Business Owner's Insurance:
Protection You Can Trust, Savings Always On
What is a
Business Owner's Policy (BOP)?
A Business Owner’s Policy (BOP) bundles essential coverages into one cost-effective policy designed for small and medium-sized businesses. It provides comprehensive protection for your business property, liability, and income, helping you safeguard your operations from unexpected risks. BOPs are ideal for businesses that:
- Operate out of a physical location (e.g., retail stores, offices).
- Have fewer than 100 employees.
- Generate less than $5 million in annual revenue.
- Need to protect property, equipment, or inventory.
What Does a BOP Cover?
1. General Liability Insurance
Protects your business from third-party claims of:
- Bodily Injury: Covers medical expenses if someone is injured on your premises.
- Property Damage: Pays for damages caused to someone else’s property.
- Personal and Advertising Injury: Covers claims related to libel, slander, or copyright infringement.
Example:
If a customer slips and falls in your store or you’re sued for false advertising, general
liability coverage helps pay legal fees and settlements.
2. Commercial Property Insurance
Covers damage to your business property caused by fire, theft, vandalism, or natural
disasters. This includes:
- Buildings you own or lease.
- Equipment, inventory, furniture, and fixtures.
Example: If a fire damages your office and equipment, commercial property insurance helps cover repair or replacement costs.
3. Business Income Insurance (Business Interruption)
Reimburses lost income and operating expenses if your business is forced to temporarily close due to a covered event.
This includes:
- Lost revenue.
- Payroll expenses.
- Rent or mortgage payments.
Example: If a storm damages your building and you must shut down for repairs, this coverage helps you stay afloat financially.
Optional Add-Ons for BOP
Customize your policy with additional coverages tailored to your industry:
- Cyber Liability Insurance: Protects against data breaches and cyberattacks.
- Equipment Breakdown Coverage: Covers repair or replacement of essential equipment.
- Employment Practices Liability: Protects against claims of wrongful termination or discrimination.
- Crime Insurance: Covers losses from theft, fraud, or forgery.
What’s Not Covered by a BOP?
A BOP does not typically include:
- Workers’ compensation insurance (required for employees).
- Commercial auto insurance (for business vehicles).
- Professional liability insurance (for errors in professional services). Separate policies are needed for these coverages.
Recommendations Based on Your Business Needs:
How Much Coverage Do You Need?
For Retail Stores:
Ensure adequate property coverage for inventory and liability protection for customer injuries.
For Offices:
Focus on liability coverage for visitors and business interruption insurance to cover income loss during closures.
For Service-Based Businesses:
Consider adding professional liability insurance if you provide advice or specialized services.
Why Choose Us?
With so many options available for business insurance, finding the right policy can be overwhelming. That’s where we come in:
- We compare quotes from multiple carriers to find the best coverage at
competitive rates. - Our licensed agents provide personalized advice based on your business’s unique needs.
- As a virtual agency, we save you time and money—no broker fees when you buy
online!
