A Business Owners Policy (BOP) bundles two essential coverages: general liability and property insurance. This affordable insurance package protects you against the unexpected risks of doing business. It’s a great choice for small- to medium-sized businesses, such as hair salons, florists, landlords, photographers and more.It's good to know that:
General Liability: This protects you against costly claims and lawsuits resulting from a customer being injured while at your business – and if you damage other people’s property.
Property Insurance: If buildings and other structures you own are damaged or destroyed, you’re covered. It also protects your office equipment, business equipment and inventory from a covered loss.
Loss of Income: In the event your business is shut down (for up to 12 months), this coverage protects your income and provides help for ordinary payroll expenses.
Equipment Breakdown: When your covered equipment breaks down or is damaged by covered claims, we’ll help pay to get things back up and running.
Professional Liability: Unfortunately, you could be sued as a result of the services you provide to your customers. For specific occupations, this coverage can be added for protection against costly claims and lawsuits.
Assess your risks. Think about what kind of accidents, natural disasters, or lawsuits could damage your business. What business property do you own (for example, inventory, equipment or buildings) that could be at risk?
Work with an agent. State Farm agents are business owners too. They understand the unique needs of small business owners.
Re-evaluate every year. As your business grows, so do your potential risks. Check in with your local agent to make sure you have the proper coverage.
Like a good neighbor, your local agent can help you create a plan that meets your needs at a price that fits your budget.