Business owners policies (BOPs) are geared to protect small business in low-risk industries with a single flexible policy. This type of policy often helps business owners save money on important coverages. A basic BOP covers general
liability and commercial property insurance.
Commercial property insurance is the main property coverage available under a BOP. This insurance covers most of the physical assets of your business from damages and loss caused by fire, wind, hail, lightning, smoke, theft, vandalism and more.
Commercial property insurance may cover the physical location of the business (such as a store or office) and its contents, including furniture and equipment.
This insurance doesn’t cover everything, however. There are additional property coverages to consider.
Commercial Auto Insurance
When added to a BOP, commercial auto insurance may cover the vehicles owned or used by the business for work purposes. If your business has company cars or uses vehicles to transport equipment, for example, you may need commercial auto insurance to protect the vehicles and those inside.
A commercial auto insurance policy may include coverages such as:
- Comprehensive coverage covers damages to the vehicle caused by fire, wind, hail, lightning, theft, vandalism and more.
- Collision coverage covers damages to the vehicle caused by a collision with another vehicle or object.
- Liability covers bodily injury and property damage the driver may cause to someone else while operating the insured vehicle.
- Medical Payments coverage provides compensation for injuries sustained by the driver and their passengers after an accident.
- Uninsured/Underinsured Motorist covers damages involved in an accident with another driver who is not carrying insurance.
Inland Marine Insurance
Most commercial auto insurance policies don’t cover the equipment you may be transporting. Inland marine insurance can cover the equipment or products you are transporting in a vehicle if they are damaged during transport.
Crime Insurance
Crime insurance covers the business in the unfortunate case of employee theft. If an employee steals or commits fraud against the business, crime insurance can step in to help compensate for the losses.
Equipment Breakdown Insurance
Equipment breakdown insurance covers repair and replacement costs if important business equipment suddenly breaks down. If your restaurant’s freezer breaks down due to an incident, for example, equipment breakdown insurance will help cover the cost of repairing or replacing it.
Business owners policies are useful for saving money and keeping all of your insurance coverages in one place. Speak with an insurance agent about what property coverage you should add to your BOP.
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