Many small business owners buy a type of insurance coverage called a Business Owner's Policy.
This is a package policy that covers major property and liability exposures as well as a loss of income if your business cannot operate for a period of time. For example, if your firm's roof is damaged during a thunderstorm, causing your office to flood and your business to close for two months, a BOP would provide coverage in several ways. The policy would cover the cost of repairing the roof, cleaning up water damage and repairing or replacing your furniture, computers and supplies. A BOP also would cover your payroll and taxes for the two months the business was closed. And if one of your clients was in your office during the storm and was injured by falling debris, a BOP would cover your customer's medical bills.