If you’re a small business owner, you have a lot to think about. You have to worry about marketing, hiring employees, managing finances, and most importantly, ensuring that your business is protected against legal and financial risks. One way to protect your business is by purchasing a Business Owner’s Policy (BOP).
What is a BOP?
A BOP is a special type of insurance policy designed specifically for small businesses. It combines general liability insurance and property insurance into one policy, which is usually less expensive than buying each policy separately.
The policy covers property damage and bodily injury that may occur on your business premises. It also protects your business against lawsuits, such as those that may arise from a slip-and-fall accident or a product liability claim.
What does a BOP cover?
A BOP typically includes the following coverage:
Coverage |
Description |
General Liability Insurance |
Covers bodily injury and property damage that your business may be responsible for. |
Property Insurance |
Covers losses due to fire, theft, or other damages to your business property. |
Business Interruption Insurance |
Covers loss of income due to a covered event that interrupts your business operations. |
Product Liability Insurance |
Covers damages or injuries that may arise from a product your business has manufactured or sold. |
Crime Insurance |
Covers losses due to theft, fraud, or other criminal activities. |
What is not covered by a BOP?
It’s important to note that a BOP doesn’t cover everything. Some things that are typically not covered by a BOP include:
- Professional liability insurance, which covers errors or omissions in professional services.
- Workers’ compensation insurance, which covers injuries to employees on the job.
- Auto insurance, which covers accidents involving company-owned vehicles.
- Flood or earthquake insurance, which covers damage to your property from natural disasters.
Who needs a BOP?
Any small business can benefit from a BOP. Most insurance companies offer BOPs to businesses with less than 100 employees and less than $1 million in revenue. If your business owns a physical location, has equipment or inventory, or deals with customers face-to-face, you should consider purchasing a BOP.
How much does a BOP cost?
The cost of a BOP depends on several factors, including the size of your business, the industry you’re in, and the location of your business. On average, small businesses can expect to pay between $500 and $3,000 per year for a BOP.
Where can I get a BOP?
Most insurance companies offer BOPs. You can also work with an insurance broker or agent to help you find the right policy for your business.
The Bottom Line
A BOP is a cost-effective way to protect your business against legal and financial risks. By combining general liability insurance and property insurance into one policy, you can safeguard your business against common risks, such as property damage, theft, or lawsuits. If you’re a small business owner, consider purchasing a BOP to give your business the protection it deserves.
FAQ
What is a BOP policy?
A BOP is a special type of insurance policy designed specifically for small businesses. It combines general liability insurance and property insurance into one policy, which is usually less expensive than buying each policy separately.
What does BOP insurance cover?
A BOP typically includes coverage for property damage and bodily injury that may occur on your business premises. It also protects your business against lawsuits, such as those that may arise from a slip-and-fall accident or a product liability claim.
What is not covered by a BOP?
A BOP doesn’t cover everything. Some things that are typically not covered by a BOP include professional liability insurance, workers’ compensation insurance, auto insurance, flood or earthquake insurance.
Who needs a BOP?
Any small business can benefit from a BOP. Most insurance companies offer BOPs to businesses with less than 100 employees and less than $1 million in revenue. If your business owns a physical location, has equipment or inventory, or deals with customers face-to-face, you should consider purchasing a BOP.
How much does a BOP cost?
The cost of a BOP depends on several factors, including the size of your business, the industry you’re in, and the location of your business. On average, small businesses can expect to pay between $500 and $3,000 per year for a BOP.
Where can I get a BOP?
Most insurance companies offer BOPs. You can also work with an insurance broker or agent to help you find the right policy for your business.
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