Although most business owner policies (BOPs) do provide coverage for property, this most often pertains only to the actual structure of your business.
Under a BOP, generally, the structure of your business is covered from events of “peril” (i.e. weather-related damage) and causes of loss. What about the furniture, computers, and equipment in your building? Who will cover the cost of replacing an outdoor sign?
This is where Business Property Insurance comes in. A typical Commercial Property Insurance policy will cover the property of your business that a BOP will not.
Most insurance agencies can compile a Commercial Property Insurance line to include coverage for:
• Structure (building) of your business
• Lost inventory
• Outdoor signs
• Damage to the property of others
• And more…
Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss.
BOP policies do not contain all of the coverage’s needed by a small business. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.