Business & Commercial Insurance
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Business & Commercial Insurance Information
As a business owner, your company’s successes and struggles can significantly impact other aspects of your life. While leading your business to prosperity can be rewarding, faulty decisions, professional errors and workplace accidents can be devastating. With these stakes in mind, businesses must have an adequate insurance portfolio. This may consist of a business owners policy (BOP).
What Is Included in a Business Owners Policy?
BOPs offer policyholders a convenient and cost-effective arrangement that bundles several critical types of coverage. These policies are generally meant for small- and medium-sized businesses and provide financial protection from common risks and exposures many industries face. In most cases, a BOP will include the following:
- General liability insurance—If your business is responsible for an incident that resulted in third-party losses, this coverage can help pay for the following:
- Commercial property insurance—This coverage acts as financial protection for physical property used to operate your business, such as the following:
- Business income insurance—If an incident forces your company to pause or alter its normal operations temporarily, this coverage, also known as business interruption insurance, can help pay for the following:
A BOP can be a valuable pillar of your insurance portfolio, but your company should analyze its risks and exposures to identify any coverage gaps that may require additional policies. The following other coverages may be necessary:
- Workers’ compensation insurance
- Professional liability insurance
- Commercial auto insurance
- Cyber liability insurance
- Employment practices liability insurance
- Commercial umbrella insurance
What Is Covered Under a Business Owners Policy?
The following common incidents may be covered under a BOP:
- Lawsuits (e.g., bodily injury liability, property damage liability)
Who Qualifies for a Business Owners Policy?
BOPs are generally intended for small- and medium-sized businesses. Although specific requirements vary among insurance companies, eligibility may often depend on the following criteria:
- Size of business premises
Acquire Optimal Coverage
Owning a business is a significant responsibility that requires diligence and dedication. Regardless of how safe you may make your workplace or how diligent you are in addressing risks and exposures, a BOP may prove invaluable. By acquiring and maintaining this core insurance policy, your business may be able to access critical financial resources in response to many common incidents.
At Texas Insurance Options, our experts have over 30 years of experience helping businesses understand and address their coverage needs. Contact us today to get started.
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