Commercial Package/Business Owners Coverage

Commercial Package/Business Owners Policy (BOP)

Commercial Package Policies and Business Owners policies are Insurance policies that combine protection from all major property and liability risks in one package. A Business Owners Policy or BOP is an insurance package that provides the basic coverages required by a business owner in one bundle. It is usually sold at a premium that is less than the total cost of the individual coverages. Business Owners Policies usually target small and medium-sized businesses while the Commercial Package policies are for larger companies.


Why do I need General Liability Insurance?

General Liability insurance protects you from claims alleging property damage and claims alleging bodily harm. These claims can come from clients, subcontractors or even your employees. If someone falls at a project site and it is not found to be as a result of your negligence from your professional services then your General Liability policy will kick in at this point. If you accidently damage a client’s artwork at a project your general liability policy will respond.
Your clients may also require that you carry General Liability so they know they won’t have to pay for you should you be liable while you are at their offices or project sites.

What does the policy cover?

The general liability portion not only covers legal defense but also it may cover (up to the limits) bond premiums, settlements, and law-suit related judgements, for example medical expenses of a subcontractor suing over an injury. It may also cover business interruption costs including the income you lose from having to defend yourself while in court.
The property portion of the policy can cover your business personal property. The desks, computers, files, tables and chairs in your office. It can also cover your building if you own it.

Does this policy cover my tools and business equipment while I’m at a project?

It can. An endorsement can be added to your policy to insure your property and it contents.

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