Business Owners Policy (BOP)

What is B.O.P insurance ?

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Liability and property protection for your business

Business owners insurance, also known as BOP insurance, is a policy that combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, retail stores and contractors.

BOP Coverage

A business owners policy contains two primary coverages:

 

Liability

The liability coverages available on a BOP are the same as those on a general liability policy. This includes protection against liabilities like customer injury and property damage, advertising injury, and product related claims.

A BOP doesn’t cover your employees. You’ll need a separate workers’ compensation policy.

Property

Provides coverage for commercial buildings and the movable property owned by and used for the business – referred to as business personal property. It can also pay for other things like debris removal, loss of income and pollution cleanup as part of a covered loss.

A BOP policy, like most other policies, has certain coverage exclusions that you should be aware of. If you need protection for something that isn’t covered, policy endorsements might be available to extend coverage.

 

For example, damage from earthquakes is typically excluded from a BOP. If you live in an area that’s prone to earthquakes, you might want to consider adding an endorsement to your policy to extend coverage. Ask about endorsement options when getting your quote.

 

Why do you need business insurance?

Business insurance, also called commercial insurance, provides crucial protection for any small business. If there’s an accident at your business, you could face a lawsuit. The high cost of litigation, medical bills, and property damage claims is the primary reason businesses need insurance.

No single insurance policy covers everything. In general, there are two broad areas of coverage:

  • Business liability insurance covers incidents in which someone holds your business responsible for damages, injury, or loss.
  • Commercial property insurance pays for repair or replacement of damaged or stolen business property. It also covers your building if you own it.

There are several situations in which businesses are required to obtain commercial insurance. For example, most states require businesses with employees to purchase workers’ compensation insurance. Business-owned vehicles must be covered by commercial auto insurance.

While it’s not required by law, general liability insurance is often included in the terms of a commercial lease or client contract. Learn more about the types of business insurance.

 

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Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin
Client Logo

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin

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