When you get a business owners policy, you will have to include certain types of coverage, depending on your business. In addition, each type of business has certain conditions to meet before qualifying for this insurance. For example, if you own an apartment building or business office, you can only have a limited number of stories and units. Similarly, restaurants cannot be too large in order to qualify for this coverage. You can talk to an insurance agent to find out if you can obtain a business owners policy if you are not sure.
Building And Structure Coverage
One of the most important aspects of a business owners policy is its ability to pay for property damage that involves any buildings associated with your business. For instance, if a fire destroys your primary or secondary business building, this coverage will pay for the repairs you need.
Business Personal Property Coverage
This component of a business owners policy covers any items inside your business buildings. This might include files, computers, furniture, supplies, and any other possessions you have inside the buildings and structures that are covered by your BOP. If you want to make sure these items are replaced if they are damaged or stolen, you should add business personal property coverage to your business owners policy.
This coverage can also extend to any temporary or offsite locations you are using to run your business. If you have a building under construction, this coverage may apply if any items are stolen from there, as well.