Don’t be caught off guard and unprepared by an unexpected assault on your business profits and work activity by unwelcome incidents that could be alleviated and/or eliminated with a Business Owners Policy (BOP). General liability insurance and property insurance can be gathered together and sold apart from individual coverages, relieving small business owners from such obligations. Affordability is a primary and important consideration. That is why in Michigan BOP insurance policies are popular.
What does a BOP cover?
Coverage may include the following:
• Should temporary business closure be necessary and possibly operating from a temporary location, lost revenues will be replaced.
• Weather-related incidents, such as fire, causing commercial property damage, are covered. Associated losses or damage will be covered for building space, contents, and business income.
• Harm inflicted on others as the result of business involvement can compensate for legal fees (outside of a lawsuit). This can include advertising damage and copyright transgression.
• Charges of professional inaccuracies can be covered by professional liability.
• Forgery, theft and fraud are protected by crime insurance.
• Flood insurance and commercial auto coverage might also be included.
• Other elections that might be included are rented vehicles, unpaid invoice losses, cyber equipment collapse (including computers), personal injury, employment practices liability.
Not included, but requiring separate policies include:
- Professional liability
- Worker’s compensation
- Health or disability insurance
Particular coverage needs and an appropriate property liability policy can be designed specifically for a person’s business needs, along with cost-effectiveness, for discussion with an insurance representative. Miscellaneous professional liability (E&O) may also be considered to manage risk-specific situations.
The advantage of a business owner’s policy (BOP) is that it provides good coverage at an affordable cost. Combining general liability insurance with commercial property insurance, as well as other coverages, can provide several benefits. Contact our insurance agency so we can quickly let you know the best policy you are eligible for.
