What is a business owners insurance policy?

Business owners insurance, also known as BOP insurance, is a policy that combines property and liability coverage in one package. It's popular with a variety of small and medium-sized businesses, such as restaurants, wholesalers, retail stores, and contractors. Any small business owner who wants to protect the investments they have made in their business must have a business owner's policy. In addition to providing financial support for your small business, a BOP also gives you a greater advantage over property managers and major clients.

The cost of your BOP insurance may be higher if you have a history of claims, high coverage requirements, or a high exposure to risk, for example. Progressive can help you get commercial insurance, including a business owners policy (BOP), in every state except Hawaii. A business owner's policy covers liability claims, such as customer injuries and damage to property that is not owned by the company, in addition to protecting your commercial building and its contents. With insurance, your policy will provide funds to make repairs, replace damaged items, and help your business recover.

Not all Nationwide affiliated companies are mutual companies and not all Nationwide members are insured by an investment company. If you manufacture products, your company could be legally responsible for any damage they cause to third parties or to someone else's property. A business owner's policy will cover legal and other expenses related to the lawsuits that injured parties file against them. A business owners policy combines general liability and commercial property insurance coverage to protect you against lawsuits and damages.

Certain progressive companies may receive compensation as authorized agencies for providing services on behalf of these insurers. General liability protects your company from third-party liability claims, including bodily injury, property damage, and personal injury. This combination provides you with liability protection (for example, accidents and lawsuits) and commercial property insurance, which covers the personal assets of your building and business.

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