Business Owners Policy (BOP)
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What is a Business Owner’s Policy (BOP)?
A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business.
BOPs are designed to suit small and medium sized businesses due the range of different coverages that can be included and the convenience to the business owner of the single package.
Coverage included in a BOP can vary but usually they include protection for typical risks such as property damage, business interruption and liability. The real strength of a BOP is the flexibility and customization which makes them great for a wide range of businesses, industries and requirements.
What does Business Owner Policy insurance cover?
With a BOP, you’ll have insurance for:
General Liability
Protect your business from lawsuits and injuries from outside parties. This can help protect your business by paying defense costs and any damages up to your chosen policy limit.
Business Income
Also known as business interruption insurance, it can protect your business against a disruption in income if you have to shut down unexpectedly.
Equipment Breakdown
This cover can protect you in the event of a breakdown of the equipment that’s vital to running your business.
You can also add coverage for:
- Non-owned and hired auto
- Property of others that in your custody
- Business Property Floater – Equipment that you transport
When it comes to protecting your small business, purchasing a BOP helps you skip the usual time spent searching and comparing different insurance products. It’s an easy way to get the security you need in one easy package.
There are some insurance products that aren’t included in BOPs. These include:
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Tailor your Business Owner’s Policy (BOP) to your needs.
Here are some questions to ask yourself if you are considering a BOP for your business.
Do you, your business or your employees:
- Own a building at which you work and need to insure the property?
- Need General Liability insurance?
- Own or lease business equipment?
- Have inventory?
How much does business owner policy insurance cost?
Business Owner’s Policy (BOP) costs can vary due to various factors such as business type, size, location, other factors. Every business is unique, and so is the type and cost of its policy.
How is the cost of insurance calculated?
Business location
Cover level amount
Annual turnover
Number of employees
Claims history
Get cover that grows with your business
We offer tailored BOP policies up to $2 million per occurrence and $2 million in the aggregate to suit your unique business needs.
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
How is the cost of insurance calculated?
Business location
Cover level amount
Annual turnover
Number of employees
Claims history
Get coverage that grows with your business
With BizInsure, you can select from different levels of coverage levels to suit your business needs.
Flexible Coverage
Up to $3M of cover for Contents, Building, and Business Interruption (combined)
Unsure how much to choose? Think about:
How long cover should last if you make a claim
Your operating costs
Your revenue
Worst case scenario claim size
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Claim examples
A customer slips and falls on your premises and files damages against you for medical treatment. Having General Liability insurance as part of your BOP can assist in paying your legal and medical costs to the affected customer without leaving you out of pocket.
An accidental fire at your business premises causes significant damage to the workplace and requires extensive repairs. You’re unable to reopen until the restoration works are complete which poses a major threat to your livelihood. Having insurance for Business Income can assist you maintain your income while your business is out of operation.
The coffee machine at your café breaks down which significantly eliminates your ability to serve your main product. Making a claim for Equipment Breakdown insurance through your BOP would give you the support to repair or replace your machine quickly and get back to business.
The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy is determined by the insurer, and not BizInsure.
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