Secure your business, non-profit, or commercial property for the unexpected
A business owner policy (BOP) is an insurance package that bundles basic insurance coverage.
A BOP typically protects business owners against property damage, peril, business interruption,
While coverages vary among insurance providers, businesses can often opt-in for additional
coverage, such as crime, spoilage of merchandise, forgery, fidelity, and more.
A business must qualify for a business owner policy. We will ask you a series of questions to
determine if your business meets the requirements for a BOP. This will be based on your
business location, the size of the location, the class of business, and total revenue.
As a family-owned business operating in the Tidewater area, we can be trusted to walk you
through the qualification process and get you the comprehensive package your business needs.
Property Insurance Coverage
Property insurance covers damage caused by events specifically listed in the policy. This is referred to as named-peril coverage. Perils covered by property insurance typically include select weather-related afflictions, including damage caused by fire, smoke, wind, hail, the impact of snow and ice, lightning, and more.
Property insurance also protects against vandalism and theft, covering the structure and its contents.
Some business owners choose to have open-peril or “all-risk” coverage; this option is available from the “special” BOP form rather than the “standard” type of BOP.
We can help you determine if this is a better option for your business.
The property included on these policies typically includes owned or rented building space, additions or additions in progress, and outdoor fixtures.
This policy will also cover any business-owned items or items owned by a third party but kept temporarily in the care, custody or control of the business or business owner.
This is especially important for businesses that retain customer’s items in their care.
Who Should Have Property Insurance Coverage?
All business owners should have property insurance.
You can never predict when and if your business will be impacted by natural or man-made damages.
Business Interruption Coverage
Business interruption includes any lost income due to an incident or catastrophic event that disrupts the normal operations of the business. It can also include extra costs such as the expense of operating out of a temporary location.
Restoration of an office space may take a significant amount of time and many businesses utilize special equipment. If a similar location and equipment is not available, the business can come to a halt for a significant period of time.
For these businesses simply relocating and continuing operations quickly is not usually an option. The loss in profits can be great.
Who Should Have Business Interruption Insurance?
We believe it is essential to have this coverage if you run a business that requires any special equipment.
If your business had to relocate immediately, how easily would you be able to obtain the proper equipment and get back to work?
Consider the flexibility in your physical location and any and all technology you would need when determining whether or not Business Interruption Insurance is important to you.
Liability Protection Coverage
Liability protection protects the business owner or the insured from legal responsibility for damages that may be inflicted on people and/or property.
Liability insurance policies cover both legal costs and any payouts for which the insured party would be responsible if found legally liable.
The damages would have to be the result of things done during the normal course of business operations, which could include bodily image injury or property damage due to defective products, faulty or improper installation or errors in provided services.
Liability insurance provides the insured party with protection against claims resulting from injuries and damage to people and/or property.
Intentional damage and contractual liabilities are generally not covered in these types of policies.
Who Should Have Liability Insurance?
Liability insurance is critical for those who may be held liable for injuries to others, or in the event that the insured party damages someone else’s property and is considered to be at fault.
Liability insurance policies should be taken out by anyone who owns a business, drives a car, practices medicine or law—basically anyone who can be sued for damages and/or injuries.