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Written by Adam Miller
Understanding the Basics of Business Owners Policy Coverage

Although the Covid-19 pandemic has impacted many facets of the U.S. economy, one thing that remains steadfast is our great American entrepreneurial spirit, with many people still eager to pursue their dreams of starting their own business. Those interested in starting a business will quickly learn that Commercial Insurance is an important part of any business operation. In today's blog post, we provide a basic overview of Business Owners Policy coverage to help entrepreneurs on their way to business ownership.

Structural Damage

For many small business owners, Business Owners Policies are popular because they offer financial protection from a variety of common liability risks all businesses can face. One of the most common types of coverage included in BOPs are Property Insurance coverage against damages and losses to the commercial site caused by covered events like fire or theft. This coverage can include damages to the commercial structure both inside and outside since these repairs can be both expensive and time-consuming, leading to substantial revenue losses. Rather than face astronomical repair costs out of pocket, businesses can rely on Business Owners Policy coverage to protect against costly structural damage.

Bodily Injury

No matter how safe a business might be, accidents and injuries can happen on a commercial property, putting the business at risk for costly liability lawsuits and judgments against the business. Whether it's a customer slipping on a wet restaurant floor, or unstable retail merchandise falling onto someone, injuries can easily occur on a commercial site. With Business Owners Policy coverage, businesses can have the financial resources to cover attorney fees and medical costs related to an injury liability claim.

Damage to Assets

A business is more than just a building with employees inside – it also requires tools, equipment, computer networks, furnishings, and raw materials in order to run effectively and efficiently. When company assets are damaged, lost, or stolen, it can have a significant impact on the daily business operations and the ability to complete sales or fulfill customer orders. Business Owners Policy coverage can include protection against damages or losses to company assets needed to run the business.

For any company, especially a new company trying to grow, the last concern should be their liability risks or costs associated with repairs and replacement of company property and assets. Business owners should instead be able to focus solely on their growth and customer satisfaction. Aegis Insurance & Financial Services offers a wide range of top-quality Commercial Insurance solutions for growing business across all industries throughout Texas, including Business Owners Policy coverage. For more information on our Commercial Insurance policies and how they can be tailored to your unique business needs, contact Aegis today at 713-850-7622 or fill out our online form to request a free quote.

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