What the package brings together
The property part can cover a building you own or business personal property, such as shop equipment, computers and inventory, when included. The general liability part can address covered claims that your business injured someone or damaged their property.
The package often includes business income coverage, which addresses qualifying income loss after a covered property event. Each part has its own limits and conditions. One policy document does not mean every business risk is included.
What business income coverage actually does
Business income coverage can help with specified lost income and continuing expenses when covered property damage interrupts operations, subject to the form, waiting period and time limits. Extra expense coverage can address qualifying additional costs to keep operating.
Property values and the lease
Read the lease to identify which improvements, glass, fixtures or other property you must insure. Replacement cost generally concerns comparable new replacement; actual cash value generally accounts for depreciation. The chosen limits and settlement conditions still control payment.
Tools traveling to a job may have limited coverage under a premises-focused property form. An inland marine tools policy can address mobile property. Tell us the maximum value kept at the shop and the value taken into the field.
Does your contracting work qualify?
Eligibility depends on the insurer’s rules for trade, job types, revenue, payroll, property and location. A business with a small workshop can still perform field operations outside a particular BOP’s appetite.
Describe subcontracted work and what happens after a job is finished. Completed operations refers to injury or damage arising from finished work. If a customer wants additional insured protection, the package’s endorsement options need to satisfy that requirement too.
Complete the insurance plan around actual needs
Workers’ compensation, commercial auto and professional liability commonly require separate coverage. Larger equipment, special construction work or higher liability limits can need separate policies as well.
Start with the lease, property values and work description, including jobs away from the shop. We can explain whether a package fits and which other policies address the risks it leaves out.
Common questions
A BOP combines specified property and liability coverage. Employee injuries, business vehicles and professional advice commonly need separate policies. We compare the package with how your business actually operates so you can see what is included and what remains to be arranged.