How do lawsuits get so expensive? To defend yourself, you may have to pay lawyers' fees, court costs, witness fees, police report costs, and judgments or settlements. The General Liability coverage included in your BOP Insurance can pay for those expenses so they don't come out of your pocket.
Liabilities a Business Owner's Policy can't cover: BOP Insurance is not a silver bullet. For example, it won't cover employee injuries (that's a job for Workers' Compensation Insurance), professional errors (you need Errors and Omissions Insurance for that), or data breaches (turn to Cyber Liability Insurance instead).
Part 2: Property
Your BOP's Commercial Property coverage can help pay for business property lost or damaged by:
For example, if a fire destroys an office you own, your BOP policy may help pay to repair the building and replace its contents.
Some BOPs may also include Business Interruption Insurance. This coverage actually pays your business income, but only in very specific circumstances: if you're forced to close by property damage covered by your Property Insurance (like a fire), Business Interruption Insurance can pay benefits to replace the income you're not able to earn while you're closed.
Property a Business Owner's Policy can't cover: Your BOP Insurance does not cover damage to business vehicles. You'll need Commercial Auto Insurance for that.