If you own a business in New York, you’ll definitely need adequate insurance that offers yourself and your business protection from bodily injury or property damage claims. For this purpose, you’ve probably thought about purchasing a Business Owner’s Policy (BOP), but should you also opt for commercial property insurance coverage as well?

What is a Business Owner’s Policy?

In addition to coverage for your property, your Albany-based business should also have protection against third-party claims and coverage for both company vehicles and non-business vehicles used by employees. A Business Owner’s Policy (BOP) combines property and liability policies into a single, simplified package. The average BOP policy can also be tailored to suit your business’s needs.

BOPs include a wide spectrum of coverage options for companies, but the most common forms of coverage involve general liability and property insurance:

• Property insurance under a BOP provides coverage for personal property, permanently attached equipment and structures that you own or lease for your business. It also includes coverage against business interruptions due to a natural disaster.
• General liability insurance provides protection against third-party claims due to property damage or bodily injury that occurs on your premises or as a result of your operations.

BOP or Commercial Property Insurance: Which One Should I Choose?

Commercial property insurance simply covers your business’ leased and owned physical property and the property of your clients and customers whereas, a BOP covers not just your building and other property, but it also provides general liability and other forms of coverage.

Since a BOP already includes commercial property coverage, you’re better off having the comprehensive protections afforded by one. In addition, you’ll also save money by having all the coverage your company needs in one package. Contact us to get in touch with an independent agent in Albany to further discuss your options.