What Does a Business Owner Policy Cover?

A business owner policy has a whole host of benefits for you and your business!Businessman and documents

If your business is fortunate enough to have a handy-dandy BOP (business owners policy), your company will have all sorts of protection.
Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to adhere to special needs and risks.
Did you know that a BOP can cover all sorts?

  • Property insurance – This is for buildings and all of the contents owned by the company. Everything from the structure to the furniture to the well-loved Keurig machine. There is a standard form and a special form where the latter provides more comprehensive coverage.
  • Business interruption insurance – This covers the loss of income resulting from a covered peril. This could be the result of a fire, natural disaster, or downed power lines that cause standard business operations to stop. This can also include the extra expense of operating out of a temporary location.
  • Liability protection – This covers your company legal responsibility for the harm that it may cause to others. This harm is a result of things that your employees do (or fail to do!) in your business operations that may cause bodily injury or property damage due to defective products, faulty installments, and errors in services provided.

Business owners should note that BOPs do not cover professional liability, auto insurance, worker’s compensation, or health and disability insurance. For these coverages, separate insurance policies will need to be purchased. Luckily, you can bundle all of these together to save even more on your premiums!
Are you ready to receive all-encompassing business insurance for your company? Contact Lofgren Agency, serving Hudson and surrounding areas of New York with quality and protective insurance services!

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