What is a business owner’s policy?

Some businesses only need a single insurance policy, the business owner’s policy, to cover their needs. A BOP from Integra Insurance Services bundles the four most common types of commercial insurance into one policy at a discounted premium. If the business purchased all four coverages separately, the premiums would cost significantly more.

The BOP includes coverage for named perils, property damage, business interruption, and liability. The named peril coverage usually includes major perils, such as fire, explosion, wind, hail, smoke, and vandalism. This coverage leaves many items out however, you can opt for a higher level of coverage called all perils or all risk. This makes for a smart choice in Huntington, TX where droughts and tornados can wreak havoc.

The property damage component reimburses the cost of repairs to the structure’s contents. This covers damage or loss of personal property or office equipment. It also covers items belonging to a third party but stored on the property or within its close proximity (within 100 feet of the premises). This means you could have boxes stacked outside the rear door or barrels sitting on the front entry portico, and they would still receive coverage, although they were not technically inside the confines of the business structure.

Business interruption insurance covers your income lost when a named peril creates an unexpected break in the business. In some policies, this coverage also pays for you to operate out of a temporary location.

The liability coverage component protects you from a lawsuit wiping out your business. If an individual or group sues your business due to an injury incurred on the business’ property, your liability component pays:

  • the settlement, 
  • their medical bills, 
  • your legal fees, 
  • court costs.

Contact Integra Insurance Services serving Huntington, TX to learn more about business owner’s policies and other commercial insurance that can protect your business.