The success of your business demands expertise and focus. We guide you through your insurance needs, so you can keep that focus
Business Property Coverage
The property coverage in a business owners policy helps protect your business's building and its contents against covered perils. Just imagine if there was a fire at your business, a BOP may help pay for building repairs (only if you own the building). This coverage also helps replace business property, like office furniture, computers or machinery and equipment.
Just remember that business property coverage will be subject to deductibles and limits. You can typically choose your property coverage limits based on the estimated cost of repairs, rebuild or replace your business's property. But, if your losses exceed the coverage limit you chose, you'll then need to pay out of pocket to finish building repairs or replacement of your business's property. It's important to note that having insufficient policy limits may also result in a penalty. This is a fine you'd need to pay for not purchasing enough insurance. To help avoid penalties and or fees, make sure you purchase enough insurance to cover your business and all its contents.
General Liability Coverage
A business owners policy usually includes general liability coverage also called commercial general liability, or CGL. If customers and or visitors are injured at your business, and you're found to be liable, general liability coverage may help you pay for the injured party's medical expenses. It may also help pay for legal costs if you're taken to court and being sued over an accident that occurred at your business.
Commercial general liability insurance is also subject to a coverage limit. That means if an injured person's medical bills exceed your coverage limit, you may have to pay out of pocket to cover the rest the medical expenses for that injury.
Business Interruption Coverage
Business interruption coverage, also called business income coverage, is also typically part of a business owners policy. This coverage helps replace lost income and extra expenses if your business is affected by a covered peril.
For example, say a tornado or fire makes your office uninhabitable. Business interruption coverage may help pay for rent costs at a temporary office while repairs are made. Business interruption coverage may also help replace lost business income due to a covered peril. Similar to other coverage in a BOP, you will be subject to a limit. You may also be subject to a time period. This means the coverage may only last for 6 months, for example, so be sure to ask an agent about specific limits.