What is a Businessowners' Policy (BOP)?
Businessowners' Policy (BOP) combines property, liability, and other coverages under one package policy. The policy is often sold at a lower premium than the cost of all the individual coverages sold separately.
The Businessowners' Policy is ideal for small to medium businesses like retail stores, restaurants, wholesalers, and service businesses and can be combined with additional coverages.
What does a Businessowners' Policy cover?
A Businessowners Policy combines several different types of coverage into one policy. The types of coverage included in a BOP can vary depending on the needs of the business, but they typically include:
- Expenses resulting from physical loss or damage to a business’s buildings and contents
- Loss of income resulting from an insured risk that disrupts the operation of the business
- Losses due to another party for bodily injury, property damage, or personal/advertising injury
By bundling these types of coverage together, businesses can save money on premiums and reduce the hassle of managing multiple policies. Additionally, a BOP can provide peace of mind by knowing that all of the essential coverage needs of the business are taken care of.
What Businesses can benefit from BOP insurance?
Small to medium size businesses can benefit from BOP insurance, including:
- Artisan Contractors - i.e.Carpenters, Plumbers, Electricians, Roofers
- Air Conditioning Systems, Dealer or Distributors
- Concrete Construction
- Electrical Work-within Bldg
- Auto Body Shops
- Car Washes - Full service or automatic with attendant
- Insurance Agents
- Pet Groomers
- Veterinarians Office
- Restaurants: Ethnic, Sushi, Take-Out, etc.
- Supermarkets/ Convenience Stores
- Beauty Parlors
- Nail Salons
- Many more!!
What additional coverages can supplement a Businessowners' Policy?
Additional coverages, also known as coverage enhancements, can also be added to the policy, including
- Business Income
- Data Compromise
- Employee Dishonesty
- Equipment Breakdown
- Hired & Non-Owned Auto Liability
- Food Spoilage/ Contamination
- Water Back-up & Sump Overflow
- Data Compromise
- Garagekeepers Legal Liability
- Garage Liability
- Parking Lots
- Valet Services
- Hotel/Motel Deluxe Package
- Canopies & Pumps
- Increase Limits for Contractors Equipment
- Scheduled or Blanket Equipment Coverage
- Professional Liability
- Wind 25 miles from the coast
- and many more!!
Contact an insurance agent for more information
Consider purchasing a Businessowners' Policy if you own a small business. Contact us for an insurance agent in your area.Find an Insurance Agent Near You