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BUSINESS
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Business Owner
Protection for your
Business
If you own and/or run a smaller
business, your insurance needs may be adequately handled by a business owner
policy, or BOP. A BOP is similar to a homeowners policy, offering both property
and liability protection.
Businesses such as
retailers, wholesalers, small contractors, artisan contractors, dry cleaners,
restaurants, offices, and convenience stores (including those with gas pumps)
are eligible for BOP coverage. All such operations may be insured by a BOP as
long as they are not larger than 25,000 square feet in total floor area or have
gross annual sales greater than $3,000,000 (per location). More restrictive
guidelines typically apply to businesses that include cooking operations.
BOPs protect buildings as well as other
features such as additions (completed or in construction), indoor and outdoor
fixtures, machinery and equipment, landlord furnishings, and maintenance
property (such as mowers, snow blowers, ladders, etc). BOPs also cover outdoor
furniture, floor coverings, and appliances used for refrigerating, ventilating,
cooking, dishwashing, and laundering. The building coverage also applies to
materials, equipment, supplies and temporary structures located near the
insured premises. The policy's protection to business personal property applies
whether the property is located inside or immediately outside the covered
buildings. Business personal property (such as office equipment, copiers,
desks, etc.) includes property you own, lease or control (i.e., borrow or
control) as long as the property is used by the business. |
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Business owner liability
coverage provides comprehensive protection for claims or suits brought by other
parties. It covers losses involving injury to other persons or damage to
property that belongs to others. It also provides limited protection against
personal injury (slander or libel), advertising injury, and losses involving an
operation's products or services.
Naturally,
there are certain situations that are not covered by a BOP. For instance, there
is no coverage for losses involving most vehicles, money and securities,
illegal property (contraband), land, water, growing crops or lawns, or
watercraft.
A BOP may be supplemented to
provide additional protection. Property coverage options include adding
insurance for accounts receivable, valuable papers and records, earthquake,
spoilage, etc. Liability coverage can be expanded to handle additional business
interests, limited vehicle liability, losses related to personnel situations,
liquor liability, and injuries to leased employees. |
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