No matter what industry you're in, one disaster can wipe out all your profits and even destroy
your business. The key to making sure that all the effort and money you've invested in a
business doesn't disappear when a disaster strikes is to protect it with the appropriate
Many small and medium sized business owners opt out of purchasing separate property and
liability coverage for a Business Owner’s Policy (BOP). A BOP is a comprehensive package
policy that can save you significantly on your insurance costs. Since it is impossible to
predict any threats that may arise, protecting your business from every angle is important to
the success of its future.
With lower coverage amounts, a BOP is generally a good option for small and medium sized
businesses. Larger businesses may want to consider a Commercial Package Policy or
customizing their insurance policies to meet the needs and demands of their specific
business. But for smaller companies that require less in coverage limits, a BOP may be the
A BOP will include:
1.Property Coverage. Property insurance for the building and contents owned by the
business. This coverage will protect your business from minor instances and major disasters.
Property insurance will cover the following items, but is not limited to: inventory, office
equipment, furniture and computers, equipment leased or rented for business use, and
property in your care belonging to someone else that is accidentally damaged.
2.Liability Coverage. Liability insurance is very important as it will cover any costs that your
business is legally obligated to pay. If your business is responsible for the bodily injury of
another person, property damage, or personal and advertising injury such as libel and
slander, liability coverage will kick in.
Can I insure my home-based business?
Yes. One of the most critical but frequently neglected steps is buying proper home-based
business insurance coverage.
Do I need business interruption insurance?
It's wise to invest into this type of coverage. Business interruption insurance compensates
you for lost income if your company has to vacate the premises due to disaster-related
damage that is covered under your property insurance policy, such as a fire. Business
interruption insurance covers the profits you would have earned, based on your financial
records, had the disaster not occurred. The policy also covers operating expenses, like
electricity, that continue even though business activities have come to a temporary halt.
What is extra expense insurance?
Extra expense insurance reimburses your company for a reasonable sum of money that it
spends, over and above normal operating expenses, to avoid having to shut down during
the restoration period.
Do I need workers compensation insurance?
Yes. Employers have a legal responsibility to their employees to make the workplace safe.
However, accidents can happen even when every reasonable safety measure has been
Can I insure the life of a key employee?
Sometimes. Key employee life insurance pays a death benefit to the company when the key
employee dies. The policy is normally owned by the company, which pays the premiums and
is the beneficiary.
Do I need a commercial auto insurance policy?
You might, depending on how often your company uses vehicles. While the major coverages
are the same, a business auto policy differs from a personal auto policy in many technical
respects. Ask your insurance agent to explain all the differences and options.
What is employment practices liability insurance (EPLI)?
EPLI covers businesses against claims by workers that their legal rights as employees of the
company have been violated. The number of lawsuits filed by employees against their
employers has been rising. While most suits are filed against large corporations, no
company is immune to such lawsuits.
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