Business Insurance (BOP) Information and Coverages

​With this life-changing situation, as Coronavirus disease 2019 (COVID-19), intrudes into the business economy. Think of what may happen nowadays to a business or company without business insurance. Business Insurance is an essential agent that offers protection to all significant property and liability risks in one package.

Types of Business Insurance
Suppose you are wondering what types of business insurance suits business owners at this time. Take a look at this.

• Commercial Liability - protects business or company against a lawsuit for negligence, bodily injury, libel, and slander.
• Commercial Property - protects the property of business and rents, buildings, equipment, supply, and  It also helps cover lost income because of concealed property damage. 
• Commercial Auto - gives protection to employees and vehicles when an accident occurred. 
• Workers’ Compensation - compensate employees for unexpected bodily injury, illnesses, medical and surgical expenses, and lost wages.

These are the basic types and coverages of business insurance that might be helpful.

Business Owners Policy Inclusions
It covers potential property damage to protect the company from a lawsuit or contract disputes.

• Liability Protection - gives protection to the company's legal responsibility for possible harms and situations such as business operations, bodily injury of employees, or property damage due to unsatisfactory products,  installations, and negligences in services.
• Property Insurance - protects buildings and establishments from severe loss and damage owned by the company. 
• Business Interruption Insurance -  compensates for the loss of income resulting from a fire, earthquake, and another disaster that eases the operation of the business. 

Other coverages:

1. Lightning 
2. Vandalism 
3. Collision
4. Water Tank Leakage
5. Destruction of Water Supply

Business Insurance packages may vary depending on how big the company is. They may purchase a commercial package policy or customize approaches that suit the company.

Business Owners Policy Exclusion
Some business insurance companies will also have exclusions written into them.
These are the possible exclusions:

• Professional Liability
• Auto Insurance
• Worker’s Compensation
• Health and Disability Insurance. 

To obtain these, it needs separate insurance policies, authorization, and contract to cover professional services, vehicles, and your employees.

Conclusion
In supporting business and company, it is not only based on hard work and perseverance. It also includes a high-quality vital agent to take as the backbone of a company, especially in this pandemic.

At Howe Insurance Brokerage, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (435) 674-8771. Get your free quote today by CLICKING HERE.