Business Owner’s Policy

Business Owner’s Policy A business owner’s policy (BOP) is defined as the combination of two important forms of insurance commercial property and general liability into one convenient package. Business owner’s policies usually cost less than buying the two coverages separately. A business owner’s policy combines general liability and commercial property insurance coverage to protect you against lawsuits and damages. In one convenient package, it covers several major lawsuit risks your small business could face, including those resulting from: -Third-party bodily injuries -Third-party property damage -Product liability incidents -Advertising injuries Business owner’s policies also provide financial support when your building or commercial property (also called business personal property) is damaged by an incident the policy covers, typically: -Fire -Theft -Vandalism -Some weather-related events In addition to providing a financial backstop for your small business, a BOP also gives you greater leverage with property managers and major customers. In many cases, both parties want reassurance that a lawsuit won’t put you out of business. Showing them your business owner’s policy certificate of insurance will give them greater confidence in your staying power. Business property damage; Most small businesses are exposed to fire, theft, and weather-related damage risks. Without a business owner’s policy, you would have to cover these losses yourself. With insurance, your policy will provide funds to make repairs, replace damaged items, and help your business recover #BeNewinsurance #InsurTech #inclusiveinsurance #insurance #reinsurance #takaful #climatechange