The following are the three core insurance coverages typically included in a BOP:
Commercial general liability insurance may help pay for the company’s legal defense if someone alleges property damage or injury. It may also help cover the cost of repairing or replacing someone else’s property if a company owner or employee causes damage while performing day-to-day business.
Commercial property insurance may help protect any property associated with the business, including the physical building you own, lease or rent, and any equipment, furniture and inventory. It may help cover repairs or replacement costs of stolen, damaged or destroyed property, including assets that aren’t owned by you but are in your care.
Business interruption insurance, or business income insurance, helps financially protect your business if it is forced to close following a covered loss. It can help pay recurring business expenses, such as taxes, commercial property rent and payroll.
An insurance professional can recommend additional coverages based on information about your specific business.