If you do work for others as a contractor or have an inventory of items to sell, you need to make sure you and your business are covered. Your agent should work with you to determine your specific needs.
A basic business owner policy, known as a BOP, will include several different coverages.
* First, property insurance for buildings and contents owned by your company.
* Next, also included should be business interruption insurance which covers the loss of income if a disaster disrupts the operation of your business. It can also include the extra expense of operating at a temporary location.
* Another major coverage included is the liability protection, which covers your company's legal responsibility if you or your employees cause harm to others. This can includes things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installs, and errors in services provided.
A BOP will NOT cover professional liability, auto insurance, worker's compensation or health and disability insurance, but you can get separate policies to cover all of these needs.
Business Owner Policy Basics
Written by Sullivan Insurance Agency on Jul 28, 2014