Business/Commercial insurance is coverage for your business and to help protect you if you and your business in the event of a loss or were found at fault or liable for a loss while a customer is on your property or using your product. Business/Commercial insurance can be very complicated and we suggest you sit down with an agent to discuss.
Many small businesses fall into categories that can allow them to get a “Business Owners Policy” or BOP. This is a policy that will cover your specific business for all the different type of risks you may face. Many insurance companies have created BOP’s to help simplify insurance for the consumer and agent. BOP’s usually give very good coverage at an affordable price. The companies try to package together all the different coverage the businesses in the particular categories face. If your business can qualify for a BOP it is most likely the best coverage at the most affordable price. Many times a BOP will include a coverage for the business that on its own can be 3-5x more expensive if you went to buy it separately.
An example of a BOP would be a restaurant business owner’s policy. This can cover the building and business property in the event of a loss such as fire. BOP’s can cover inventory if a refrigerator broke due to a covered loss. The coverage in a BOP can be great and affordable for most small businesses. Anything from a fast food chain to a small diner should have a BOP. This will cover them if a customer bites into something in their food and cracks a tooth or if a customer slips and falls. A customer getting injured in some way on your business property can have a devastating impact on the future of your business.
*The statements above are for reference and are written by a licensed insurance agent as a quick reference guide to make understanding insurance easier. If you have questions please don’t hesitate to reach out to any one of our licensed agents here at Corwin or refer to your policy documents.