There is no denying the fact that success of a business depends on the hard work of the team but one disaster can wipe out your efforts and turn your profits to dust. Since most similar businesses face similar risks, insurance companies have put together package insurance policies that cover nearly all the insurance needs of a particular business.
The insurance companies we work with offer policies that combine protection for all major property and liability risks in one package. Such a policy is called a business owners’ policy (BOP). These types of policies are usually oriented toward smaller busineses (fewer than 100 employees).
BOPs include property insurance for buildings and equipment owned by the company. If there is any loss of income due to disruption of operation and business because of accidents like fire, it can be covered under the Business Interruption Insurance.
BOP policies also include liability coverage - which covers the company's legal responsibility for any harm it may cause to others. This can include bodily injury or property damage caused due to defective products, faulty installations and errors in services provided.
Typically, BOPs do not cover professional liability, auto insurance, worker’s compensation or health and disability insurance. Separate policies are needed for professional services, vehicles and employees. Generally, floods, earthquakes and terrorist attacks are also not covered in a business owner's package policy.
Here in our agency, we know that one of our commercial clients' most coveted assets is their time. That's why we recommend business owner package policies for clients who are eligible for them and it's also why we try to take all the complications and difficulty out of the entire insurance purchasing process. For more information about Business Owners Package Insurance contact our agency at (386) 218-4951 or click here to get a quote today.