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What Does a Business Owner’s Insurance Policy Cover?

December 4, 2019

Although business insurance isn’t required by law, it is still highly recommended for businesses to have. It may be tempting to try to save a few dollars by not investing in a business owner’s insurance policy, but doing so puts you at risk of having to pay thousands of dollars out-of-pocket in the event of a lawsuit or natural disaster. Let’s take a look at what your business is covered for with a business owner’s insurance policy (BOP).

business owners insurance policy

Property Insurance

One component of your BOP is property insurance. Regardless of whether your business property is owned, leased, or rented, it is still covered by property insurance. If there is a tragedy such as a fire, explosion, theft, or vandalism, your business is still covered. Some other things that are covered by property insurance include:

  • Computers
  • Furniture and Equipment
  • Inventory
  • Exterior signs

Check with your insurance company for a comprehensive list of everything that is covered with property insurance.

Liability Insurance

It is always a good idea to have general liability insurance. The simplest policy can protect your business from having to pay thousands of dollars for claims regarding bodily injury, property damage, or personal injury involving your business. A basic liability insurance plan usually covers:

  • Medical payments
  • Administrative costs to handle claims
  • Damage to rented property
  • Advertising injury

Workers Compensation

This type of insurance covers any medical expenses and some of the lost wages for employees who are injured or fall ill while working on the job. Workers Compensation insurance is legally required for all businesses to have, and it comes included as part of your BOP.

Additional Protection

Policies vary depending on a variety of things. Your BOP may offer your business additional coverage that isn’t listed above. Some other things that may be covered are loss of business income, data breach, or ransom payments. Inquire with your insurance company to see what additional things your BOP can cover.

Get Your Business Owner’s Policy Today

Even though a BOP isn’t mandatory, it is something that every business should have. When you take into account everything this policy covers, it truly is a sensible investment to make. Keep in mind that your policy doesn’t have to be expensive. If you’re looking for business owner’s insurance in Maryland, American Heritage can create a customized insurance policy tailored to your business at a reasonable price.

Contact us today to see which insurance coverage is best for you and your business.

What Our Clients Say...

Over and above the time, effort and saved dollars that you put into earning our business – your careful attention to detail in getting our coverage right is what mattered the most. Thank you for educating me about the differences in coverage and for reallocating our insurance dollars to minimize our exposure while maximizing our policies.

- Eric L, President of Jeffrey Press, Inc.

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