04 Jan 2018
What Is a Business Owner’s Policy and What Does It Cover?

Learn which coverages a business owner’s policy can offer your business.

Do you run your own business? If so, you know that choosing the right insurance coverage for your company can be an overwhelming task. With all the different options out there, it’s difficult to figure out which coverages are most important. That’s why you should start by getting a business owner’s policy or BOP. A BOP is an insurance policy that combines the most essential commercial coverage into a single policy. Here are some of the coverages offered by a standard BOP.

General Liability Insurance

This type of insurance covers any claims against your business. For instance, if your business is found liable for causing bodily injury, personal injury, or property damage, then general liability insurance will cover the cost of medical payments and repairs. Additionally, if the claim becomes a lawsuit, this insurance will cover your company’s legal fees and settlement costs.

Commercial Property Insurance

Commercial property insurance covers your company’s buildings, equipment, supplies, and inventory from physical damages and losses. Generally, this type of policy protects against the risk of theft, vandalism, fire, and extreme weather conditions. In some cases, this coverage can even extend to protect your company’s important files and documents.

Business Interruption Insurance

This type of insurance covers the income your company might lose if your business operations were somehow interrupted. Normally, this type of coverage kicks in when a fire or other disaster makes it impossible to work. In some cases, business interruption insurance can even cover the expense of temporarily operating your business out of a different location.

These are some of the coverages offered by a standard BOP. Interested in getting your business the insurance coverage it needs? Don’t hesitate to contact the team at Patterson & Associates Insurance. Located in Richardson, Texas, we are ready to get you the coverage you need today.