Get A Quote For Maryland and Pennsylvania Business Owners Policy (BOP) Insurance
Business owners insurance, often known as BOP insurance, is an all-in-one policy that combines both property and liability protection. This type of insurance is particularly popular among small and medium-sized enterprises in Maryland and Pennsylvania, such as restaurants, wholesalers, retail shops, and contractors.
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A Maryland & Pennsylvania business owners policy has two primary coverages:
Liability
The liability protections offered in a Business Owner's Policy (BOP) mirror those found in a general liability policy. This encompasses coverage for incidents such as customer injuries, property damage, advertising injuries, and claims related to products. However, it's important to note that a BOP does not extend coverage to your employees. For that, you will require a distinct workers' compensation policy.
Property
This insurance safeguards commercial buildings and the movable property utilized by businesses. It can also cover additional costs such as debris removal, income loss, and pollution cleanup associated with a covered event.
Like many insurance policies, a Business Owner's Policy (BOP) has specific exclusions that you should take note of. If you need coverage for something that falls outside the standard terms, you may have the option to add endorsements for broader protection.
For example, earthquake damage is usually excluded from a BOP. If you live in an area susceptible to earthquakes, consider adding an endorsement to your policy for enhanced coverage. Make sure to ask about these options when you get your quote.
Common questions about business owners policies
Who needs a MD or PA business owners policy?
Businesses of small to medium size in Maryland and Pennsylvania that either own or lease their workspace should think about obtaining a Business Owner's Policy (BOP). This policy combines general liability and commercial property insurance, offering comprehensive protection against accidents, lawsuits, theft, and other risks.
Various types of businesses, including contractors, wholesalers, offices, restaurants, and retailers, can take advantage of a BOP.
What does a MD or PA business owners policy cover?
In Maryland and Pennsylvania, a business owners policy (BOP) provides essential coverage for liability and commercial property claims. This liability protection covers incidents such as customer injuries, damage to others' property, and advertising injuries. On the other hand, commercial property insurance secures your business location and its belongings.
Moreover, a BOP offers business interruption coverage, which helps mitigate financial losses stemming from unexpected disruptions in your business operations.
What's the difference between a business owners policy and general liability coverage?
A business owners policy (BOP) combines general liability and property insurance into one manageable solution. It offers protection against third-party liability claims, covering aspects like bodily injury, property damage, and personal injury. Therefore, if you have a BOP, you do not need to purchase a separate general liability insurance policy.
What is business personal property?
Business personal property refers to movable assets owned and utilized by your company, including items like furniture, machinery, inventory, and electronics. This type of property is typically protected under a business owners policy.
Does a business owners policy cover rented business property?
BOPs typically provide coverage for leased or rented buildings. You can increase this coverage to include a variety of perils.
Is it possible to add coverage to a business owners policy?
You can add coverage to a BOP through amendments to your insurance policy called endorsements. Common endorsements include cyber liability, food contamination, equipment breakdown, tools and equipment, and more.
Can a business owners policy help pay for damage from natural disasters?
Often, the answer is yes. A Business Owner's Policy (BOP) typically includes coverage for several natural disasters, including hail, lightning, wind, hurricanes, and tornadoes. However, it frequently excludes coverage for other types of disasters, such as earthquakes and floods.
The extent of your coverage can change based on the specific terms of your policy, endorsements, or other alterations. Find out more about how property coverage under a BOP can shield you from various business threats.