{"id":673,"date":"2019-12-02T12:56:38","date_gmt":"2019-12-02T20:56:38","guid":{"rendered":"https:\/\/www.insureone.com\/knowledge-center\/?p=673"},"modified":"2019-12-05T14:04:44","modified_gmt":"2019-12-05T22:04:44","slug":"what-does-a-business-owner-policy-cover","status":"publish","type":"post","link":"https:\/\/www.insureone.com\/knowledge-center\/commercial\/commercial-insurance-basics\/what-does-a-business-owner-policy-cover\/","title":{"rendered":"What Does a Business Owner Policy Cover?"},"content":{"rendered":"\n<p>Fire,\nlawsuits, theft \u2013 these are just a few examples of some of the risks you may\nface as a business owner and why you need or have invested a business insurance\npolicy. Unfortunately, commercial\ninsurance can be confusing and with so many coverage options to consider\n\u2013 your business may actually be left uninsured or underinsured.<\/p>\n\n\n\n<p>If\nyou are beginning to investigate business insurance or thinking of making a change to your\ncurrent coverage, you may want to learn more about the inclusive nature of a business owner policy.&nbsp;&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a Business Owner Policy?<\/h2>\n\n\n\n<p>A\nBOP policy is a\npolicy that combines necessary business insurance coverages into one package. It can be easier,\nmore convenient and more affordable than buying each type of business insurance\nseparately.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Covered by BOP Insurance?<\/h2>\n\n\n\n<p>The\nmajor components of a Business Owner Policy include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Commercial Property Insurance<\/strong><strong>. <\/strong>Property insurance will help\nto protect both the building in which your business operates, whether it is\nowned or leased, as well as tools, equipment, inventory, furniture or other\nassets used by your business.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Commercial Liability Insurance<\/strong><strong>. <\/strong>Liability insurance will help\nto pay for damages that are inflicted on another party. This would include the\nfollowing:<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Third-party property damage<\/strong>. This\nwould cover an incident such as if your business\u2019 delivery truck crashed into a\ncustomer\u2019s home or fence. <\/li><li><strong>Third-party bodily liability<\/strong>. This\nwould cover an incident such as a customer who slips and falls while visiting\nyour business.&nbsp; <\/li><li><strong>Product liability<\/strong>. This\nwould cover any injuries or damages that a customer suffers from a faulty\nproduct your company sold.&nbsp;&nbsp; <\/li><li><strong>Advertising liability<\/strong>. This\nincludes copyright infringement, libel, slander and more. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Business\nInterruption Insurance. <\/strong>If a catastrophe such as a flood or fire\nprevents your business from operating, business interruption insurance would\nhelp to cover the resulting loss of income. It would also help to pay for costs\nif your business was forced to temporarily relocate.&nbsp; <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Who Needs Business Owners Policy Insurance?<\/h2>\n\n\n\n<p>A\nBOP policy is often\npurchased by small and mid-sized businesses. It is a worthy consideration for a\nbusiness that: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Have a physical location, whether it is a\nstorefront, garage or rented or owned space.<\/li><li>Require general liability coverage.<\/li><li>Have expensive equipment or inventory that\ncould get stolen or damaged.<\/li><li>Face a risk of being sued. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How Much Does a Business Owners Policy Cost?<\/h2>\n\n\n\n<p>Business owner policies can be more affordable than buying separate liability and property insurance coverages; however, the exact rates are based on a number of factors such as the type of business you own, how much risk you potentially face, the number of employees and your claim history. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Will a Business Owners Policy Cover All Business Insurance Needs?<\/h2>\n\n\n\n<p>While\na BOP policy will\ncover most standard business needs, it is not all-encompassing. Some businesses\nmay need to purchase additional coverages for needs such as: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Professional liability<\/li><li>Auto insurance<\/li><li>Worker\u2019s compensation <\/li><li>Data breach insurance<\/li><\/ul>\n\n\n\n<p>It is also important to note that not every business will qualify for a BOP policy. Businesses must meet certain standards to qualify and these standards vary between different insurance providers. Businesses such as retail stores, hairdressers, small food establishments and hotels and motels generally qualify for BOP policies. While businesses such as banks, auto dealers or tree business companies may not qualify due to the nature of their work.&nbsp;  When it comes to insurance for business owners, it is incredibly important to be fully-covered because one catastrophe, large or small, could threaten the future of your business and ultimately your livelihood. Contact a licensed provider today to obtain a quote for a policy to meet the unique needs of your business.  <\/p>\n\n\n\n<p>Are you a business owner who wants to ensure your business is fully protected? If so, InsureOne can help. In addition to business owner policies, we offer various types of commercial insurance to protect every aspect of your business. Request a free business owner policy insurance quote online or over the phone today by calling<strong> <a href=\"tel:800-836-2240\">(800) 836-2240<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fire, lawsuits, theft \u2013 these are just a few examples of some of the risks you may face as a business owner and why you need or have invested a business insurance policy. Unfortunately, commercial insurance can be confusing and with so many coverage options to consider \u2013 your business may actually be left uninsured [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39],"tags":[],"class_list":["post-673","post","type-post","status-publish","format-standard","hentry","category-commercial-insurance-basics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/673"}],"collection":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=673"}],"version-history":[{"count":7,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/673\/revisions"}],"predecessor-version":[{"id":730,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/673\/revisions\/730"}],"wp:attachment":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}