What is a Business Owners Policy (BOP)?

Business Owners or BOP Insurance policies combine protection from all major property and liability risks into one package. This will include but is not limited to business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company's specific needs, you can alter what is included in a BOP.

Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverages.

What's Covered with a Typical BOP Policy?

BOPs typically include:
  1. Property insurance for buildings and contents owned by the company -- there are two different forms, standard and special, which provides more comprehensive coverage.
  2. Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
  3. Liability protection, which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.

In most cases, BOPs do NOT cover professional liability, auto insurance, worker's compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees.

For more information on the Business Owners Policy for your company, contact us today!