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As a professional door installer, it might be in the best interest of your company to get a business owner insurance coverage. The BOP, as it is known, protects your firm from problems that may arise regarding liability and property hazards you may encounter as you install doors each day.
Because it covers both liability and property insurance, the BOP offers very comprehensive protections. In fact, if you don’t drive your vehicles for your business, the BOP may be all you need along with the workers comp.
The significant BOP liability and property insurance protections are below followed by a list of additional endorsements that are available.
Everyone who does work for you, as long as you have authorized it, is covered under business liability insurance. This affords your employees and door installation company protection from liability suits. Basically, every reasonable expense needed to defend a lawsuit will be paid for. This includes attorney’s costs, court expenses and fees for obtaining documents critical to your case. All of the typical liability coverages such as bodily injury, property damage, products and completed operations, medical payments and so on are included in the BOP.
Business personal property insurance coverage refers to the business related personal items that are covered in the event of a fire or other covered peril, at your place of business. Items like appliances, clothing and furniture are covered. Supplies, fixtures, equipment, door repair/installation tools and inventory would be covered. Also, if the property is outside of your primary location, it would have to be scheduled. The policy makes it clear and/or you can talk to your agent about what exactly is and isn’t covered by business personal property.
Property that you own comes under the property portion of the BOP. It will pay out for any covered losses (loss by fire, lightning, explosions and other perils). This also takes in to account any detached buildings on your property as well as permanent improvements.
If a fire to your premises prevents you from doing business to the point where you cannot pay your expenses, this coverage will pay them as if the incident never happened. This might be significant if you maintain an inventory of doors that get damaged. This insurance coverage usually lasts up to a year while you are getting back on your feet.
If you still use paper records and they get fire damaged where you cannot tell who owes you money and you are not getting paid, this coverage will step in and make you whole. It will also pay for the drying out and restoration of your valuable papers.
If a dishonest employee causes damage to your business by theft or other covered act, this portion of the policy will pay for the damages.