Small Business Articles

You might not describe yourself as a “garage keeper,” but that’s the name the insurance industry uses for people in your position. Garage keepers insurance is an add-on (also known in garaging insurance as an endorsement) that can be included with a Business Owners Policy or BOP (also called property & liability insurance) or other types of insurance.

The insurance known as equipment breakdown coverage or boiler and machinery insurance coverage is what’s called an endorsement, add-on, or rider. It extends the coverage of a Business Owners Policy or BOP. Also called property & liability insurance, a BOP is a simplified approach to small business insurance that combines General Liability and commercial property insurance.

A Business Owners Policy (or BOP) and a General Liability policy have many things in common. For example, they both provide protection from financial liability for many types of incidents. This includes accidental damage to customer property and injury to non-employees on the policyholder’s property.

Hired and non-owned auto coverage is an add-on for a Business Owners Policy (BOP) or a General Liability insurance policy that provides liability protection when you or an employee is using a rented, hired, or borrowed vehicle for business purposes. Let’s say an employee is making deliveries in their own car and is involved in an accident. This type of insurance can be essential, as it protects your company’s finances if someone sues over the incident. (Note: It’s for liability purposes and doesn’t cover damage to the employee’s vehicle.)

A Business Owners Policy (also called BOP insurance) includes two important types of coverage in one policy: General Liability insurance and commercial property insurance. Also called property & liability insurance, a Business Owners Policy can be easier to manage than having multiple policies.