State Farm’s Business Owners Policy

A State Farm business owners policy (BOP) bundles five essential types of business insurance coverage.

General liability insurance. This part of a BOP pays claims made by others against your business for damage to their property or for injuries. General liability insurance also covers issues such as electronic data loss, copyright infringement, advertising injury, reputational harm and legal costs in case you get slapped with a lawsuit.

Business property insurance. Commercial property insurance from State Farm pays out if your equipment, inventory, furniture and building structures are stolen, damaged or destroyed.

Loss of business income: If you lose revenue because of property damage, business interruption insurance can help pay for ordinary payroll expenses and protects your income. Coverage from State Farm can pay for loss of income for up to 12 months.

Equipment breakdown: While this isn’t typically covered in a standard BOP, State Farm’s policy will pay to repair or replace business equipment that suffers damage or breaks down.

Professional liability. For specific occupations, State Farm offers protection in case your business is sued as a result of services you have provided.

You can purchase additional coverage on a State Farm BOP, such as:

• Insurance for commercial car use.
• Workers’ compensation should your employees incur an on-the-job injury or work-related illness.
• Commercial liability umbrella policy for some padding to your existing coverage.

State Farm’s Professional Liability Insurance

This is also known as errors and omissions (E&O) liability insurance. If you offer professional services, professional liability coverage can help foot the bill for settlements and legal judgments should a lawsuit be claimed against you for negligence, or for an error in your work.

State Farm’s Commercial Auto Insurance

A commercial auto insurance policy from State Farm can help cover the costs of medical bills, legal fees, and repairs should there be an accident on the road that involves you or one of your workers. You get coverage for both leased and owned vehicles, and it covers a wide range of modes of transport, including farm vehicles, pickups, trucks and vans.

State Farm’s Commercial Liability Umbrella Policy

A commercial liability umbrella insurance policy adds extra coverage to your existing policy. Should there be a severe accident or injury with costs that exceed your main policy’s current liability limits, you’ll be covered for the difference up to the limits on your umbrella policy.

For instance, imagine your BOP has $2 million in general liability coverage, but you’re hit with a lawsuit and end up responsible for paying damages of $2.5 million. Instead of paying that $500,000 out of pocket, your commercial liability umbrella policy will kick in.

State Farm’s Employment Practices Liability Insurance

For small businesses with employees, employment practices liability insurance (EPLI) is a form of liability coverage that offers protection for worker-related legal issues. This might include, but isn’t limited to, sexual harassment, retaliation, discrimination and wrongful termination. This insurance can cover legal defense costs and compensatory damages.

State Farm’s Contractor Policies

If you work as a contractor, artisan and service contractors insurance offers financial protection if you are responsible for damage to property while you’re working on site. It also covers medical bills and legal costs related to injuries for which you are liable. If your equipment or tools are stolen while you are on the job, this coverage can pay for replacements.

State Farm’s Workers’ Compensation

State Farm offers workers’ compensation insurance covering expenses that stem from work-related employee illnesses, injuries or deaths. This coverage can help foot the bill for employees’ medical bills and provides other benefits if they become sick or injured because of their jobs. It can also cover temporary and permanent disability.

Coverage requirements for workers’ comp vary by state. However, many states in the U.S. mandate that employers carry this insurance.

State Farm’s Farm and Ranch Insurance

State Farm’s farm and ranch insurance is a specialty insurance that can provide coverage for personal property such as farm tools, farm machinery, grain and livestock that you use to run your business. It can also provide coverage for your building structures. You can bundle this insurance with liability protection and commercial liability umbrella insurance.

State Farm’s Inland Marine Insurance

If you are in the business of transporting or shipping goods, State Farm’s inland marine insurance can cover different types of property, such as collectibles and art, animals and vending machines.

You can tack on this coverage as an add-on to your existing policy, or purchase it separately for a short period or annual basis.