Business Owner’s (BOP)
Business owner’s insurance is a comprehensive insurance package designed for small
to medium-sized businesses. Business Owner’s insurance can be tailored with
additional coverage to meet specific needs such as: professional liability, employee
benefits, or cyber liability. It typically combines several essential types of coverage into
one policy, including:
1. Property Insurance
Property insurance which covers damage to the business’s physical assets,
such as buildings, equipment, and inventory, due to events like fire, theft, or
vandalism.
2. General Liability Insurance
General liability insurance protects against claims of bodily injury or property damage that occur on the business premises or because of business operations.
3. Business Interruption Insurance
Business interruption insurance protects against lost income and operating expenses if the business is temporarily unable to operate due to a covered peril.
General Liability Insurance
General liability insurance can be purchased a part of Business’ Owner’s (BOP) insurance or
purchased as a stand-alone insurance and is a type of coverage that protects businesses from financial losses resulting from claims of bodily injury, property damage, and personal or advertising injury caused by the business’s operations, products, or services. This insurance typically covers:
1. Bodily Injury Coverage
Claims arising from injuries sustained by individuals (but not by employees) on the business premises or due to the business’s operations.
2. Property Damage Coverage
Claims for damage to someone else’s property caused by the business’s activities or employees.
3. Personal and Advertising Injury
Claims related to issues such as libel, slander, or copyright infringement arising from advertising or promotional activities.
Commercial Property Coverage
Commercial property insurance can be purchased as a part of Business Owners (BOP)
insurance, or as a stand-alone insurance designed to protect your business from losses
related to damage or loss of physical assets. Insurance protects buildings, equipment,
inventory as well as business personal property.
Bonds
Bonds are often referred to as surety bonds, are contracts that guarantee the performance or fulfillment of obligations between parties.
Contract Bonds
Contract bonds ensure that a contractor will complete a project according to the contract terms. Common types include performance bonds and payment bonds.
Commercial Bonds
Commercial bonds are required by businesses for various reasons, such as obtaining licenses or permits. These bonds ensure compliance with regulations and ethical practices.
Court Bonds
Court bonds are required in legal proceedings to ensure legal obligations are met. They include appeal and fiduciary bonds.