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Small business ownerEvery business, large and small, needs to purchase commercial insurance to prevent against a variety of risks. If you own a small to medium business, you may be eligible to buy an all-in-one plan called a business owner’s policy, or a BOP. To qualify, your business must have no more than 100 employees and no more than $1 million in revenue. Bigger companies will likely have to buy insurance policies a la carte.

A BOP bundles several coverages into a package for comprehensive protection, and lower premiums in many cases. All BOPs combine property and liability coverage, along with a host of other add-ons at your disposable, making this policy customizable to meet the needs of your business. Let’s take a look at what coverages are generally available:

  • Property insurance: Covers buildings, furniture, equipment and inventory owned (and sometimes leased or rented as well) by the business.
  • Liability insurance: Covers any bodily injury or property damage suffered by a third party on your business’ property. This can also cover legal expenses.
  • Medical payments insurance: Covers any third party medical expenses that result from a liability claim.
  • Loss of income insurance: Covers lost income in the event that daily business operations are interrupted due to a covered loss. This can include financial obligations such as rent and payroll.
  • Equipment breakdown insurance: Covers pieces of equipment, such as computers or break room appliances, that fail or become damaged due to a covered loss.
  • Data breach insurance: Covers online resources, such as databases, from hackers and other covered losses.
  • Employment practices liability insurance: Covers your business in the event that an employment-related claim is made involving alleged acts of harassment, discrimination, wrongful termination, law violations etc.

Note that commercial auto insurance and worker’s compensation will most likely need to be purchased separately from a BOP.

Protect your business from a variety of risk factors. Call us at (818) 285-0323 for more information on Tarzana business insurance.

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