Business Owner's PolicyAll businesses need some form of property and liability insurance. Most small or mid-size companies qualify to purchase a BOP or Business Owner's Policy. The BOP policy includes property insurance which covers your building and contents you own, plus offers you liability protection for legal responsibility of causing harm to others.
The BOP policy excludes your auto insurance, workers compensation, professional liability and health or disability insurance.
Every Business Owner's Policy should contain "Business Interruption" coverage. This covers the loss of income resulting from a fire or other catastrophe which disrupts the operation of your business. This coverage could also cover the "extra expenses" you may incur as a result of having to relocate and operate out of a temporary location. Some studies have indicated that only 35% of small businesses have this coverage.