What Small Businesses Need to Know About Business Owners Policy

​Through a Business Owners Policy (BOP), business property and business liability insurance are combined into one company insurance policy. BOP insurance helps protect your business from accidents such as arson, theft, or other disasters covered by litigation. Business Owners Policy also helps cover claims that can result from the company's service.

Business Owners Policy Coverage
Business Owners Policy includes your building insurance and personal property (your equipment and furniture) for your business. In some instances, where a client or third party is injured or causes property damage due to your everyday business activities, your BOP's general liability section provides compensation.

BOPs will also cover business profits to fill the earnings gap from a required business closure after a disaster. You may also add additional coverages that are optional for:

• Data Breach
• Business income for off-premises utility services
• Other specialized coverages

For small business owners, BOPs ease the insurance process, and it is necessary to note that a BOP does not compensate for workplace injuries suffered by employees. The plans, however, cover such scenarios that you will face. You'll need a special workers ' compensation plan to cover employee injuries.

When You Should Consider Buying
It would be best to consider buying a BOP from the start to protect against loss and damages while it's not too late. Here is a list of when you need it:

• If you have a physical location - It doesn't matter where you conduct your business. What matters is whether your company and assets have enough coverage.
• If there's a risk of you being sued - It can cost you a large out-of-pocket charge to cover legal obligations if you don't have the proper coverage. 
• If you have a property that could be stolen or destroyed - From digital assets and customer records to appliances, furniture, cash, or stocks, these assets may be tough to replace.

Conclusion
Business Owners Policy can secure your interests and properties from disaster. You will want to cover yourself, should a client sue you, from general liability problems. Without this coverage, costs of water damage cases, flood, lawsuit, or some other calamity will have to be charged out of your pocket.

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.