As the owner of a small to medium-sized business, you have the chance to combine the basic insurance coverages you need into one, comprehensive policy called a Business Owner's Policy, or BOP. A BOP groups together several kinds of business insurance, including general liability, property, and casualty. Since they combine different kinds of coverage into a single policy, BOPs may save you money on premiums, and also save you the administrative hassle of purchasing several insurance policies.
What coverages does a BOP provide?
BOPs generally provide the same coverage as you would receive if you purchased separate property and casualty and liability insurance policies. Examples:
Tip: Business Owners Policies usually insure property for replacement value, meaning you will receive a payout that is enough to replace damaged or stolen property at today's value.
Why consider purchasing a BOP?
How do I qualify for a BOP?
Business Owners Insurance is available for small and medium-sized businesses. If you have 100 or fewer employees and revenues of $5 million or less annually, you may qualify for a BOP.
Some types of high-risk businesses, such as manufacturing firms and bars, may not be eligible for coverage under a BOP, and may need to purchase separate insurance policies tailored to cover the risks inherent in the business.
Keep in mind: BOPs meet the general insurance needs of most businesses, but they don't cover every type of business risk. You may need added coverage for specific aspects of your business. Your insurance agent or broker can help you determine whether purchasing a BOP is the right decision for you, and can recommend specific insurance to suit your business needs.