BOP’s keep the physical assets of your company such as the building, its contents and any outdoor fixtures such as signs and fencing protected. Other important coverages can be added, based on the unique needs of your business, such as business income replacement due to a covered loss like fire or theft.

Here are a few examples of incidents that could be covered by a commercial property policy:

• A burglar runs off with your valuable equipment and tools
• A fire destroys your building and the contents inside
• A windstorm damages the fencing or signage around your building

No one expects a customer to sue or a fire to destroy their building, but incidents like these happen every day. In fact, a study by The Hartford shows that more than 40 percent of small businesses will experience an insurance claim in the next 10 years. Business Owner's Insurance makes sure your business can handle whatever comes its way.

Here are a couple of tips:

• Consider "actual cash value” coverage versus “replacement cost”. This will cost less than a "replacement cost" policy – but it also covers less. Replacement cost refers to the amount necessary to repair, replace or rebuild property or equipment to it’s original condition. Where "Actual Cash Value" replaces it with similar style or quality based on the current depreciated value. Actual cash value insurance may work well if you can easily replace all your equipment with used equipment, but before making this choice, be sure to consult a Builders' Choice agent, who will know if the savings is worth the lower payout.
• Consider "named perils" coverage. "Named perils" coverage usually costs less than an "open perils" policy because it covers less. So again: if your risk exposure is limited, this might make sense. But it could also end up costing you in the long run.