A business owner’s policy (BOP) refers to the commercial insurance that includes the four most typical policies available. It saves the business owner money by providing these four policies at a reduced rate. You can obtain this type of policy from Gill Insurance Agency of Plainfield, IN to protect your business.
The typical BOP includes liability, named perils, property damage, and business interruption coverages. Like other insurance policies, you can add other coverage to the BOP. This means if you own a dry cleaning business, you can add your inland marine policy to the BOP. Although it begins as a bundle of four policies, you can add to it. If you purchased each policy separately, you would have to pay full price.
Your coverage remains the same as if you purchased each separately. There’s no reduction in the amount of protection. You still get the same coverage.
- Liability: If someone becomes injured while visiting your business or incurs an illness from exposures occurring at your business, your liability policy covers you. It also pays for court costs and settlements if you get sued because of a faulty product or if you libel or slander a person or organization.
- Named Perils: The BOP provides coverage from damages caused by named perils such as a tornado, snow, fire, and hail damage. Each policy differs in the named perils included. Some states exempt certain perils. You may find that Florida or Texas do not include hurricanes, but this depends on the agency and policy.
- Property Damage: This type of coverage occurs when your business incurs damage from an event that is not a named peril or you damage another individual or organization’s property.
- Business Interruption: This policy type protects you from loss of income during an event that interrupts your ability to do business as usual. This includes named perils, so if a fire caused your business to close for a week, the BI coverage pays you for the income lost.
Contact Gill Insurance Agency serving Plainfield IN, for more information on BOPs. We can help you insure your business for less.