Business Owners Policies for Small Businesses

Business insurance is an essential part of running a business. In general, a BOP should cover both general and property risks and be flexible enough to insure the business’s unique risks. It should also provide value for money and provide protection against direct and indirect risks.

General Liability Insurance

Commercial general liability insurance, such as from a business insurance Newark DE company, can pay for claims of bodily injury, damage to the property of others, and personal injury such as libel or slander. Some examples of liability claims could be for medical treatment when a customer falls in your business or damage to a home caused by a plumber while on a repair call. Liability claims are more common than many people would guess and can be very costly.

Commercial Property Coverage

Property insurance covers the structure of the building your business is in, your equipment, furnishings, products, and any other items that are owned by your company. Damages caused by fire, windstorm, hail, theft, and vandalism are all usually covered in a BOP.

Additional Insurance

Business owner’s policies come with some additional coverages that can add protection for businesses. Business income insurance can pay back costs if your business is closed because of unexpected events such as fire, tornadoes, or vandalism. Certain industries have specific needs for coverage, and some BOPs may include those risks.

Most general commercial policies exclude coverage for floods, earthquakes, riots, claims of negligence, cyber liability, liability for employment practices, and workers’ compensation. Separate policies are available for many of these exclusions. Commercial auto and umbrella policies are also separate from a BOP. A business owner’s policy may not be right for your business, so you should talk with a qualified insurance agent to make sure you have the best insurance coverage for your business.