Most small business owners choose to invest in business owners policies—also known as BOPs. Put simply, BOPs can help business owners easily optimize their commercial insurance. BOPs usually contain several types of insurance, including commercial property coverage. This is an important form of coverage, as it can protect your business assets and possessions when damaging incidents occur. Why BOPs Are Valuable   BOPs generally cater to the needs of small businesses. Through BOPs, business owners can obtain several types of coverage all in one package, thus ensuring cohesive insurance. BOPs are usually more affordable than separate policies.   To start, most BOPs usually offer commercial property, general liability and business interruption insurance. However, policyholders can usually add extra coverage to work in conjunction with their BOPs. Doing so can allow them to properly expand their business insurance benefits. Commercial Property Coverage in a BOP   The commercial property insurance within a BOP can help protect any property owned by your business. Some items this policy might cover include: Buildings  Furnishings and certain fixtures  Equipment and materials  Inventory   Should a hazard damage or destroy this property, your BOP’s commercial property coverage can pay to help you rebuild, restock or replace lost items. A variety of hazards might qualify for claims under your coverage, such as: Fires   Theft and vandalism   Storm damage   Commercial property insurance can then indemnify you for the costs caused by the lost property. This means you won’t have to spend hard-earned income trying to recover from a loss. That way, you can easily get your business back on its feet. Limits, Exclusions and Deductibles   Keep in mind that your BOP’s commercial property insurance won’t cover every type of property from all potential losses. Consider these policy limitations:   Policy limits—When you sign up for your BOP, you can choose the value of commercial property coverage that you want to carry. This reflects the maximum amount that your policy will pay for your physical property losses. It’s important that you choose a value that reflects the cost of the property you own—including buildings, inventory and equipment, among others. Be sure to verify the cost and value of your property through appraisal or research. Exclusions—Commercial property insurance will not extend to all property-related losses. For example, this coverage might not insure certain specialty equipment or outdoor items. Such a policy also won’t cover damage from certain hazards, such as floods or any intentional damage you may cause. Deductibles—Most commercial property coverage comes with a deductible. The deductible is a flat amount that your business agrees to pay for property damage before your insurance pays out for a claim. If the damage falls below the cost of your deductible, then you will not receive coverage for your losses. When putting together your BOP, remember to talk to us about how to optimize your commercial property coverage. By carefully crafting your policy, your business will receive maximum financial benefits. Call us today at (915) 599-2900 or visit www.MtFranklin.com to see how we can help you.

BOPs and Commercial Property Insurance

Most small business owners choose to invest in business owners policies—also known as BOPs. Put simply, BOPs can help business owners easily optimize their commercial insurance. BOPs usually contain several types of insurance, including commercial property coverage. This is an important form of coverage, as it can protect your business assets and possessions when damaging … Read more

October 12, 2021

10 Tips for Safe Driving

 When you drive recklessly, it impacts more people on the road than just yourself. In fact, other drivers, their passengers, your passengers and even pedestrians on the road can be affected by the decisions you make behind the wheel. Therefore, you have to treat driving as the potentially dangerous activity that it is.       … Read more

October 7, 2021

Can I Still Buy Term Life Insurance in My 40s?

Getting older means becoming wiser, and sometimes, you might be in your 40s before you realize that you need life insurance. You might even wish that you had purchased a policy 20 years ago when you were young, healthy and just starting out. Even though you might be looking for life insurance later in life, … Read more

September 30, 2021

Four Essential Types of BOP Extensions

If you’re a small business owner who is looking for the best way to ensure your company, then a business owners policy—better known as a BOP—is a great way to start. It makes sense for many companies to carry this coverage because it offers several types of commercial insurance in one place. As a result, … Read more

September 23, 2021

Comprehensive vs. Collison Auto Insurance

Auto insurance is designed to provide you with financial assistance in the event of an accident, theft or other instance of vehicle damage. After all, you shouldn’t have to bear the costs of an accident entirely on your own.     There are a few separate benefits that the average policy will utilize to cover … Read more

September 21, 2021

Tips for Keeping Backyard Campfires Safe

Late summer and early autumn are perfect times for sitting in the backyard, listening to the sounds of nature, watching the sunset and enjoying a campfire.     As the coolness of the evening creeps in, a campfire is a great way to keep warm and socialize. That’s especially true in today’s world of social … Read more

September 14, 2021

When and Why You Need Commercial Property Insurance

Your business would not be able to succeed if the equipment, materials, stock and products that it utilizes were to become compromised. Damage, theft or destruction of property might interrupt your operations and put you in a significant financial bind as you work through the recovery process. Indeed, if the loss of property is too … Read more

September 9, 2021

Is Your Dog Covered by Your Home Insurance?

Homeowners insurance is designed to protect all members of your family against personal liabilities, and sometimes you might wonder how it extends to your pets. Although your home insurance won’t pay for costs like your pet’s veterinary bills or cover the cost of replacing your favorite couch cushion if your dog chews it up, it … Read more

September 7, 2021

Defensive Driving Techniques to Refamiliarize Yourself With

Being a safe and responsible driver also means being a defensive driver. While the word “defensive” might sound dangerous, it’s not a bad thing. Rather, it means being in a state of heightened awareness. If you’re a defensive driver, then this means you are prepared for any surprises that might pop up on the road … Read more

September 2, 2021

Pool Safety Tips for Families

Swimming is a favorite summer past-time. If you own a pool, you’re probably looking forward to the warm, sunny weather so you can enjoy swimming with your friends and family. However, it’s important to keep safety in mind if you are a pool owner. Many injuries occur every year in backyard swimming pools. According to the … Read more

August 31, 2021

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