Understanding Your Business Owners Policy

Business Owners PolicyAs a business owner, there are many steps you may have taken to protect yourself and your business. These may include, background checks for employees, safety programs, and of course making sure you have a great business owner’s insurance plan. While having a great Illinois BOP Insurance plan is important, understanding your policy key in the event you have to file a claim.

The beginning of your policy starts with a Declaration Page. This section includes information such as the name of your insurance company, your policy number, policy dates, description of the type of business being insured, name and address of the insured business and the name and address of any mortgage holder. Along with this information the Declaration Page contains a list of some standard conditions that apply to your policy including your insurance companies rights as well as your obligations as the insured.

Further into your insurance policy will be information on the type of coverage that your policy provides. A typical BOP policy has two types of coverage, building, and business personal property. Building includes coverage for the building and structures being insured. Business personal property covers property owned by you and used for your business such as laptops. The policy should list items that are considered ‘property not covered’ such as vehicles.

Your policy will also have a section for liability coverage. This type of coverage is important because claims against you for medical bills can add up quickly. There are two types of liability coverage. The first is business liability, which covers per-claim when you are legally liable for injuries or property damage. The second is medical expense coverage, which covers bodily injuries that occur on the premises. These do not include employee injuries. Those should be covered with their workers compensation insurance.

There are other optional types of coverage that can be added to your BOP insurance policy including water damage, debris removal, and fire services. Doing just a little research can help you decide what coverage to add to your policy.

At Myers Insurance Group we understand your desire to keep your business protected in the even of any incidents. Call us today to find out more information on our policies. 855.534.5707

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