Each BOP is tailored to meet the individual needs of small to mid-sized businesses. However, there are several types of coverage most business owners’ policies generally include.
Business Property Insurance
This coverage protects the business owner’s buildings and contents. It helps provides protection in the event of circumstances including income loss, extra expenses, equipment breakdown, and expenses associated with computers, media, valuable papers and records, money, and securities.
You can choose from two different versions of property insurance:
- Standard property coverage – protects the buildings and structures, indoor and outdoor fixtures, personal property furnished by the landlord, and personal property used for service or maintenance of the buildings or premises.
- Special property coverage – protects property owned by the business owner and used in business operations.
Deductibles do not apply to business property insurance. Coverage is up to $25,000 on and off-premises. However, on-premise limits can be increased.