Business Owners Insurance   

Business Owners Insurance or a Business Owners Policy (BOP) is a package for small businesses with a single commercial insurance policy that combines property insurance with commercial general liability insurance coverage.

Lower your premium cost by combining your property insurance with commercial general liability insurance coverage.

 A Business Owner’s Policy includes:

• General liability insurance to cover your commercial liability, and
• Property insurance for physical assets, such as contents, that are leased or owned

A BOP insurance package policy might also cover the loss of business income and extra expenses caused by an insured peril.

In general, a business owner’s insurance package policy insures damaged or lost property for its replacement value. That means that in the event of a claim, you'll receive a large enough settlement to replace the property, without any deduction for depreciation.

A BOP’s property insurance also covers other people's personal property, if you as a business owner are legally liable for damage to it.

A BOP’s general liability insurance coverage is comparable to a typical commercial general liability insurance coverage (CGL) policy, in that it protects your business against claims of bodily injury or property damage. A BOP’s general liability coverage also provides business liability insurance coverage to pay the cost of:

• A legal defense in a lawsuit arising from an accident that causes bodily injury
• Property damage
• Claims such as libel, slander and false advertising – even if those claims are meritless

General liability insurance does not protect your business in the event that a client accuses you of professional errors or negligence. Those types of claims are normally covered by a professional liability insurance policy.

Although a Business Owner’s Policy affords excellent and affordable protection, not all businesses are eligible for BOP coverage. We’ll help you find other forms of commercial insurance if your company:

• Is involved in highly specialized or high-risk operations
• Occupies large premises
• Needs business interruption coverage beyond 12 months
• Needs higher limits of liability than a BOP package can offer

A BOP is a great fit for many types of businesses, but those that have a high product liability risk should evaluate whether the standardized limits in a BOP are adequate. It’s also important to remember that all general liability and property insurance package policies are not created equal. Standard coverage from one insurance company may be optional from another. 

Have questions or need a quote? Click here to get a quote now or contact us for more information.