Customer
- Small business owners
Coverage
- Property insurance, for your building or office space
- Stuff your business owns(e.g., office furniture, equipment, inventory)
- Liability insurance, in case you, your employees or your products cause harm
- Business interruption insurance
Cost Factors
- Type of entity
- Limits of coverages including deductible
- Type of construction of building business is housed in
- Proximity to fire department / fire protection
- Other factors
Claim Examples
- A visitor slips and falls on your front sidewalk or parking lot
- You experience a burglary and there is damage to your doors and missing equipment
- You are accused of false advertising
- You have a small fire in your garage but it does smoke damage to your building
- Your business is shut down while repairs are being made after a fire
A BOP (Business Owners Policy) is a type of package policy for smaller businesses. It combines property and liability insurance into one business insurance policy. While coverages vary among insurance providers, businesses can often opt-in for additional coverages such as crime, spoilage of merchandise, forgery, fidelity, and more. A qualified agent can tailor a policy to fit your unique needs.
What should I look for in a Business Owners Policy?
- Don’t assume the insurance will be too expensive. A low-risk business can often pay between $250-$1,000 per year.
- A BOP is not all encompassing. It will not protect you from errors and omissions, and you may still need Workers Compensation and an Auto policy among other specialty needs for your particular niche.
- Avoid the mistake of having your business rated incorrectly on your BOP which can lead to a denial of coverage for a claim. Make sure to tell your agent all the business practices you are involved in so you can be be appropriately covered.
