A business owner's policy (BOP) provides comprehensive protection for your company by bundling two policies into one. Its components of coverage are as follows:
Business liability coverage
Business income and extra expenditure (BIEE) coverage is a common addition to commercial property insurance policies.
The risk of a claim from a third party is high if you or your company, the general liability coverage in your BOP, will protect you. Wet floors might cause customers to slip and fall, a faulty product may damage a client's property or a client may be injured due to utilizing your goods or services; general liability insurance can protect you financially. It may also shield you against advertising-related lawsuits, libel, and slander.
Buildings, machinery, furniture, and stock are all examples of property that may be covered under a BOP's property section. It may assist in defraying the expense of repairing or replacing stolen, broken, or destroyed property, including that of others whose belongings you cared for. While your home or business is being repaired or rebuilt after a fire or other covered loss, this commercial insurance can help compensate you for lost income and covered expenses like rent, payroll, and utilities.
A Travelers BOP includes a wide variety of optional extra coverages that may be adjusted to meet your company's specific needs. In addition, it has a broad range of extra coverage options. For instance:
- When your company needs to utilize a vehicle temporarily, it may do so by renting, leasing, or borrowing one or having an employee use their car for company work.
- Your company may avoid financial ruin in the event of a data breach by purchasing coverage for “Cyber Liability, Including Data Breach.”
- Theft of money or securities — insurance against financial loss.
- Tools and equipment insurance helps cover the cost of repairing or replacing items damaged, destroyed, or stolen from a construction site.
