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Even the smallest business is exposed to risks from natural disasters, theft, lawsuits, and a broad array of other perils. Some larger companies may need to purchase separate insurance policies to protect their assets and revenue, but many carriers offer packages specially tailored to the needs of small business owners. The Business Owner’s Policy (BOP) combines several essential coverages into one convenient package, insulating your investments from risk.

What Is a Business Owner’s Policy?

Included Essential Policies

insuranceA BOP includes business property insurance coverage that will repair or replace any equipment, inventory, or buildings damaged in a covered event. While this coverage protects you against theft, storms, fire, and a variety of other risks, businesses in areas prone to floods or earthquakes may also need to purchase separate insurance endorsements.

In addition to paying for damage to your equipment, a BOP also includes business interruption insurance, replacing revenue you’ve lost while repairs are underway. Most businesses are also vulnerable to liability lawsuits, which could force your business to close even if you win. Your BOP’s coverage will pay the value of any valid claims, up to your policy limits, along with any legal expenses you incur.

Why a BOP Is Necessary

An unexpected disaster or lawsuit can threaten even the most successful small business, forcing you to permanently close your doors. A BOP provides a valuable umbrella of coverage over most of your investments and activities, and will typically be less expensive than purchasing the necessary policies individually.


 

The expert agents at Imperial Agency have been serving the Garfield, NJ, business community for over 38 years, providing customized policies tailored to locals’ needs. As an independent insurance agency, they work with many of the nation’s leading carriers, giving you access to a diverse inventory of products to choose from. To discuss your coverage needs and request a free quote, visit their website or call their offices at (973) 546-9567.

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