A Business Owners Policy, or BOP, protects your small business from a variety of risks, usually through a combination of general liability, property, and workers' compensation insurance.
Who Needs a Business Owners Policy?
All small businesses such as retail stores, restaurants, and independent contractors typically need a BOP to safeguard against unexpected financial losses beyond general liability claims.
What's In a BOP?
A simple BOP might contain only a few coverages, such as:
- • General liability - Provides protection if you cause bodily injury, property damage, personal injury or advertising injury. *Eligible contractors can get General Liability as a standalone coverage.
- • Property - Provides replacement cost coverage for buildings and most business owners' personal property.
- • Workers' compensation - Protects you and your employees from financial hardships caused by accidents or illnesses related to the job.
But you might be exposed to other risks. Additional BOP coverages might include:
- • Professional Liability
- • Employment Practices Liability
- • Identity Theft
- • Electronic Data and Equipment
- • Personal Property of Other
- • Valuable Papers and Records
- • Blanket Additional Insured
- • Limited Property of Others Liability
- • Short-Term Pollution from Pollutants at Job Site
- • Building & Business Personal Property
- • Business Income and Extra Expense
- • And more!
Situations vary. You might have simple needs when you start out, but you might realize you need to fill in a few gaps as your situation changes. We'll help you decide what you need, when you need it.