What Does a Typical Business Insurance Policy Cover?

One crucial decision business owners must make is securing financial protection for when something unexpected happens. Business insurance is a practical financial safeguard that can mean the difference between recovering from a setback and closing your doors.

Core Coverages for Florida Businesses

A business owners policy, often called a BOP, bundles some of the most common types of coverages into a single package. It typically includes the following:

• General liability insurance may cover third-party bodily injury and property damage claims, such as a customer slipping in your store.
• Commercial property insurance may financially protect your building, equipment and inventory from fire, theft, vandalism and severe weather events.
• Business income coverage may help replace lost revenue if a covered event forces your business to temporarily close.

When These Coverages Come Into Play

Picture a pipe bursting in your office overnight and damaging your computers and furniture. Commercial property coverage can help pay for repairs and replacements. If a client visits your shop the next day and trips on water-damaged flooring, general liability may step in. If you have to close for two weeks during repairs, business income coverage can help keep your finances afloat.

Beyond the Basics

Depending on your circumstances, you may also need additional policies. For example, if you have employees, you may be legally required to carry workers’ compensation insurance. Similarly, if you use vehicles for your business, commercial auto insurance is necessary. Additionally, other parties, such as clients, may also ask for proof of certain types of policies, including professional liability and commercial umbrella insurance. A BOP is a strong foundation, but many businesses can benefit from building on it.

Learn More

Bennie Brinson Insurance Agency can shop multiple carriers on your behalf and tailor coverage to your specific operation, rather than trying to fit you into a one-size-fits-all policy. Contact our team today to review your options or request an instant quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.