Pennsylvania Business

Pennsylvania Business Owners Policy

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As a Pennsylvania business owner, you should be aware of the Pennsylvania Business Owners Policy coverages, so you can find the best policy to fit your lifestyle and financial goals.

Pennsylvania Business Owners Policy

A Business Owners Policy (BOP) is similar to a homeowner's policy for business. Business Owners Policies were first developed in the 1970s. They are a very popular form of insurance for small to medium sized businesses. A Pennsylvania Business Owners Policy combines some of the basic coverages that small businesses need, into a standardized package and at a lower premium that than would be required to purchase the coverages separately.

Most of the coverages that are needed by small and medium sized businesses, (with the exception of commercial auto and workers compensation), are usually included in the Pennsylvania Business Owners Policy. This not only simplifies the process of buying the BOP basic insurance coverages, but it usually means a lower premium. A Business Owners Policy includes property coverage, liability coverage and some additional types of coverage that most small businesses require. Optional Pennsylvania BOP coverages can also be added to meet the specific needs of a business.

Included In Typical Pennsylvania Business Owners Policies

• Pennsylvania property insurance (buildings, equipment & inventory).
   
• Pennsylvania business interruption insurance (covering losses from shut operations or reduced production). PA business interruption insurance can provide money to offset lost profits or to pay continuing expenses (typically for up to a year for insured losses).
   
• Pennsylvania casualty or liability protection coverage (from harm done by your employees or products to other people or their property).
   
• Pennsylvania crime insurance (covering the loss of money or securities resulting from burglaries or robberies or destruction) as well as losses from employee theft or embezzlement.
   
• Pennsylvania liability insurance covering lawsuits from accidents (trips and fall) or when you sell a product that damages the customer’s property or you are accused of offenses such as slander, copyright or invasion of privacy.
   
• Pennsylvania vehicle coverage for rented or borrowed vehicles.

A number of other PA insurance coverages such as flood insurance, earthquake insurance, owned vehicle coverage and other specialized liabilities are generally not included in the Pennsylvania BOP. Some of these additional coverages may be available by endorsement.

Pennsylvania Business Owners Policy Advice

When purchasing a Pennsylvania Business Owner Policy, it's important to be sure that your company is neither overinsured nor underinsured. List all company assets — including property, equipment and inventory — to help you decide the amount of insurance you need. An insurance agent or broker can help you identify risks and determine the type of coverage needed in order to fully protect the company.

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