When your business centers around food and drink, along with the opportunity to connect with people and build long-term customer relationships, there comes with it some inherent risks. Your customers might slip and fall, or your freezer might fail.
The more customers and employees you have, the greater the odds that something unexpected will happen. This is why a good Business Owner’s Policy is a vital part of protecting your business property and your reputation.
What Is Business Owner’s Policy Insurance?
BOP Insurance is a package which includes three critical business insurance policies.
1. General Liability Insurance. This coverage protects you against lawsuits and awarded damages related to your business and will pay for your legal defense. General Liability coverage can allow you to keep your doors open through a legal challenge.
2. Commercial Property Insurance. With coverage for property your business owns or leases, this policy can also protect leased equipment, fixtures, and important paperwork or records such as accounts receivable.
3. Business Interruption Insurance (Business Income Insurance). This offering protects against income loss due to major events that prevent you from operating. Some policies will also cover temporary relocation costs.
What Things Might Not Be Covered by a BOP?
Typically, Business Owner’s Policies do not cover: