A business owners policy (BOP), which often includes general liability insurance, offers protection against perils commonly faced by business owners. This coverage may provide protection when an accident on business premises or an incident caused by the business results in third-party damage or injuries. It also covers copyright infringement, libel, slander or damages arising from the business using someone’s image without their permission.
The agents at Abbott Insurance in Minneapolis, Minnesota, are business insurance experts. They can help you decide whether a BOP or general liability insurance will best meet your needs.
What Is a BOP?
A BOP provides several coverages in one package. Among those coverages is a general liability insurance policy. A BOP also offers commercial property insurance and business income insurance. Bundling these three insurance policies together can help you save money.
Even if you purchase a BOP, you may need to add other coverages to get complete protection for your company. Depending on your needs, you can customize your BOP with other coverages such as professional liability, commercial auto, data breach and workers’ compensation.
Your agent can help you understand whether your company is eligible to purchase a BOP.
Do All Businesses Need General Liability Insurance?
Certain events are outside your control, such as a customer injury on your property or an accident that causes damage to a third party’s property. But you could still be legally liable for these damages. General liability insurance is essential for even the smallest businesses.
Without general liability insurance, your company may have to pay to have someone else’s property repaired or replaced after an accident or incident. You could be sued for accidental copyright infringement and forced to pay legal fees and settlement fees out of pocket. You may be liable for someone’s medical bills if they are injured on your property. Without general liability coverage, these costs could be financially devastating to your business.
Get the Business Insurance You Need, Today
Whether you can qualify for a BOP or purchase general liability insurance outside of a BOP, this coverage is essential to protect your company’s future financial wellbeing. Talk with the agents at Abbott Insurance today to learn more about your options and get a quote.