Business Owners Policy Insurance Policy

A Business Owner's Policy (BOP) is a commercial insurance policy that combines Liability and Property Insurance into a single package. Depending on your operation, coverage can be added for professional liability and employment practices for lower hazard operations.

The purpose of the BOP is to provide small to midsize businesses a comprehensive package offering most, if not all necessary insurance coverages under a single policy. Prior to the creation of the BOP, business owners would likely need to obtain multiple policies in order to get the proper coverages in place. Although this still may be necessary, a BOP is an ideal pick for many small businesses in the U.S.

In most cases, the typical BOP insurance includes both commercial property insurance and general liability insurance. In some instances, this type of insurance is also called business hazard insurance.

Together, both types of insurance are responsible for covering your business against the most common forms of financial liability.

Commercial Property Insurance

The property insurance portion of the BOP covers physical damage to your business premises, inventory, equipment, fixtures, and more. It also includes coverage for loss in value caused by an insured risk that is covered under the policy (for example if a fire damages your building, you will be reimbursed for its diminished value).

General Liability Insurance

The liability portion of your BOP insurance protects you against claims made by customers, vendors, suppliers, and employees. This includes damages or injuries caused by an accident on your property. It can also help cover medical payments for injuries sustained by third parties that you are liable for.

As with most insurance policies, your cost for a BOP will depend on several factors. These include the coverage levels you choose, specialized endorsements you add to the policy, and how many locations are insured under one policy.

You can save money by insuring multiple properties under one BOP policy, rather than purchasing separate policies for each location. You should also be aware that multiple claims on a BOP could increase your premiums.

Either way, the average cost of business owners policy ranges between $50 to $150 per month.

You can apply directly on our website to get a free quote.

It depends on your business type and needs, but a BOP may be right for you if you have multiple locations that share the same risks.

Generally speaking, a BOP insurance can protect you against any financial losses as a result of customer accidents, fires, burglaries, and more.

Unfortunately, not all businesses are eligible for BOP insurance. Thus, you'll need to pass certain criteria in order to be eligible for such insurance.

To qualify for a Business Owners Policy insurance, you'll need to:

• Operate within a low-risk field
• Have less than 100 employees
• Have less than $5,000,000 in annual revenue
• Work out of a small commercial space

There are a number of insurance providers that provide Business Owner's Policy insurance. However, it isn't as easy as purchasing your homeowner's insurance through major vendors.

Many BOP’s are only available through independent agents and agencies that specialize in business insurance. You can apply directly on our website to get a free quote.

As long as you meet the eligibility requirements and your business is located in a low-risk zone, you should be able to obtain a BOP insurance policy. If you're unsure if your business qualifies for this type of coverage, check with your local insurance provider.