Business owner's policy
General liability insurance is included in a business owner's policy (BOP), a cost-saving bundle designed for low-risk businesses. General liability covers bodily injuries, damage to a customer's property, and advertising injuries. A BOP provides the same coverage, along with commercial property insurance.
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 rider is an insurance modification that adds extra protection to a policy and enables businesses to customize it to their specific needs.
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.
Named perils coverage is a type of business property insurance that only protects you from hazards and risks explicitly described in your insurance policy.
An insurance adjuster is someone who investigates claims to determine what an insurance company should pay.
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 ACORD certificate of liability insurance is a document that provides a summary of your business insurance policy and proves you have liability insurance coverage.
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 insurance policy with all-risk coverage covers claims from all incidents that aren't specifically omitted in your contract.
The aggregate limit is the maximum amount your insurance company will pay for all covered claims filed during your policy period.
The actual cash value is how much your business property is worth in its current state. This value is calculated by subtracting the depreciation from the replacement cost.
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.
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.
