If you own a local business in California, you’re probably already aware of the complicated nature of properly protecting your business from financial loss. Luckily Sutherland-Scherff is here to help make the process of organizing your business insurance that much easier. One of the more common types of business insurance is a business owners policy, which can be compared to a homeowners policy, but for your business.
Business owners policies are a very common form of insurance for small to medium sized businesses
Business owners policies were first conceived in the early 1970’s, and are now a very common form of insurance for small to medium sized businesses, both in California and across the United States. A business owners policy combines the basic coverage types that are typically required by a small business into one neat package. These tend to offer better value for money and they also take a lot of work out of arranging a lot of different policies to work together.
Included in the policy are most of the popular coverages which are required by small and medium sized organizations, and typically consist of property coverage, liability coverage and some additional other types of coverage, with optional extras.
Typically a business owners policy (BOP) will include:
- Building coverage to protect your building and on-site structures.
- Business personal property which provides coverage for items such as furniture, fixtures, inventory, machinery or personal property of others in your care.
- Business interruption insurance which can provide funding to cover lost profits or pay expenses if you have to shut down your business for a certain amount of time.
- Liability insurance that will help to protect your organization from lawsuits.
- Crime insurance to protect your money from acts or crime, such as theft and fraud.
In addition to a business owners policy, you can get other coverage such as Workers’ Compensation, Commercial Auto Insurance, Employment Practices Liability Insurance and Professional Liability Insurance to cover all angles of your organizations liability. Talk to a professional at Sutherland-Scherff today for personalized advice, tailored to your business.
