Does My Business Owners Policy Cover My Store?

Part of a business owners policy is designed to protect a business owners’ physical property in case of loss or damage due to an accident or disaster. This side of your BOP is called commercial property insurance. 

Commercial property insurance covers most of the physical assets of your business from damages and loss caused by fire, wind, hail, lightning, smoke, theft, vandalism, explosions and more. 

Commercial property insurance may cover the physical location of the business (such as a store or office) and its contents, including furniture and equipment. If you have a store or restaurant, commercial property insurance should provide compensation for repairs or replacements. 

This insurance doesn’t cover everything, however. There are additional property coverages to cover different areas of your business not covered by commercial property insurance. 

Commercial Auto Insurance  
When added to a BOP, commercial auto insurance may cover the vehicles owned or used by the business for work purposes. If your business has company cars or uses vehicles to transport equipment, for example, you may need commercial auto insurance to protect the vehicles and those inside. 

A commercial auto insurance policy may include coverages such as comprehensive coverage, collision coverage, liability (bodily injury and property damage), medical payments coverage and uninsured/underinsured motorist coverage. 

Inland Marine Insurance  
Inland marine insurance can cover the equipment or products you are transporting in a vehicle if they are damaged during transport, where commercial property insurance typically only covers property that is on the physical location. 

Crime Insurance  
Crime insurance covers the business in the unfortunate case of employee theft. If an employee steals or commits fraud against the business, crime insurance can step in to help compensate for the losses. 

Equipment Breakdown Insurance  
Equipment breakdown insurance covers repair and replacement costs if important business equipment suddenly breaks down due to a sudden and unexpected incident. This includes costs for repairs and replacements such as rush repairs. 

Make sure to speak with your insurance agent about how to adjust your business owners policy in order to cover all of the physical assets of your business. Commercial property insurance only covers your own physical assets rather than third party property. If third party property is damaged, you will need liability insurance to cover the costs. Speak with an insurance agent and adjust your business owners policy to cover your business’ risks today.