Tag Archives: BOP Insurance

11 Commercial Property Insurance for Your Business

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Business and Commercial Property Insurance

Creating a comprehensive plan is important when it comes to small business insurance. We make it our business to figure out the best way to have your back. It’s why we offer a wide range of insurance to help protect your company. You can combine different types of coverage into cost-effective endorsements to add to your policy.

Get a quote today and learn how we can help protect your company with commercial property insurance.

Common Questions About Commercial Real Estate Insurance

 

Do I Need Commercial Property Insurance?

If you own, rent or lease commercial property of any kind, then you should have commercial property insurance. Although it’s not required by law, it’s something you may want to consider. Without it, you’re responsible for paying the costs to fix or replace your damaged business property. This can be expensive and the out-of-pocket costs can put your company at financial risk.

What Is Evidence of Commercial Property Insurance?

Evidence of commercial property insurance is also known as proof of insurance or a certificate of insurance (COI). Your company may need a COI to prove you have commercial property coverage to help protect your business property. We know your time is valuable, so we make it quick and easy to get a certificate of insurance online.

What Are the Different Types of Commercial Insurance?

There are many different types of commercial insurance. Each coverage can help protect your company from various claims. Other types of commercial insurance include:

  • Commercial auto insurance
  • Commercial flood insurance
  • Commercial umbrella insurance
  • Errors and omission insurance
  • Workers’ compensation insurance

What Is the Standard Deductible in a Commercial Property Insurance Policy?

Deductible amounts can vary by state and between insurers. They can range from a couple hundred to a few thousand dollars. You’ll choose a deductible amount when you get your commercial property insurance policy. Generally, if you pick a higher deductible, it’ll lower your commercial property insurance cost.

You can check your policy if you’re unsure how much your commercial property insurance deductible is.

Business insurance coverage is critical to protecting your company from risks, including property loss and repairing or replacing property, such as after a fire, storm or theft. Business insurance can help cover the costs of legal claims made against your business and can help cover an injured worker’s lost wages. Without insurance, a significant loss could be devastating to the livelihood of your business. Some states also require businesses hold certain types of insurance coverages in order to legally operate there.

Workers compensation insurance can help protect both you and your employees after a work-related injury. General liability insurance can help protect your company in the event that someone makes a claim against it. Management and professional liability insurance can help protect you from a range of risks, from Errors & Omissions to Cyber Risk.

For small businesses, a Business Owner’s Policy, also known as BOP insurance, combines three critical coverages – Commercial General Liability, Commercial Property, and Business Income and Extra Expense coverage – into one convenient policy.

11 What is Business Owners Policy ( BOP Insurance ) ?

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What Does a BOP Cover?

A business owner’s policy (BOP) combines two types of coverages to protect your small business against a variety of claims. Its coverage components include:

The general liability portion of a BOP safeguards your business in the event someone makes a claim against you or your business. General liability insurance provides protection from liability lawsuits resulting from things like a customer slipping on a wet floor, a defective product causing damage to a client’s property, or claims that the products or services you provided caused injury. It can also protect you from libel, slander and certain legal claims related to advertising.

The property portion of a BOP helps protect business property you own, lease or rent, including your buildings, equipment, furniture and inventory. It helps cover repair or replacement costs of stolen, damaged or destroyed property, including property that isn’t yours but was in your care. It can also cover loss of income and covered expenses like rent, payroll and other financial responsibilities while your property is being repaired or replaced after a fire or other covered loss.

A LNCInsuranceProviders BOP builds in many specialized coverages that can be tailored to the unique risks facing your business. Plus, it offers a wide variety of optional coverages that can offer additional protection. For example:

  • Hired and Non Owned Auto — covers your business on those occasions when you rent, lease or borrow a vehicle on a short term basis, or when your employees use their personal vehicles for company business.
  • Cyber Liability, Including Data Breach — protects your business against the costs of data breaches and other cyber security issues.
  • Crime — protects against the costs of theft of money and securities.
  • Contractor’s Equipment — helps pay for repair or replacement of tools and equipment if they are lost, stolen, or damaged.

How Can a BOP Help Small Businesses?

If you are a small business owner, a Travelers business owner’s policy offers valuable protection if you encounter scenarios like the following:

  • A customer trips over a loose wire while visiting your business, falls and fractures their wrist. They sue you to cover their medical expenses.
  • One of your contractors loses control of a piece of equipment, which damages the wall of a client’s home or accidentally breaks an item of value while performing their work.
  • A pipe bursts and floods one of your workrooms, damaging business-critical equipment and some of your products.
  • A fire destroys one of your buildings, leading you to temporarily shut down part of your business. Yet, despite being shut down, you still have to pay rent and your employees.

Who Is a Business Owner’s Policy Right For?

LNCInsuranceProviders BOP is built to protect many types of small businesses, including:

  • Commercial Real Estate
  • Contractors
  • Financial Services
  • Garages
  • Healthcare
  • Manufacturers
  • Personal Care Services
  • Pet Care Services
  • Printers and Publishers
  • Religious and Cultural Organizations
  • Restaurant and Food Service
  • Retail
  • Service Businesses
  • Technology Services
  • Wholesalers and Distributors