What is a Business Owners Policy?
Many Vermont small businesses have similar risks exposures and insurance needs. For lots of these small businesses, a business owners policy is the most affordable way to get the coverages that are needed.
A business owners policy is a specialized form of commercial insurance that’s specifically designed for small and medium businesses. While not as flexible or comprehensive as some other commercial insurance solutions, business owners policies are more than sufficient for many small businesses.
What Protections Are Included in Business Owners Policies?
Business owners policies are typically written as package policies, which means they combine several individual insurance policies together. Some of the individual policies that a BOP might offer include:
- General Liability Insurance, which might offer coverage for common accident and some potential liability lawsuits
- Commercial Property Insurance, which might offer coverage for buildings, inventory and/or equipment
- Commercial Auto Insurance, which might offer coverage for vehicles a business owns
- Business Interruption Insurance, which might offer coverage for certain operational interruptions
- Cyber Liability Insurance, which might offer coverage for online threats and data breaches
(As is true with most package insurance policies, the exact mixture of coverages can vary.)