A business can buy a separate policy for each class of risk that they want to insure. Insurance companies that sell these products ofen bundle commercial property and liability policies togehter into one policy that covers everything.
Businesses can tailor a Business Owner’s Policy (BOP) to help meet their unique needs by adding optional coverages like data breach, business income for off-premises utility services and other specialized coverages to their BOP.
You should consider a business owner’s insurance policy if:
Purchasing a BOP is smart and convenient. It simplifies coverage needs by including business property and business liability, two important coverages that most businesses need, in one policy. Compared to purchasing separate policies for business property and business liability, a BOP offers businesses a way to save money while getting broad coverage for things like fire, theft, lawsuits and loss of income. It’s an even smarter and more convenient choice because other important coverages can be added to it. Businesses with specific needs can tailor their business owner’s policy (BOP) by adding additional coverages like business income for off-premises utility services, data breach and more, to suit the particular needs of their company.
Business Owners Policy includes:
BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees.
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