Business insurance is an essential tool for risk management and loss control. If you want sound business insurance in Brooklyn, Monroe NY, Newburgh, Spring Valley NY or Westchester, then Benjamin Hirsch Insurance can help. They specialize in commercial insurance and can help you with the right coverages at the right price.
For small to medium businesses there is a general business insurance plans also known as business owner’s policy (BOP). A business owner’s policy does cover some important things, but it does not cover everything. Understanding your business risks and knowing what you are covered for and what you are not covered for is an important part of your insurance backup.
A business owner’s policy addresses certain common risks faced by all business owners and managers. A BOP deals with these risks of 3rd party claims and property damage under one policy. A business owner’s policy will cover you in the event of specific and specified risks such as fire, theft, domestic flooding, bodily injury and damage to others.
Generally, a business owner’s policy covers business property such as buildings, equipment, furniture, stock and accounts receivable. It also covers liabilities related to 3rd party claims. A BOP also covers loss of income due to business interruptions caused by specified risks and events.
Certain optional coverages such as data breach can also be included in a BOP.
A BOP is a good option if you have a brick and mortar business, face the risk of 3rd part claim and won assets that could be stolen. A BOP combines certain coverages into one policy making it a cheaper and more economical option than separate policies. Generally, a BOP does not cover commercial auto, workmen’s compensation, group medical or losses related to unspecified events.