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What is a Business Owner’s Policy (BOP)

A Business Owner’s Policy (BOP) combines business property and business liability insurance into one convenient policy. A BOP helps cover your business from claims resulting from things like fire, theft or another covered disaster and from claims involving bodily injury, property damage and personal and advertising injury that could arise from your business’ operations.

Businesses can tailor a Business Owner’s Policy (BOP) to help meet their unique needs by adding optional coverages like data breach, business income for off-premises utility services and other specialized coverages to their BOP

Who needs a Business Owner’s Policy?

You should consider a business owner’s policy if:
  • Your business has a physical location, whether it’s out of your home or a rented or owned office, store or other work place.
  • There’s a possibility of you being sued – for example, by a customer who was injured at your work place.
  • You have assets that could be stolen or damaged – whether they’re digital assets, customer data, equipment, furniture, cash or inventory.

What’s the advantage of a Business Owner’s Policy?

Purchasing a BOP is smart and convenient.  It simplifies coverage needs by including business property and business liability, two important coverages that most businesses need, in one policy. Compared to purchasing separate policies for business property and business liability, Business Owner’s Policy (BOP) offers businesses a way to save money while getting broad coverage for things like fire, theft, lawsuits and loss of income. It’s an even smarter and more convenient choice because other important coverages can be added to it. Businesses with specific needs can tailor their business owner’s policy by adding additional coverages like business income for off-premises utility services, data breach and more, to suit the particular needs of their company.

What does a Business Owner’s Policy (BOP) typically include?

Business Property Insurance

Property insurance can help protect 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.

General Liability Insurance

When it comes to liability protection, the broader the coverage the better. That’s why BOP provides business liability insurance that 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 Insurance

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.

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