The insurance industry has been covering small business exposures for many years, and has developed a policy that is designed to cover most of the common exposures encountered by small business owners. This is the Business Owner's Policy (BOP). In most cases, the BOP combines the property insurance and liability exposures that a typical small business might encounter into one policy form.
Some BOPs are tailored for specific industries in order to apply the coverage typically desired by small businesses in each field.Commercial Auto Coverage
Many businesses use vehicles, whether as a primary source of revenue—such as a taxi or delivery service—or as a part of broader operations. The unique exposure of a vehicle on the road demands a unique type of coverage. Commercial auto insurance coverage is expensive, and is mandatory in many states. Many small business owners who use a personal automobile to conduct business can take advantage of a special rider to their personal auto policy. In any case, vehicle-related claims are often ruinously expensive, and insurance against them deserves special consideration when calculating the costs to a small business of operating a motor vehicle.
Employees
Generally speaking, an employer's most significant risk with respect to his employees is the cost of work-related injury. Any workplace poses hazards—a box of stationary falling off a high shelf can break bones, or worse—and Workers' Compensation Insurance protects a business from such risk. Although exposures occur more commonly in heavy industries, such as manufacturing and farming, it is always a wise idea to look into workers compensation insurance for your business.
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