Business Owner's Policy
At a minimum, most restaurants have a Business Owner’s Policy (BOP). Why? Because it helps protect your business in much the same way that a homeowner’s policy protects your home and personal possessions.
By combining some of the most important coverages small business owners need, including Business Liability, Business Property and Business Income, a BOP can save you money while helping to safeguard what you’ve worked hard to build. It also provides an easy way to purchase optional, additional coverage tailored to your business.
The place where you do business – whether you own or lease it – is vital to your day-to-day operations. And, no matter how careful you are, unexpected events, such as fire or vandalism, can and do happen. Having property coverage could mean the difference between complete catastrophe and a minor blip. You should consider property insurance that not only covers damage to your buildings and furniture, but also your computers and the other things you need to keep your business up and running.
These days, even the most careful business owners can be sued. And, even if the outcome is in your favor, the legal costs can be staggering. Business Liability coverage helps protect your business from the cost of claims for damages caused by your employees, products and some services. It also helps cover the cost of your defense. So, how much coverage do you need? That depends on the size of your restaurant, how many customers you serve along with other factors. An insurance agent – or a representative from The Hartford – can help answer your questions.
In addition to Business Property and Liability coverage, a BOP may include Business Income coverage (also referred to as Business Interruption coverage). This helps cover loss of income when you can’t run your business because of covered property damage caused by an unexpected event. For example, a fire causes your business to close for 3 days while repairs are made. Business Income coverage can help you meet ongoing financial obligations, like rent and payroll.