Business owner’s policy insurance

Why do you need business owner’s insurance?

Here are a few reasons why you might need a business owner’s policy:

• Save money. Your property and liability risks are bound in a single package with premiums that are typically less expensive than purchasing and renewing each coverage individually. For example, just like when you order a meal at a fast food restaurant, when you buy the meal deal, it's cheaper than if you buy your sandwich, drink, and fries individually.

• Simplifies the insurance process and makes it easier for you to manage multiple coverages in one business owner’s policy.

• It’s invaluable to have the peace of mind that you are properly protected through a range of coverages included in one business owner’s policy so you can focus on growing your business.

• Save money. Your property and liability risks are bound in a single package with premiums that are typically less expensive than purchasing and renewing each coverage individually.

• For example, just like when you order a meal at a fastfood restaurant, when you buy the meal deal, it's cheaper than if you buy your sandwich, drink, and fries individually.

• Simplifies the insurance process and makes it easier for you to manage multiple coverages in one business owner’s policy.

• It’s invaluable to have the peace of mind that you are properly protected through a range of coverages included in one business owner’s policy so you can focus on growing your business.

What risks does a business owner’s policy cover?

When evaluating if BOP coverage is right for you, you’ll want to understand each core coverage in the business owner’s policy, including general liability, commercial property, and business income interruption insurances.

• General liability (commercial general liability): protects your business from financial losses and/or legal expenses resulting from any injury experienced by a customer or damage caused to your customer’s property. For example, if a customer is injured from a slip on a wet floor in your store.
  

• Commercial property: protects buildings, lots, and their material contents against damage, vandalism, theft, and other types of loss. For example, if your restaurant owns a property, and a fire destroys the property and the business equipment.

• Business interruption: replaces lost income or aids with expenses if a covered event causes your business to close unexpectedly. For example, if your coffee shop is forced to shut down for one week due to a pipe burst.

• If cyber criminals hack a medical outpatient facility (ex., a dentist office) and confidential patient information is compromised, the business owner would be liable.

• If a clothing boutique stores its employees’ social security numbers in the cloud and that data is compromised, the store owner is at risk of legal action by the employees.

• If a logistics company is victim to ransomware after an employee unknowingly downloads a suspicious attachment, the financial burden can be heavy without cyber insurance.