A BOP generally protects business owners against property damage, danger, business interruption, and liability. While coverages vary between insurance providers, companies often opt for additional coverages, such as for crime, merchandise deterioration, counterfeiting, loyalty, and more. A business owners policy covers liability and commercial property claims. Liability coverage includes injuries to clients, damage to other people's property, and injuries caused by advertising.
Commercial property insurance protects your commercial building and its contents. Often, small business owners and startups buy it to save money on their liability insurance. Workers' compensation insurance is the policy that covers medical expenses, physical therapy, and some lost wages for employees who are injured on the job. One Tower Square, Hartford, CT 06183 This material does not modify or otherwise affect the provisions or coverages of any insurance or bond policy issued by Travelers.
Data breach insurance (also known as cyber liability insurance) helps retail stores and other businesses recover when a data breach exposes customer data, such as credit card numbers. General liability protects your business from third-party liability claims, including bodily injury, property damage, and personal injury. You may find that the cost of your BOP insurance is higher if you have a history of claims, high coverage requirements, or a higher-than-average exposure to risk. It's popular with a variety of small and medium-sized businesses, such as restaurants, wholesalers, retail stores, and contractors.
If a company manufactures, distributes, or sells products, it can be sued for the harm those products cause to people or property. The liability coverage available in a BOP is the same as in a standard general liability policy, and includes property damage, product-related claims, and customer injuries. This is a problem for business owners who need immediate proof of insurance to sign a pending contract. The commercial property insurance portion of the BOP can help you pay for the costs of repairing or replacing your business's property if it's damaged by a fire, theft, or a weather-related event.
Home-based businesses, freelancers, and small businesses can benefit from taking out a business owners policy. The availability of the coverage referred to in this document may depend on subscription requirements and state regulations. Business owners can usually get proof of insurance online the same day they create a business owners policy through Insureon. Check with an authorized insurance agent to make sure your business owner's policy includes all the coverage you need.
