In addition to General Liability insurance, many businesses also need property insurance for buildings they own, business personal property, business income and extra expense, and upgrades to their offices known as betterments and improvements. While BOP policies vary from company to company, typical coverages in these policies are:

• General Liability Insurance: As explained here general liability insurance is your businesses first line of defense against a lawsuit. Whether it is an on site slip and fall or a product defect inside someone’s home general liability insurance is usually the first insurance policy that a company purchases

• Business Personal Property: This portion of your BOP will provide protection for the items that your business uses to product income. For example, a restaurants kitchen equipment, tables, chairs, and menu’s would all be considered business personal property.

• Commercial Buildings Insurance: If your business owns the facility that it operates out of, your BOP can provide coverage for this also. Adding your owned building to your business owner’s policy will protect it from damage and provide for the property to be repaired or rebuilt in the event of a covered loss.

• Business Income and Extra Expense: This portion of your BOP will provide a business owner with the income it normally would have received in the event a covered loss is responsible for a slowdown or complete shutdown of business.

• Betterments and Improvements: Whether or not a business owns their office they will normally have to invest money to build their office space. These renovations are known as betterments and improvements, and businesses often fail to recognize that these renovations should be insured.