A business owner's policy (BOP) is basically a policy designed specifically for small businesses. It contains both general liability and commercial property coverage. Most insurance providers will offer this type of policy. This is particularly the case if your business consists of a number of different types of businesses, such as franchises, shops, restaurants, grocery stores, etc. However, there are also insurance providers that will offer a policy with a specific business name on it to protect all of your properties.
One important thing to consider when looking for a business owners insurance policy is what type of coverage you need. If you have just opened your new restaurant and expect it to become a success, then you may be in need of a commercial property policy. As your business grows you may find that you need to add on some additional coverage to protect your building and any personal assets you may own. A business owners policy can also cover losses incurred due to vandalism or injury to employees or customers. This type of coverage will usually not include liability, though, so you will have to pay for that coverage on your own. This can be an expensive expense, so make sure you fully understand the details before buying this type of insurance.
Another important consideration is whether or not your business is located in a high-risk area. You should also think about your company structure. For example, if you have two owners, one owner owns a majority of the business while another owns a minority share, this could require additional liability and commercial property coverage. In order to protect your assets, your business owners policy will likely include this type of coverage, so be sure to inquire about this before purchasing. One more thing to consider is how many years are included in your business owner's policy. You need to make sure you are covered for every year of operation. If you are not, you could have trouble paying your premiums in the future.