Business Owner Insurance

Business Owner Insurance
Whether you are a proud owner of a shiny, new business or a long-standing, seasoned one, it's essential to protect both your own personal assets and the assets of your business. Getting a business owner insurance policy helps you to cover your risks. It gives you the peace of mind as you can face every day knowing that no matter what unforeseen or catastrophic event happens, you and your business are protected against liabilities, risks, and litigation.

What is Business Owner Insurance?

Custom-tailored to your specific business insurance needs, a business owner policy, also known as a BOP, is a collection of multiple insurance coverages in one comprehensive package. Two main coverages of a business owner policy include property insurance and liability insurance:

• Property - Property insurance provides coverage for the building housing of your business, including its contents. This means that not only is your building covered, but your office equipment, computer, furniture, and inventory as well. Property insurance can be set up to provide coverage for replacement value or actual value; the latter of which consists of the cost to replace the item less depreciation.



• Liability - Another main component of a BOP is liability insurance, which protects your business assets in the event that a judgment or claim is brought against you. Claims and related expenses such as legal defense costs resulting from allegations of negligence are also covered under liability insurance.

In addition to property and liability coverage, business owner insurance typically contains other coverages like business interruption insurance, and crime insurance. On the other hand, a BOP policy typically doesn't protect against professional errors, which are normally covered by an errors and omissions (E&O) policy.

What Does Business Owner Insurance Cover?

Claims that a business owner insurance policy protect you from include: equipment breakdown, liability claims, fire legal liability claims, income loss, and property claims to name a few. This type of policy is a great solution for small businesses like:

• Beauty salons
• Computer repair shops
• Auto repair shops
• Diners and delis
• Motels and hotels
• Retail stores
• Medical practices
• Veterinarian offices
• Dry cleaners

Besides being a bucket of protection that's custom-made to your business, business owner insurance provides you with the flexibility that the policy can be adjusted and expanded as your business grows. Many business owners insurance policies offer customized coverage choices, so you'll be sure to obtain a BOP that suits your small business needs perfectly.