Insurance companies that sell business insurance can offer multiple “policies” in a package. One of these packages is the Business Owner’s Policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.
Business Owners Policy Coverage
- Business Owner's Policy: combines business property and general liability insurance in one policy. A BOP is designed for smaller businesses.
- Commercial Package: A package also offers property and general liability protection, along with broader coverage options and higher policy limits. A package provides a comprehensive solution for small and midsize businesses with more complex needs that may not be eligible for BOPs
The Protection You Need in One Convenient Policy
Having the right insurance coverage can help safeguard your business from common risks. Protection offered through our BOP and package solutions includes:
- Property: Covers the property you own, lease or rent, from the sign on your storefront to your computer equipment and inventory. Whether a fire destroys your shop or your equipment breaks down due to a power surge, this insurance can help replace your property and cover payroll and lost income if your business is unable to operate.
- General Liability: Covers costs related to litigation and court judgments if a customer or other third party files suit against you or your employees. If a client’s car is damaged in your parking lot or a visitor slips and falls in your stairway, this coverage can help protect your business’s finances and reputation. You can also add data theft and cyber coverage to help your business recover if systems and/or customer information are exposed.
- Property insurance for buildings and contents owned by the company. There are two different forms, standard and special, which provides more comprehensive coverage.
- Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
- Liability protection, which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees.