The direct answerA Business Owners Policy commonly combines commercial property and general liability coverage in one policy. Eligible businesses may also add business income, equipment breakdown and other endorsements. Commercial auto, workers compensation and professional liability generally require separate consideration.
Coverage that may be included
- General liability for covered bodily injury and property damage claims
- Business personal property such as furniture, equipment and inventory
- Business income and extra expense after a covered loss
- Optional endorsements selected for the company’s actual operations
What we review before approaching carriers
- Business operations, revenue and years in business
- Building or leased-space details
- Payroll, subcontractors and certificates of insurance
- Property values, inventory and equipment
Common mistake
Assuming a BOP automatically covers every business exposure. Vehicles, employee injuries, professional advice, cyber events and flood may need separate policies or endorsements.
What should a business owner do next?
Gather current policies, loss runs, property values, vehicle and driver schedules, payroll or revenue information, and any contracts that create insurance requirements. A John Galt Insurance agent can identify the markets and applications that fit the exposure.