What is a Businessowners' Policy (BOP)?
A Businessowners' Policy, commonly known as BOP, is a type of insurance policy designed for small and medium-sized businesses. It combines several types of coverages, including property, liability, and business interruption insurance, into a single policy. This can be a cost-effective solution for businesses that need multiple types of insurance coverage, as a BOP typically comes with a lower premium than purchasing each type of coverage separately.
The coverage offered by a BOP can vary depending on the insurer and the specific policy, but it generally provides protection for property damage, bodily injury, and other liabilities that a business may face.
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?
A Businessowners' Policy, or BOP, is designed for small and medium-sized businesses that need multiple types of insurance coverage. It can be a cost-effective solution for businesses that would otherwise need to purchase separate policies for property, liability, and business interruption insurance.
Some types of businesses that may benefit from a BOP include:
- Retail Stores
- Small Offices
- Professional Services - i.e. Accountants or Consultants
The specific types of businesses that can benefit from a BOP can vary depending on the insurer and the specific policy, so it's important to consult with an insurance agent to determine if a BOP is right for your business.
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