Streetsmart insurance Blog
Business owners have a lot of assets to protect! In addition to liability insurance, entrepreneurs also need to insure their equipment, retail/office space, commercial vehicles, and employees. With multiple policies and premiums to take care of, it can be hard to manage all of your business insurance products.
A business owner’s policy (BOP) will allow you to bundle your business insurance policies together so that you can take advantage of professional discounts and make one low monthly payment. BOP insurance is comprised of three different types of insurance policies: general liability insurance, business interruption insurance, and commercial property insurance. General liability insurance can protect you from third party lawsuits that are related to bodily injury and property damage claims. Business interruption insurance can keep your doors open if a natural disaster or power outage disrupts your business. Commercial property insurance can protect your supplies, equipment, and place of business if your property is damaged, stolen, or destroyed.
What Is Not Included In A Business Owner’s Policy?
Unfortunately, there are some policies that can not be added to BOP insurance. The following insurance products should be purchased independently:
Commercial Auto Insurance – You will not be able to add your commercial auto insurance policies to a business owner’s policy, but you can bundle multiple auto insurance policies together for a lower rate.
Workers Compensation – Workers compensation is a requirement for small businesses with at least one employee, but unfortunately, it can not be added to a business owner’s policy. Each state will have its own requirements for small business owners, so work with your insurance agent to find the right amount of coverage for your business at the best price.
Professional Liability Insurance – Service providers like lawyers, accountants, and doctors can benefit from professional liability or malpractice insurance, but unfortunately it can not be added to a business owner’s policy.
Health & Disability Insurance – Although these insurance policies can not be added to a business owner’s policy, it is important for business owners to consider the added value that health and disability insurance can bring to their businesses.
At the StreetSmart Insurance, we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you please contact our agency at (732) 462-8343 or Click Here to request a free quote.