What is A Business Owner's Policy (BOP)?
A Business Owner's Policy (BOP) is an insurance bundle designed specifically for small business owners that includes some of the basic coverage needed by a typical small business into one standard package at a discounted premium.
Do I Need a Business Owner’s Policy for My Small Business?
Running a small business involves a significant investment and carrying some form of insurance helps protect your investment by protecting you from unexpected events. If you are in the market for general liability insurance you should consider a Business Owner’s Policy because it bundles together both general liability and commercial property at a discounted premium.
What Does Business Owner’s Policy (BOP) typically include?
- Business Property Insurance Protects the property your business owns, leases or rents, including things like buildings, equipment, inventory, furniture and fixtures. It provides coverage for loss of accounts receivable and valuable papers and records.
- Business Liability Insurance Helps cover your business in the event it is sued for causing harm to a person and/or damage to property. It also helps cover the cost of your defense – because businesses can be sued even if they did nothing wrong.
- Business Income Coverage If unexpected events cause a suspension in your operations resulting from a covered cause of loss, BOP insurance will help replace loss of income to help you meet your continuing financial obligations such as rent or payroll.
BOPs do NOT cover professional liability, auto insurance, data breach coverage, worker’s compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees.
Let us help you make an informed decision about your business insurance needs. Our licensed agents specialize in helping small businesses obtain the best coverage at the best price, give us a call today at 888-834-8619.