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Commercial property insurance is like having a superhero for your business, ready to swoop in and save the day when disaster strikes. It's the ultimate safety net that helps protect your hard-earned assets by covering all or part of the costs when a covered loss occurs. Whether you own, rent, or lease your business building, property insurance can help keep your doors open even during tough times.
But not all commercial property insurance policies are created equal. While basic policies may cover things like fire damage, most savvy business owners opt for a more comprehensive plan, known as a Businessowners Policy or BOP. A BOP provides coverage for your business' buildings, including installed fixtures, machines, and equipment, as well as outdoor fixtures. But that's not all - it also covers the contents of your business, such as inventory, machinery, and computers.
But wait, there's more! A BOP also covers items owned by others that are in your care, custody, and control, as long as your business is legally liable for that property. However, there are some causes of loss that are not covered by commercial property insurance or a BOP. Don't worry though, you can still add them by endorsement. Some of these include employee dishonesty, steam boiler breakdown, flood, earthquake, and crime.
It's important to note that not all of your business property is covered with a commercial property policy. You may need additional coverage for commercial autos, outdoor fences, and signs not attached to your building. That's where our agency comes in - we can review your business needs and make sure you have the necessary coverage for your unique business needs.
In addition to protecting your physical assets, it's also important to discuss your disaster recovery plans with our agent. This ensures that you have coverage for lost income and extra expenses that result from recovering from a covered loss. So, don't wait until disaster strikes - get commercial property insurance and give your business the superhero protection it deserves!
It may sound like a dance craze from the 1950s, but a BOP—a Business Owners Policy—can protect your small business against today’s most common risks. Fire, burglary, liability and business interruption losses are all covered under a BOP.
Since a BOP is prepackaged, there is only one policy to review and it can be more cost effective than purchasing separate policies. Additional coverage can be added in the form of endorsements or riders.
Since a BOP insurance policy is specifically designed for small and medium-sized businesses, the type of business can influence eligibility. Normally, companies with 100 employees or fewer and revenues of up to about $5 million or less are candidates for a BOP. Some types of businesses, such as restaurants, may be ineligible for a BOP because of the specific risks inherent in the business and may need to consider buying the individual coverages separately.
Combining three insurance policies into one package
In a single, convenient package, a BOP provides the core insurance that most small businesses need, including:
It’s important to understand that a BOP doesn’t cover all risks associated with running a small business and the coverage limits are usually lower. If you have employees, you may be required to carry workers compensation insurance, depending on your state. If you have a business-owned vehicle, you’ll need coverage beyond your personal car insurance. You might also consider insurance for relatively new risks such as computer system break-in or business identity theft.
There are unique risks associated with your small business; one of our insurance agents can help you find the coverages that are right for you.