• Whether you own or rent workspace, or even if you work out of a home office—if your business has a physical location, you need a BOP.

• Your business and all of its assets are vulnerable to damage or loss.

•  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. This may include buildings, equipment, tools, inventory, furniture, fixtures, valuable papers, records and accounts receivable.

• 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 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.