Frequently Asked Questions: Q:  SHOULD I DETEMINE THE VALUE OF MY INVENTORY? A:  Yes, you should determine the value of the inventory you feel is worth insuring.  Make sure the items are covered under the basic policy, if not, you may want to purchase an advanced policy Q:  WHAT IS PROPERTY INSURANCE? A:  Property insurance can be purchased on the basis of the property’s actual value. This policy will usually cover losses in event of a windstorm, hail, explosion and fire. Optional coverage can insure against floods and earthquakes. Q:  WHAT IS LIABILITY INSURANCE? A:   Liability insurance will protect your business assets in the event you are sued.   This type of insurance will pay the cost of the damages, and legal fees. However, liability insurance will not protect you against sexual harassment and race/gender lawsuits. Q:  WHAT IS (BOP)? A:   BOP is also known as business owners policy.  This policy combines both property and liability insurance coverage. This allows broad coverage; however, it does not cover everything. More advanced coverages are available, because every business has different needs Q:  WHAT IS (EPLI)? A:   EPLI is also known as Employment Practices Liability Insurance.   This policy protects your business against employment-related claims.