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What’s the difference between a Businessowners Policy (BOP Insurance) and a General Liability Policy (GL Insurance)

What’s the difference between a Businessowners Policy (BOP Insurance) and a General Liability Policy (GL Insurance)

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Are you starting a small business and searching for the right type of insurance for your company? When shopping for small business liability insurance make sure you know the difference between General Liability Insurance and the Business Owners Insurance Policy.

Obtaining General Liability Insurance is not only an integral part of starting your small business, in many cases it’s also a requirement by lenders, landlords, or licensing boards. However, by simply binding a common General Liability policy, you could be leaving off a lot of valuable coverage for your small business.

General Liability Insurance offers liability protection for 3rd party damage or injuries. It can provide coverage for Bodily injuries that are suffered on your premises, as well as cover property damage caused by your company while performing your work. Additionally, there is also coverage to protect a business against torts arising from claims of slander, libel or copyright infringement.

 

Common General Liability Coverages

  • Bodily Injury and Property Damage Liability
  • Personal and Advertising Injury Liability
  • Medical Payments

 

Insurance companies also offer a liability protection package that includes many additional coverages and can be geared to fit the small business owner. The Businessowners Policy (BOP) is an insurance package designed for small and medium sized businesses that combines liability insurance and property insurance at a reduced annual rate.

In addition to the standard coverage provided by a general liability policy, the businessowners package also includes property insurance coverage for contents owned by the business and can also include coverage for inventory or property of others while stored in the care, custody or control of the business. Another commonly overlooked coverage that is a common component of a businessowners policy is Business Interruption Insurance. Business interruption coverage provides financial relief from the loss of income resulting from a fire (or other covered peril) that disrupts the operation of the business and can also include coverage for reimbursement of additional expenses from operating out of a temporary location.

 

Common Businessowners Policy Coverages

  • Bodily Injury and Property Damage Liability
  • Personal and Advertising Injury Liability
  • Medical Payments
  • Business Personal Property
  • Business Income & Extra Expense

 

There are a variety of additional coverages beyond the tradition General Liability coverage that may be extended to small business owners through the BOP. It’s important to see if your business fits the requisites for a businessowners policy which is why we recommend discussing the details of your company and associated operations with a Moore Resources Insurance agent prior binding coverage.  to ensure that the most suitable insurance program can be created to fit the needs of your business.

 

 

Moore Resources is an Independent Insurance Agency located in St. Petersburg, FL and offering Homeowners Insurance, Auto Insurance, Personal Insurance and Business Insurance. Our reach extends beyond the Tampa Bay area to the entire state of Florida. Moore Resources has regionally been dedicated to serving the local residents of Pinellas, Hillsborough, Polk, Pasco, Manatee and Sarasota counties; including St. Pete, Tampa, Clearwater, Bradenton, Brandon, Dunedin, Gulfport, Lakeland, Largo, Lutz, Palm Harbor, Pinellas Park, Riverview, Ruskin, Seffner, Seminole, Temple Terrace, Tierra Verde, Town n Country,  and the Gulf Coast Beaches.

 

The purpose of this blog is to present general information only. It does not interpret specific policies or coverage. In order to obtain detailed information regarding your insurance, contact a licensed insurance agent.

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