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What Does My Business Owner Policy Actually Cover?

Business owners can reap the benefits of a BOP package.

Business Insurance New Haven CT

If your business is fortunate enough to have a handy-dandy BOP (business owners policy), your company will have all sorts of protection.

Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to adhere to special needs and risks.

Whether you are considering a package policy or have purchased one without knowing coverage, read on!

BOPs include:

  • Property insurance for buildings and contents owned by the company. There is a standard form and a special form where the latter provides more comprehensive coverage.
  • Business interruption insurance which covers the loss of income resulting from a covered peril. This could be the result of a fire, natural disaster, or downed power lines that cause standard business operations to stop. This can also include the extra expense of operating out of a temporary location.
  • Liability protection. This covers your company legal responsibility for the harm that it may cause to others. This harm is a result of things that you or your employees can do (or fail to do!) in your business operations that may cause bodily injury or property damage due to defective products, faulty installments, and errors in services provided.

Business owners should note that BOPs do not cover professional liability, auto insurance, worker’s compensation, or health and disability insurance. For these coverages, separate insurance policies will need to be purchased!

If you’re a business owner looking to receive suitable coverage in a nifty package, contact Abbate Insurance. We’re located in New Haven but serve all businesses and individuals in the surrounding areas of Connecticut. Get started by giving us a call today!