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Businessmen

Protect Your Company with a Business Owners Policy

Our sole mission is to give small business owners like you top-tier, yet cost-effective, insurance options. We sell our business owners policies (BOP) directly to you, online or over the phone. Your choice. Either way, you’ll be saving up to 20% on BOP coverage compared to other companies. There’s no middleman or unnecessary fees, just an BOP insurance policy and an insurance company here to make sure your small business is covered.

What is Property and Liability Insurance?

A business owners policy is also called property and liability insurance. This coverage is a simplified approach to commercial insurance for small businesses. By combining general liability insurance and commercial property insurance, along with other coverages, you could benefit in several ways:

Your Coverage is Broader

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More potential insurance claims are protected by a single BOP policy.

Managing Your Policy is a Breeze

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Submitting claims is simpler because more concerns fall under this one policy.

You Could Save Money

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Property and liability insurance purchased together usually cost less than the total cost of individual policies.

What Does Liability and Property Insurance Cover?

General Liability Insurance Typically Covers:
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    Property Damage.

    When customer property is damaged by your work or by an employee, your coverage may help pay for repairs or replacement.

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    Bodily Injury.

    If someone other than an employee is injured on your property, this coverage can help with medical expenses plus legal expenses and damages.

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    Product Liability.

    If products developed or sold by your business harm people or property, this coverage could help pay legal expenses associated with product liability lawsuits and medical expenses if an injury occurs.

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    Libel, Slander, and Copyright Infringement.

    This coverage helps protect you against some lawsuit expenses from personal and advertising injury. Advertising injury can include disparaging another business in your advertisements, stealing an advertising idea, and more.

Property Insurance Typically Covers:
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    Your Building or Leased Space.

    This coverage provides protection for the building you own or even a building where you are required to provide insurance coverage as part of the lease.

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    The Contents of Your Building.

    Property insurance can cover inventory, equipment, or tools and other people’s property in your building that has been damaged by an employee, yourself, theft, natural disaster, or weather.

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    Income From Your Business.

    In the event of a disruption resulting from property damage, you may be covered for the expenses needed to resume business, including covering net income, payroll costs, and even temporary business relocation. This aspect of the coverage is sometimes called “business interruption insurance” or “business income insurance.”

Can I Customize My Business Owners Policy?

Yes. Your liability and property insurance policy can be customized by adding an endorsement. An endorsement can either enhance or modify the coverage, depending on your requirements. Don’t know what you need? Our licensed experts are available to help you figure out which of these endorsements is right for you:

Industry Endorsements

Depending on the industry you’re in, there are specific needs that arise as part of conducting business. For example, a restaurant industry endorsement might cover food spoilage. A retail store endorsement might cover expenses from having to withdraw merchandise. A hotel or motel endorsement might increase coverage for outdoor fences and signs.

Risk-Specific Endorsements

Some businesses have inherent risks beyond what’s usually covered in a liability and property insurance policy. There are dozens of risk-specific endorsements that can add an extra layer of protection when needed, like cyber coverage (data compromise), garage keepers legal liability and more.

Increased Coverage Limits

If you want even greater security and protection, standard coverage limits can often be increased.

Why biBERK for Property and Liability Insurance?

We’re the experts when it comes to property and liability insurance for small businesses.

Save Time

Get a quote entirely online or speak with one of our insurance experts right away for help getting a quote, buying a policy, or answering any questions you may have.

Save Money

We insure your small business directly, without a middleman or insurance broker, so we pass that savings on to you - up to 20% less than policies with other insurance companies.

Experienced

We're part of Warren Buffett's Berkshire Hathaway Insurance Group with millions of satisfied customers, more than 75 years of insurance experience, and $38 billion in paid claims in 2020.

Common Business Owners Policy Endorsements

Some of the most common business owners policy endorsements include:

Cyber

Cyber liability add-on insurance protects your business in the event of an incident like a data breach regarding private customer, employee, or client information. It can also provide coverage for regulatory action defense if a government agency requires you to appear in court.

Hired and Non-Owned Auto Liability

Hired and non-owned auto liability add-on coverage provides protection when you or an employee of your business is driving a rented, leased, hired, or borrowed vehicle for business purposes. A common example is an employee who makes deliveries using their own vehicle. Adding this endorsement to a general liability or business owners policy means you don’t need a separate commercial auto policy for this purpose.

Employment-Related Practices Liability

This add-on protects your business in case of a claim or lawsuit related to inappropriate workplace behavior (e.g., wrongful termination, harassment, or discrimination).

Employee Benefits Liability

Employee benefits liability add-on insurance provides coverage in the event of errors or omissions in how you administer your employee benefits program. For example, it can protect you if you fail to add an employee to your medical insurance and the person is later denied coverage by the plan.

Contractors Installation, Tools & Equipment

This add-on insurance covers your business's property, tools, equipment, etc. while at a job site, in transit, temporarily in storage, or during installation.

Liquor Liability

Liquor liability add-on insurance covers liability your business may incur from the selling, serving, or furnishing of alcoholic beverages. For example, it can provide coverage if your business is found liable because you served a minor or someone visibly intoxicated who subsequently gets into an automobile accident. This add-on insurance can be helpful for any business that sells alcohol including restaurants, convenience stores, and liquor stores.

Equipment Breakdown/Boiler & Machinery

This add-on insurance covers the breakdown of electrical systems, air conditioning and refrigeration systems, mechanical equipment, boilers and pressure vessels, and computers. It can pay for equipment repair or replacement, lost income while equipment is inoperable, costs related to the time and labor required to make repairs, and the cost of food spoilage. 

How Much Does a Business Owners Policy Cost?

Our BOP policies start at about $500 per year, and most people pay less than $2,000.

 
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Calculating Your BOP Premium

All of these factors are considered when calculating your business owners policy premium:

    • Business activities
    • Number of employees
    • Annual revenue
    • Condition and size of the building your business is located in
    • Industry
    • Number of years in business
    • Claims history
    • Type and limits of property coverage

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How can I Reduce My Liability and Property Insurance Costs?

Liability and property insurance is very affordable. Even so, there are steps you can take to lower your BOP costs, including:

Choose biBERK

By working with a direct supplier of liability and property insurance, you’re avoiding broker fees and other charges. Plus, our experts can help review your policies annually to ensure you have the right amount and type of BOP coverage.

Actively Manage Risks

Prevent slips and falls (the most common general liability claim) by instructing your employees to maintain a clean environment. You can also manage risks by ensuring your employees are up to date on any necessary training—like how to properly operate machinery, for example.

Save on Billing Fees

Pay your annual business owners policy premium in full, or sign up for automatic payments at the beginning of the policy.

Protect Your Property

If you want even greater security and protection, standard coverage limits often can be increased.

Business Owners Policy Frequently Asked Questions (FAQs)

Our insurance experts are here to help if you need assistance. However, below are some of the business owners policy questions we’re asked most frequently. 

  • What is liability insurance?
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    Property and liability insurance can provide coverage for legal fees and settlements if your business is sued for a claim covered by the policy.

  • How do I know how much property coverage to purchase?
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    If you own a building, we provide you with an estimate of the cost to rebuild the building in event of a loss. This is based on the size, type of building, and material and labor costs in your area so that you can feel confident about the amount of insurance you’re purchasing for your building. We also provide an estimate of the value of your other business property based on businesses similar to yours. If you have questions, you can always call us and a licensed insurance professional can guide you regarding your insurance amounts.

  • What’s covered by a business owners policy?
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    A business owners policy protects commercial buildings and their contents, and also can cover liability associated with things like customer injuries and damage to property that your business doesn’t own. In addition, it can serve as “business interruption insurance” that helps with costs if your operations are disrupted by property damage.  

  • What does liability insurance cost?
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    biBERK’s policies start at $500 per year and most small businesses pay less than $2,000 per year. Your premium is calculated based on factors like your business activities, number of employees, and others.

  • How much liability insurance do I need?
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    The amount of property and liability insurance needed varies. Our insurance experts can help you determine the right coverage for your business. 

  • What is the minimum amount of liability insurance required?
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    Coverage minimums depend on your business type, location, and other factors. We’re happy to provide guidance regarding your BOP coverage needs. 

  • What types of businesses need BOP coverage?
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    Just about any kind of small business can benefit from BOP coverage. In particular, if your business owns or leases property, a BOP policy can be especially important, as it combines commercial property insurance and general liability insurance. 

  • How are a BOP policy and general liability insurance different?
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    A BOP policy has both general liability and business property coverage. Not only does this provide broad protection for your business, having both coverages in one policy makes it easy to manage. 

  • Does biBERK offer business owners policies in my state?
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    We provide BOP coverage in many states. Check out our coverage map for details. 

  • Can I buy and manage my BOP policy from biBERK online?
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    Yes! We make it easy for you to get a quote, buy a policy, submit claims, and manage your policy on our website so that you can handle insurance-related tasks whenever and wherever it’s convenient for you. 

Get a Business Owners Policy Quote Today

Find out how affordable a business owners policy can be.