Business Owner Insurance Policy
The Businessowner Policy.
For those who own and/or operate a smaller organization, your insurance requirements may be properly handled by a businessowner policy or BOP. Businessowner policy is similar to a homeowners policy, offering both property and liability protection. Small businesses such as retailers, wholesalers, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) may be eligible for a businessowner policy insurance coverage. All such operations may be insured by a businessowner policy as long as they are not larger than 25,000 square feet in total floor area or have gross annual sales greater than $3,000,000 (per location). More restrictive guidelines typically apply to businesses that include cooking operations.
A Businessowners Policy safeguard buildings along with other features such as additions (completed or being built); indoor and outdoor fixtures; machinery and equipment; landlord furnishings, and maintenance property (such as mowers, snowblowers, ladders, etc). Business Owners Policies also cover outdoor furniture, floor coverings, and appliances used for refrigerating, ventilating, cooking, dishwashing, and laundering. The structure insurance coverage will also apply to materials, equipment, supplies and temporary structures located near the insured premises.
The policy's (businessowner policy) insurance plan to business personal property applies whether the property is located inside or immediately outside the covered buildings. A businessowner policy coverd business personal property (such as office equipment, copiers, desks, etc.) includes property you own, lease or control (i.e., borrow or control) as long as the property is used by the business.
Businessowner policy liability coverage provides comprehensive protection for claims or suits made by other parties. A businessowner policy liability section covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation's products or services.
Naturally, there are certain situations that are not covered by a businessowner policy. For instance, there is no coverage for losses involving most vehicles, money and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.
A businessowner policy may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. businessowner policy Liability coverage can be expanded to handle additional business interests, limited vehicle liability, losses related to personnel situations, liquor liability and injuries to leased employees.
A businessowner policy may be the answer to your company's coverage needs and it may be worthwhile to get more information on the businessowner policy from the nearest insurance professional.