Business Owners Insurance

Business Owners Policy (BOP)

A Business Owners Policy or BOP insurance lets business owners focus on the expected challenges and rewards of running a small business. Business owners policies cover property and liability losses from unexpected risks such as smoke damage to merchandise or liability from an injured customer. In addition, coverage on business income can help a distressed business continue until normal operations resume. Could your business cover the costs of a catastrophic loss? A BOP is a smart way to minimize risks and protect your small business.

Business Owners Policies are designed for medium to small businesses. The ideal business for BOP insurance is a one location operation with common, non-specialized risks.Typically, coverage for buildings may not exceed 25,000 square feet in total floor area and annual gross sales must be less than $3 million. A BOP may be a good solution for the following businesses:

  • Convenience stores

  • Delis and coffee shops

  • Motels and hotels

  • Wholesale suppliers

  • Dry cleaners

  • Retail clothing stores

  • Offices

  • Self storage facilities

Florida small business insurance policies

In Florida, some of the most common policies for small businesses include:

General liability insurance

General liability insurance helps cover expenses related to injuries incurred by customers and visitors to your property. It can also help cover property damage and advertising injuries. Examples of situations that may be covered by general liability include:

  • A deliveryman slides on ice on the front step of your business and breaks a wrist.

  • A model attending a photo shoot at your private studio trips over a loose cable and twists an ankle.

  • Your marketing team comes up with a slogan that your competitor claims is slander.

Property insurance

Your business property, which includes the building, equipment, and inventory, may suffer damages due to accidents or crime. Commercial property insurance can help pay for repairs or replacements that are necessary when:

  • A pipe breaks at your convenience store, causing extensive water damage to your inventory.

  • Expensive lotions and beauty products are stolen from your spa.

  • An employee at your architecture firm knocks over a detailed scale replica of a building.