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Business Owners

Understanding the Business Owner’s Policy

A business owner’s policy (BOP) is any type of insurance policy specifically for a business. Generally, these policies focus on coverage for liability and property. It’s not uncommon for a business to face a lawsuit or suffer property damage. These areas are usually a big concern for most business owners.

No business owner wants to face a lawsuit. But no matter how safe you think things are, there’s always the possibility of a mishap. A BOP can help a business owner in the following ways:

1. Provide compensation for damaged inventory. Losing inventory can severely cripple a business. Business could come to a complete standstill if the proper inventory isn’t available. Retails stores, wholesalers, and restaurants are examples of businesses that rely on inventory. A business owner can get coverage that helps the business replace stolen or damaged inventory.

2. Provide compensation to help pay legal fees during liability cases. Injuries can occur anywhere. And they are highly likely to occur in public places, such as restaurants or retail stores. Someone could fall on a wet floor. Someone could get food poisoning from eating a bad piece of meat. In cases like this, your business could be found liable for the injuries. A BOP can help cover the related expenses so your business isn’t financially drained.

A business owner’s policy is like a security blanket for your business. Without the security of insurance, your business is at risk for financial ruin.

Not all BOP’s are the same. Policies are generally tailored to fit each business owner’s specific needs. This is because different owners have different concerns. Speak with your insurer about getting the best coverage for your business.