Starting a small business can be very professionally and personally rewarding. However, operating a company of any size involves risk. Natural disasters, accidents, professional errors, and employee injuries are just some of the events that can occur at any time and threaten your livelihood and that of your employees. Small business insurance helps protect your company from financial loss when problems arise.
You might not describe yourself as a “garage keeper,” but that’s the name the insurance industry uses for people in your position. Garage keepers insurance is an add-on (also known in garaging insurance as an endorsement) that can be included with a business owners policy or BOP (also called property & liability insurance) or other types of insurance.
The insurance known as equipment breakdown coverage or boiler and machinery insurance coverage is what’s called an endorsement, add-on, or rider. It extends the coverage of a business owners policy or BOP. Also called property & liability insurance, a BOP is a simplified approach to small business insurance that combines general liability and commercial property insurance.
A business owners policy (or BOP) and a general liability policy have many things in common. For example, they both provide protection from financial liability for many types of incidents. This includes accidental damage to customer property and injury to non-employees on the policyholder’s property.
A business owners policy (also called BOP insurance) includes two important types of coverage in one policy: general liability insurance and commercial property insurance. Also called property & liability insurance, a business owners policy can be easier to manage than having multiple policies.
We want you to make well-informed decisions about your insurance needs. Learn from answers to the questions most frequently asked by business owners.
