Business owner's policy
Commercial general liability insurance and a business owner’s policy are similar types of business liability insurance that cover different risks. General liability covers bodily injury, damage to a customer's property, and advertising injury. A BOP includes these risks, and property insurance coverage.
Named perils coverage is a type of business property insurance that only protects you from hazards and risks explicitly described in your insurance policy.
Commercial insurance protects businesses, freelancers, and independent contractors against liability lawsuits, property damage, cyberattacks, and other risks that could devastate your company.
Find out if your company is eligible for this policy, which bundles general liability insurance and commercial property insurance at a discount.
A business owner's policy (BOP) bundles commercial property and general liability policies at a discount, making it an affordable option for small businesses. The average premium for a BOP is about $57 per month.
Typically, you need to contact your insurance carrier directly when you want to file a commercial insurance claim. But the steps you take may differ based on whether you're filing a property claim or a liability claim.
A commercial property insurance policy that covers open perils protects your business possessions from most causes of loss or damage. However, this option is typically more expensive than a policy that covers named perils.
An expiration date is the day your insurance policy lapses. Your insurance coverage will typically end at midnight on your policy's expiration date.
An insurance adjuster is someone who investigates claims to determine what an insurance company should pay.
A rider is an insurance modification that adds extra protection to a policy and enables businesses to customize it to their specific needs.
Assessed value is an estimation of how much your property is worth. It is determined by your local city hall or a municipal assessor.
An ACORD certificate of liability insurance is a document that provides a summary of your business insurance policy and proves you have liability insurance coverage.
The aggregate limit is the maximum amount your insurance company will pay for all covered claims filed during your policy period.
An insurance policy with all-risk coverage covers claims from all incidents that aren't specifically omitted in your contract.
