Businessowners insurance

What is businessowners insurance?

A businessowners insurance policy, sometimes referred to as a BOP, can save the business owner money by bundling together the two bedrock policies every small to mid-size business needs: commercial property insurance and commercial liability insurance.

Commercial property insurance covers your buildings, inventory, equipment, and fixtures plus intangible property such as valuable papers, records, account receivables, and electronic data. It can also cover for debris removal, pollution cleanup, loss of income, and for crimes such as fraud, theft, or forgery. Commercial liability protects your business should you be sued for causing injury and/or damage to a person or someone else’s property. Some policies also offer protections from advertising liability and product-related claims.

As a trade-off for simplicity and savings, some commercial insurance carriers do not offer the business owner much flexibility for modifying or customizing the coverages. Markel Specialty’s EssentialBOP coverage does offer customizable insurance solutions with a variety of coverage limits, deductibles, and payment options.