Business Property and General Liability Insurance
Property damage, lawsuits and injuries can mean financial ruin for a business without adequate insurance coverage. For that reason, business owners need insurance to protect their business and their assets.
A Business Owner’s Policy (BOP) includes three types of insurance:
Property insurance covers damage to buildings and contents owned by the company. This includes buildings, equipment, computers and inventory. A commercial insurance agent will help tailor a policy to fit your needs. Coverage may include:
General Liability Insurance:
- Building and business personal property
- Computers, software and data
- Computer fraud protection
- Accounts receivable to reconstruct lost or damaged records
- Property in transit
- Tenant obligations for damage to building
- Income loss due to interrupted utility services
Lawsuits are a reality for many businesses, which is why general liability protection is an essential part of financial protection from lawsuits and claims. Liability insurance covers the company’s legal responsibilities for harm caused to others. Coverage may include:
- Bodily injury and property damage liability if your business is sued for injury or property damage.
- Personal and advertising liability for malicious prosecution, libel, slander, wrongful eviction, false arrest, discrimination, privacy invasion or copyright infringement.
- Medical expenses for injuries on business property.
- Damage to rented business premises if damage is due to fire, lightening or explosion.
- Employment practices liability for sexual harassment, wrongful termination or discrimination lawsuits.
Business interruption insurance: This covers the loss of income if a business is temporarily forced to shut down because of a catastrophe, such as a hurricane or fire. It can also include the extra expense of operating out of a temporary location.