In past articles, we have discussed the idea that a Business Owner’s Insurance Policy or BOPs may be a good starting point for your new or small business. BOPs can cover many risks associated with a business while keeping the premium you pay in balance with a small business.
A business owner’s insurance policy is generally quite inclusive. It is important for you as a business owner to review the specific coverage in detail with your licensed insurance professional. More important however, is a review of the exclusions. You need to know what is not covered as well as what is. Here are some of the common exclusions to BOP’s you want to be aware of as you consider a business owner's insurance policy.
Commercial fleet insurance, also known as commercial vehicle insurance, is generally not covered in a business owner’s insurance policy. Since commercial vehicles are an expensive asset, it is important to maintain coverage on them.
The loss of a truck, a delivery van, or other commercial vehicles can be critical to your business could have a serious impact on your business and its cash flow.
Debris removal insurance is also coverage generally limited by a business owner’s insurance policy. Businesses located in areas where tornados, hurricanes, and flooding exist may want to consider additional coverage.
Boiler and machinery insurance, is often not included in a business owner’s policy. Review with your licensed insurance professional if this is a coverage your business would need.
Just make sure you understand both the protection offered by your business owner's insurance policy, and risk still exposed.