The advantage of having a business owner's policy (BOP) is that it bundles together protection for property, liability, and business interruption all in one package. If your business is a small office building, restaurant, dress shop, manufacturing company, apartment building, candy store, or sales company, you will likely be eligible for a BOP for small or medium-sized businesses that handle their business on-premises.
But, unfortunately, that does not include home-based businesses, which need to look to other types of insurance for coverage. And not all small and medium-sized businesses qualify for BOPs. Different insurance providers have different requirements, depending on categories like the type of business, the business location, and its income.
Typically, a BOP protects your building, your inventory, and your equipment. In terms of a BOP’s liability protection, it will cover legal damages that result from property damage or injuries to customers resulting from something that occurs during the normal course of business. And the business interruption part of the policy covers your lost income when certain, specified types of events occur.
Created by you and your Koch Insurance Group agent, your BOP can be designed to cover auto insurance; crimes like vandalism, hacking, or thefts; spoilage; computer damage; fire and smoke damage; and weather events like wind, rainstorms, and floods. And there are possible provisions called open-peril that can cover almost every possibility. Contact them for their advice and assistance.