Business Owners Insurance: when you need it, and what it covers
This guest blog post is brought to you by Chris Howlett at The Ambassador Group:
Business owners insurance is often referred to as commercial insurance, or even BOP insurance. There are many components that comprise this insurance policy. The two primary coverages are property and general liability. Property coverage combines business personal property and tenant improvements and betterments. Make sure when binding your policy that these two categories are each defined with the appropriate values.
Property insurance is pretty simple to define, it can either burn or be stolen and damaged. However, it is general liability that usually drives the premium. Unlike property, general liability coverage is harder to quantify. If for instance you own a neighborhood restaurant, your property coverage is easy to calculate (tables, chairs, liquor, product, etc.). The general liability however can be much larger. If you serve taintedfood that makes 100’s of patrons sick, the exposure for a claim increases exponentially.
To go without coverage, especially general liability coverage is a risky proposition. Business owners insurance can also include coverage for, loss of revenue, loss of money or securities, liquor liability and even identity theft. Correctly written a business owners insurance policy provides great comfort to owners. Call us with any insurance questions, or visit our website, and find us on Facebook.