Business Owners Policy (BOP)
A Business Owners Policy (BOP) is an insurance for small businesses that bundle general liability and property coverage in a single convenient & affordable policy.
What is Business Owners Policy (BOP)?
A Business Owners Policy (BOP) is an insurance package that combines various coverages like general liability insurance, commercial property insurance, and business interruption insurance into one. It is designed to offer broad protection to small and midsize businesses.
Why You Need It
Comprehensive Coverage at a Lower Cost
A BOP allows businesses to have extensive insurance coverage at a lower total cost than buying each policy individually. It provides an affordable way for businesses to protect themselves from a variety of risks.
To Meet Contractual or Lease Obligations
A BOP can help meet the insurance requirements set by lenders, landlords, or clients. These entities often require proof of insurance coverage as part of their contracts.
Simplicity
With a BOP, businesses only have far fewer insurance policies to manage and fewer bills to pay, simplifying the management of their insurance needs. This can be particularly beneficial for smaller businesses without a dedicated risk management department.
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What Business Owners Policy (BOP) Covers
Commercial Property
Covers damage to buildings and personal property owned by the business.
General Liability
Covers your company's legal responsibility for the harm it might cause to others.
Cyber Liability
Helps manage costs and repercussions associated with a data breach or hack, including customer notifications and fines.
Employment Practices Liability Insurance (EPLI)
Protects against claims from employees for legal rights violations, such as wrongful termination or harassment.
Hired & Non-Owned Auto
Covers accidents involving business use of vehicles not owned by the company, such as rentals or employee vehicles.
Inland Marine
Covers property in transit, valuable items, or those often moved around, providing protection against damage or loss.
What Business Owners Policy (BOP) Doesn't Cover
Employee Injury
Employee injuries at work aren't covered by any BOP policy. For this, you need Workers' Compensation Insurance.
Intentional Acts
Damage or injuries resulting from intentional or illegal acts.
Earthquake and Flood Damage
Most BOPs do not cover damage from earthquakes or floods.
Owned Vehicle Liability
Does not cover vehicles owned by your business.
Reasons To Have Business Owners Policy (BOP) Coverage
Business Owners Policy (BOP) is a must have for businesses that need:
Comprehensive Coverage at a Lower Cost
A BOP allows businesses to have extensive insurance coverage at a lower total cost than buying each policy individually. It provides an affordable way for businesses to protect themselves from a variety of risks.
To Meet Contractual or Lease Obligations
A BOP can help meet the insurance requirements set by lenders, landlords, or clients. These entities often require proof of insurance coverage as part of their contracts.
Simplicity
With a BOP, businesses only have far fewer insurance policies to manage and fewer bills to pay, simplifying the management of their insurance needs. This can be particularly beneficial for smaller businesses without a dedicated risk management department.
What Does Business Owners Policy (BOP) Coverage Cost?
Costs can vary based on your location and the specific type of work you perform. Here are some examples of small business BOP quotes:
| Dentists Office | Consultant | Arts & Craft Store | |
|---|---|---|---|
| State | TX | KS | OK |
| Annual Revenue | $2,000,000 | $1,200,000 | $60,000 |
| Insured Property Value | $350,000 | $10,000 | $15,000 |
| General Liability Limit | $1,000,000 | $1,000,000 | $1,000,000 |
| E&O Limit | NA | $2,000,000 | NA |
| Annual Premium | $1,400 | $5,566 | $933 |
Frequently Asked Questions
What Our Customers Are Saying
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
If integrity is an important element in your business dealings? LandesBlosch delivers. This company stands on timeless character strengths that have been the cornerstone of their business build. Exemplary customer service skills combined with astute knowledge in the industry equates to unparallel success for any individuals or businesses seeking solid counsel. I highly recommend LandesBlosch as your insurance partner, you will not be disappointed.
Cheri M.
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