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For a garage door installer, a comprehensive business owner’s insurance or BOP provides solid protection in both the liability and property areas of your insurance program. The BOP is designed for small to medium size businesses. It also may be a good choice because it streamlines your insurance coverages making them easier to administer.
The garage door installer business owner policy may also be less expensive than buying the property and liability separately. As the owner of a small or medium size company, it’s an insurance option worth considering.
To purchase a BOP insurance, you will need to provide information on any prior losses, employee data, details about your property and any contractual business agreements (franchise, building, lease, etc.) you have entered into. There is also a revenue limit your business must be below to buy a BOP.
Below are the major business owner's insurance liability and property protections as well as a list of endorsements to further customize your garage door installer business owner policy.
All of the liability insurance coverages that are on a standalone liability policy are on the BOP. This includes bodily injury, property damage, medical payments, fire legal liability and more. Also, everyone involved with your business is protected against any covered liability lawsuits.
Tools, garage door inventory and items like clothing and furniture are covered as business personal property if any of them are damaged as a result of a covered peril on your owned structures. Read the insurance policy for more specifics about what is and isn’t covered in this section of the BOP.
Similar to a homeowner insurance policy, the property portion of the BOP takes care of any losses to the structures you own that are used for your business. Losses can come from any of the covered perils like fire, explosions, vandalism, etc. Permanent building improvement and additions are also covered here.
If your income is temporarily cut off because of a covered loss, this coverage will pay what your income would have been for a period of time while you’re re-establishing your garage door installer business. It can be a lifesaver and mean the difference between staying afloat and closing your doors in the event of a catastrophe.
If you rely on paper records and documents to run your business, there is a possibility that they could get damaged in the event of a fire or other covered peril. The insurance coverage will pay to restore those documents. If some of them represent accounts receivables that are not getting paid because of the loss, the policy will pay those amounts.
You never know what a disgruntled employee might do. The BOP will pay out if the actions of a dishonest employee results in a theft or a loss under another covered act.