Bankers Business Owners policy is designed for small to medium-sized businesses like yours, and focuses on the needs of retail, mercantile, office and habitational occupancies, including business owners who lease out their premises to similar businesses.
The Business Owners Policy combines property coverage, liability and additional coverages that most businesses require into one policy with the exception of workers compensation, auto and flood. Optional coverages also can be added to meet specific needs of your business. BOP is a simplified way of providing you with the basic coverage at a lower cost than with buying separate policies.
Building coverage pays for damages to your building and other structures on the premises, as well as business personal property you own and use in your business. Some examples of business personal property can include stock, inventory, furniture, and office equipment.
Business Interruption coverage provides protection for a temporary shutdown of your business due to a covered cause of loss. It provides coverage for loss of income or extra expenses you incur to resume operations.
Liability coverage is provided for your operations and all premises you own, operate, or lease. This protection includes:
- Bodily Injury, Property Damage, and Medical Expenses
- Products - Completed Operations
- Personal Injury and Advertising Injury
- Damage to Premises Rented to You
- Accounts Receivable
- Arson Reward
- Automatic Seasonal Increase
- Depositors Forgery
- Employee Dishonesty
- Money & Securities
- Newly Acquired or Constructed Property
- Outdoor Property
- Personal Property Off-Premises
- Attached Signs
- Valuable Papers & Records
Ready to Speak to an Agent?
Insurance is complex and you need professional advice you can trust. We partner with top-quality independent agents who can help guide you through the purchasing process. There are many things you should be asking your agent prior to purchasing insurance for your home or business.
First, be prepared before you visit your agent. Do an inventory of your home or business. You may be surprised how much you really have. Visit www.knowyourstuff.org.*
Below are a few of the types of questions your agent can answer:
- Does my lender require flood insurance? Am I in a special flood hazard zone? (Everyone is in a flood zone!)
- How much flood coverage do I need?
- What is Umbrella Insurance and is it just for the wealthy?
- Do I need special coverage for an in-home office?
- I collect antiques and jewelry. How do I get this covered?
- Do I need employment practices liability lnsurance and what does it cover?
- Is my company required to maintain workers compensation coverage?
- What will happen if I cannot operate my business?
- I conduct business out of state. Is my electronic information protected?
- What is identity theft and is there a way to protect myself from it?
Bankers will help protect your business with an online Disaster Recovery Planning Tool, “Open for Business,” from the Institute for Business and Home Safety (IBHS). This tool is valued at $2,000, and it is FREE, when you purchase a Bankers BOP policy. It’s one more excellent resource provided by Bankers to help you keep in business.