What Is Business Owner’s Policy (BOP) Insurance?

A Business Owner’s Policy (BOP) combines business property and business liability insurance into one business insurance policy. BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters. Business owners insurance also helps cover claims that could arise from your business’s operation. These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury.

 

Who Needs a Business Owner’s Policy?

You should consider a business owner’s insurance policy if:

Your business has a physical location. It doesn’t matter where you conduct your business, it matters if your business and assets have coverage. Your BOP policy can help cover businesses run out of your home, a rented or owned office, store or garage.

There’s a possibility of you getting sued. For example, let’s say a customer who was injured at your work place slips and falls. Without the proper business owner’s insurance, you may be looking at hefty out-of-pocket fees to cover the customer’s medical expenses.

You have assets that could get stolen or damaged. From digital assets and customer data, to equipment, furniture, cash or inventory, some assets can be very hard to replace. With BOP Insurance, you don’t have to worry about where the money is coming from in the event you have assets that got stolen or damaged.

 

What Does a Business Owner’s Policy (BOP) Typically Include?

Business owner’s insurance usually includes:

Commercial Property Insurance - Protects property such as your:

• Buildings

• Equipment

• Inventory

• Furniture

• Fixtures

General Liability Insurance - When it comes to liability protection, the broader the coverage the better. Our policy provides business liability insurance that helps you in the event that you’re sued for causing harm to a person and/or damage to property. It also helps cover the cost of your defense. It does this because businesses often get sued even if they did nothing wrong.

Business Income Insurance - If unexpected events cause a suspension in your business operations due to a covered loss, BOP policy can help. Our BOP can help replace loss of income to help you meet your continuing financial obligations. These include important monthly benefits to employees such as both payroll and any other financial payments that are due to them. This also includes essential payments like rent.