Article: Do I Need a Business Owner Policy? : Do I Need a Business Owner Policy? skip navigation Contact Us CommonWealth One Federal Credit Union 4875 Eisenhower Avenue, Suite 100 Alexandria, VA 22304 CommonWealth One Federal Credit Union 42 Terri Drive Harrisonburg, VA 22802 Home About Us Benefits Life Stages Contact Us Tell A Friend Resources Articles Calculators Flipbooks Newsletters Glossary Videos Request A Quote Long-Term Care Insurance Life Insurance Disability Income Insurance 401(k) Information Request Contact Us Printed from: www.cofcufn.org Do I Need a Business Owner Policy? Your business may be running smoothly. You could be making money hand over fist. But don’t be lulled into thinking that a catastrophe could never hit your business. Disasters can strike in many ways; even a minor one could wipe out a lifetime of hard work. Fortunately, the appropriate business owner’s insurance policy, sometimes called a BOP, can help protect your company in the event of property damage, business interruption, or legal troubles. Property Coverage A BOP can insure a company’s buildings and equipment in much the same way as homeowners insurance covers a residence and its contents. A standard BOP policy helps protect against a specific list of perils, such as fire, wind, hail, water damage, and vandalism. It’s advisable to insure for “replacement value” rather than “actual value.” That way, you might not have to come up with extra money to get back to business. The premiums will be higher, but the extra expense may well pay for itself if it means getting back to work in a matter of days rather than weeks or months. You may be able to offset the extra expense by working with the insurer to identify and reduce certain types of risks to help lower premiums. Liability Coverage This coverage is essential if someone were to become injured on your premises, by your employees, or by one of your products. It can be used to pay medical costs for the injured parties or to defend against liability claims, even if a claim is unfounded. Liability coverage also helps protect against claims of slander or libel. Business Interruption If your business operations cease because of a disaster, this coverage can help replace the lost income and expenses related to operating from a temporary location. A natural disaster is only one of the many threats facing small businesses. In such a situation, a business owner policy can help put you back in business. The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the ­purpose of ­avoiding any ­federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the ­purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2022 Broadridge Financial Solutions, Inc. Contact Us CommonWealth One Federal Credit Union 4875 Eisenhower Avenue, Suite 100 Alexandria, VA 22304 CommonWealth One Federal Credit Union 42 Terri Drive Harrisonburg, VA 22802 Securities offered through Securities America, Inc., a Registered Broker/Dealer, Member FINRA/SIPC and advisory services offered through Securities America Advisors, Inc., Registered Representatives. Securities America and CommonWealth One Financial Network are separate entities. Not NCUA Insured. No Credit Union Guarantee. May Lose Value. Not a Deposit. Not Insured by any Government Agency This site is published for residents of the United States and is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or product that may be referenced herein. Persons mentioned on this website may only offer services and transact business and/or respond to inquiries in states or jurisdictions in which they have been properly registered or are exempt from registration. Not all products and services referenced on this site are available in every state, jurisdiction or from every person listed. Site Map Check the background of this investment professional Check the background of this financial professional on FINRA's BrokerCheck Check the background of this financial professional on FINRA's BrokerCheck