A business owners policy (often referred to as a BOP) offers several essential insurance coverage’s packaged into one policy for small to medium sized businesses.
Insurance for California Business Owners
The main coverage’s included in a California business owners policy are liability protection, property insurance and business interruption insurance.
- Liability insurance is something any and every business should have. This covers the company’s legal responsibility in case someone is hurt on the premises, or the business is sued for any negligence, faulty installations, defective products, and more. However there certain types of businesses that need additional more specific liability insurance such as errors and omissions for insurance agents or medical malpractice for doctors.
- Property insurance can cover both the building as well as the contents owned by a company. This can be in the event of a fire, theft, etc. The different perils insured against can vary by policy. This coverage can be crucial for the business to get back operating after a loss to replace computers, furniture etc.
- Lastly business interruption insurance covers expenses while the business is getting back up and running after a loss. It can cover costs such as a temporary location to operate from, cover loss of income and more.
BOP’s have various options that can be added for additional protection. However there are some things they don’t cover such as workers compensation, health or business automobiles.
Let’s Talk About Your Business Insurance
It’s always important to discuss all insurance needs with a licensed insurance professional to insure all exposures are adequately covered. As an independent insurance agency, that’s what we are here for! Give us a ring at 800-354-8535! Our team is happy to over all of your questions and help clarify anything you need regarding a business owners policy.