A Business Owners Policy (BOP) combines two important types of insurance—business property and business liability—into one convenient policy. This comprehensive coverage will go far in protecting your business against claims that involve everything from fire and theft to bodily injury and property damage…and much more. At Colstan & Associates, we will work closely with you to tailor a BOP to meet the specific needs of your business.
If you own a small or mid-sized business such as a retail store or restaurant or are an independent contractor, then a Business Owners Policy is the type of insurance coverage that will work best for you. Why? Because it will ensure you have a policy in place that will provide coverage for the unexpected.
• You work out of a physical location. Whether you own or rent work space, or even if you work out of a home office—if your business has a physical location, you need a BOP.
• Your business is vulnerable to damage or loss. This includes all of your assets, including digital, customer information, equipment, tools, furniture, inventory or cash.
• You can be sued. It may be as simple as a customer tripping or falling in your business.
A BOP will include such important coverage as:
• General Liability Insurance—Protection includes instances where you may be sued for causing bodily harm to a person or damage to someone’s property.
• Commercial Property Insurance—This protection will cover your property, including anything your business owns, leases or rents such as physical buildings, equipment, tools, inventory, furniture and fixtures. Valuable papers, records and accounts receivables are also protected from loss.
• Business Income Insurance—An integral part of your coverage since this will protect you in the event you must cease or suspend operation of your business due to a fire or another catastrophe. By replacing loss of income, you will be able to continue to pay your rent and meet your payroll obligations.
If you have employees, you are required by New York State to have Workers Compensation and Disability Insurance. If you have vehicles that are used for business purposes, you are required to carry Commercial Auto insurance. It’s important to remember that Workers Compensation, Disability Insurance and Commercial Auto Insurance are NOT covered by BOPs. You will need separate policies to cover professional services, vehicles and employees.
The following types of business are eligible for a BOP:
Auto Parts and Accessories
Body Repair and Collision
Candy, Nut or Confectionery Store
Garden or Lawn Supply
Ice Cream Shop