance Corp have years of experience providing comprehensive business owner policies to small and medium sized businesses. For more information or to begin a quote for a BOP, give us a call at 844.304.7332 or by requesting a quote online today.