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Please note! At this time, eno.insure is unable to write any business property insurance in the state of Florida. This will include, but may not be limited to, Business Owners Policies, Business Personal Property, General Liability, Commercial Auto, Commercial Umbrella.

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Business Owners Insurance

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What is Business Owners Insurance?

Business owners insurance, also known as a Business Owners Policy (BOP), is a type of insurance policy designed to provide small business owners with comprehensive coverage for their property and liability risks.

A BOP typically includes two types of coverage:

  1. Property Insurance: This type of coverage protects your business property, including your building (if you own it), equipment, and inventory, against damage or loss due to a covered event, such as fire, theft, or vandalism.
  2. Liability Insurance: This type of coverage protects your business against claims of bodily injury or property damage that may arise from your business operations. It can also provide coverage for claims of libel, slander, and other types of reputational harm.

In addition to these two types of coverage, a BOP may also offer additional options for coverage, such as business interruption insurance, which can help cover lost income if your business is unable to operate due to a covered event, and cyber liability insurance, which can help protect your business against data breaches and other cyber risks.

Business owners insurance is typically designed for small businesses, such as retail shops, restaurants, and small office-based businesses. However, it may not be suitable for larger or more complex businesses that require more customized insurance solutions. It’s important to work with an experienced insurance provider to assess your needs and determine if a BOP is right for your business.

What does Business Owners Insurance cover?

Business owners insurance, or a Business Owners Policy (BOP), typically includes two types of coverage:

  1. Property Insurance: This type of coverage protects your business property, including your building (if you own it), equipment, and inventory, against damage or loss due to a covered event, such as fire, theft, or vandalism. Property insurance can also cover other types of property, such as furniture, fixtures, and computers.
  2. Liability Insurance: This type of coverage protects your business against claims of bodily injury or property damage that may arise from your business operations. It can also provide coverage for claims of libel, slander, and other types of reputational harm.

In addition to these two types of coverage, a BOP may also offer additional options for coverage, such as:

  1. Business interruption insurance: This coverage can help cover lost income if your business is unable to operate due to a covered event, such as a fire or natural disaster.
  2. Cyber liability insurance: This coverage can help protect your business against data breaches and other cyber risks.
  3. Employment practices liability insurance: This coverage can help protect your business against claims of discrimination, harassment, or wrongful termination brought by employees.
  4. Equipment breakdown insurance: This coverage can help cover the costs of repairing or replacing equipment that breaks down due to a covered event.
  5. Crime insurance: This coverage can help protect your business against losses due to employee theft, forgery, or other criminal activities.

The specific coverage and policy limits that are included in a BOP will vary depending on the insurance provider and the needs of your business. It’s important to work with an experienced insurance provider to assess your needs and select the right coverage options for your business.

What doesn’t Business Owners Insurance cover?

While Business Owners Insurance (BOP) provides comprehensive coverage for many common risks faced by small businesses, there are some events and types of damage that may not be covered by a BOP. These can include:

  1. Flood or earthquake damage: BOPs typically do not cover damage caused by floods or earthquakes, which require separate policies or endorsements.
  2. Professional liability: BOPs typically do not cover claims of professional negligence or errors and omissions, which require separate professional liability insurance.
  3. Employee injuries: BOPs typically do not cover employee injuries, which are covered by workers’ compensation insurance.
  4. Automobile accidents: BOPs typically do not cover automobile accidents, which require separate commercial auto insurance.
  5. Intentional acts: BOPs typically do not cover intentional acts, such as fraud or criminal activity, committed by the business owner or employees.
  6. Certain types of property: BOPs may have limits on coverage for certain types of property, such as valuable artwork or antiques.

It’s important to carefully review the terms and conditions of a BOP to understand what is and isn’t covered, and to work with an experienced insurance provider to identify any additional coverage needs your business may have.

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About eno.insure!

ENO Insurance Agency is a family-owned and operated business that has been providing professional liability insurance to clients for over 20 years. We take pride in our ability to provide our clients with personalized service and customizable insurance solutions that meet their specific needs. Our knowledgeable and experienced staff is dedicated to providing our clients with the best service possible.

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Adam Gwaltney, President, COO

"We use ENO Insurance for our firm’s Professional Liability and Cyber insurance. The reason we would go nowhere else is simple. Outstanding service. They always respond to our questions in a timely and efficient manner. But what really sets ENO Insurance apart is the time they take to clearly explain the pros and cons of any question we ask, helping us make good, informed decisions."
Beth Silverman and AssociaesLaw Firm
"We have always done our Professional Liability with ENO Insurance, and have no plans to switch.  The level of professionalism and responsiveness is second to none.  They always take the time to research any questions we have, and get back to us in a timely manner.  Our experience with ENO Insurance is we are a valued customer, not just a number."
Kristy DouglasCPA
"We have always done our Professional Liability with ENO Insurance, and have no plans to switch.  The level of professionalism and responsiveness is second to none.  They always take the time to research any questions we have, and get back to us in a timely manner.  Our experience with ENO Insurance is we are a valued customer, not just a number."
Safford & BakerLaw Firm

Who needs Business Owners Insurance?

Business Owners Insurance (BOP) is designed to provide comprehensive coverage for small and medium-sized businesses. It may be a good option for businesses that:

  1. Have a physical location: BOPs provide property insurance coverage, which is particularly important for businesses that own or lease a physical location.
  2. Have business assets: BOPs provide coverage for business assets such as equipment, inventory, and furniture.
  3. Have employees: BOPs may provide liability coverage for employee injuries or claims of discrimination, harassment, or wrongful termination.
  4. Face potential liability risks: BOPs may be a good option for businesses that face potential liability risks, such as those in the service industry, healthcare, or manufacturing.
  5. Need business interruption coverage: BOPs can provide coverage for lost income if your business is unable to operate due to a covered event.

However, BOPs may not be suitable for all businesses. Businesses that have unique risks or specialized needs may require additional or alternative coverage. It’s important to work with an experienced insurance provider to assess your business’s needs and identify the right coverage options.

What Policy Limits are right for my business?

The appropriate policy limits for Business Owners Insurance (BOP) depend on several factors, including your business’s size, industry, and risk profile. Here are some key considerations to help determine appropriate policy limits for your business:

  1. Property coverage: The policy limit for property coverage should reflect the replacement cost of your business’s physical assets, such as buildings, equipment, and inventory.
  2. Liability coverage: The policy limit for liability coverage should reflect the potential damages your business could face in the event of a lawsuit or other claim. This can depend on factors such as the size of your business, industry, and the types of services or products you offer.
  3. Business interruption coverage: The policy limit for business interruption coverage should reflect the potential lost income your business could experience if you are unable to operate due to a covered event. This may include factors such as the length of time it would take to resume operations, the cost of relocating, and the potential loss of customers or clients.

It’s important to work with an experienced insurance provider to identify appropriate policy limits for your business. A provider can help you assess your business’s needs and identify the right coverage options to protect your business.

How much does a Business Owners Insurance policy cost?

The cost of a Business Owners Insurance (BOP) policy depends on several factors, including the size and type of business, location, industry, and the coverage limits selected.

The annual premium for a BOP policy typically ranges from a few hundred to a few thousand dollars, depending on the above factors. Small businesses with low risk profiles may pay less, while larger businesses or those with higher risk profiles may pay more.

For example, a small retail store with a BOP policy that provides $1 million in liability coverage and $500,000 in property coverage may pay an annual premium of around $500 to $1,500. On the other hand, a larger manufacturing business with a BOP policy that provides $5 million in liability coverage and $2 million in property coverage may pay an annual premium of several thousand dollars.

To get a better idea of the cost of business owners insurance for a specific business, it’s best to consult with us so that we can provide a customized quote based on the individual needs and risk factors.

Where is the eno.insure team licensed to sell Business Owners Insurance?

The eno.insure team is licensed in the following states:

  • Alabama
  • Arizona
  • Colorado
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Maryland
  • Michigan
  • Minnesota
  • Montana
  • New Jersey
  • North Carolina
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Wisconsin

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ENO Insurance Agency is a family-owned and operated business that has been providing professional liability insurance to clients for over 20 years. 

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