Business owner's policies (BOP) are package insurance policies that combine some of the most essential commercial coverages that most small businesses need. They don’t, however, include ALL the commercial coverages that a New Hampshire business might need. Here’s a look at what’s not typically included in a business owners policy.
What Can Be Included in a NH BOP?
Business owner's policies can incorporate a variety of different coverages. Though every policy can be different and customized, the following coverages are found in most BOP insurance packages:
- Business Property Coverage, which may provide protection for the property that your business owns
- Business Liability Coverage, which can help protect the business from covered lawsuits
- Business Interruption Coverage, which may provide compensation for revenue lost due to a covered incident
What is Typically Not Covered in NH Business Owners Insurance?
BOPs are designed to meet the basic needs of the common small business. Therefore, specialized coverages that aren’t needed by a lot of businesses often aren’t available through a business owners insurance policy, but may be purchased on a separate insurance policy. A few examples of coverages that aren’t generally available through business owners policies include, but are not limited to:
- Commercial Auto Insurance, which helps businesses cover the vehicles they own
- Employment Practices Liability Insurance, which may help protect businesses from allegations made by employees
- Inland Marine Coverage, which is usually used to insure shipments of goods or equipment while in transit
- Liquor Liability Coverage, which is designed for businesses that sell or serve alcohol
- Workers Compensation, which can provide coverage for an employee's medical expenses and lost wages if injured while on the job
If a business needs just one of these coverages, purchasing the coverage as a stand-alone policy may make sense. Often, however, it may make more financial sense for businesses that need more than one of these coverages to get a commercial package policy.
Commercial package policies are multi-policy solutions that are similar to BOP insurance solutions, but commercial package policies offer more flexibility. They frequently can include any of these coverages, along with many others. It is advised that a business owner speak with an insurance professional to determine what type of coverage is needed to best protect their business at the fairest price.
How Much Does a NH Business Owners Policy Cost?
Like most things with insurance, it can depend on the type of business being insured as well as an insurance company's rates. Using an independent insurance agent to get a quote on a NH BOP however is a smart move because different companies have different rates. If you use an independent agency, they will know the companies that are competitive with specific types of businesses and those that are not, saving you both time and money.
This material is for informational purposes only. All statements herein are subject to the provision, exclusions, and conditions of the applicable policy, state and federal laws. For an actual description of all coverages, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional.