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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 ideally suited to 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.

Insurance included in a BOP can vary but usually they include protection for typical small business 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.

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 defence costs and any damages up to your chosen policy limit.

Business Income
Also known as business interruption insurance, this coverage can protect your business against a disruption in income if you have to shut down unexpectedly.

Equipment Breakdown
This cover can assist you in the event of a breakdown of any 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.

WHAT IS TYPICALLY NOT INSURED?

There are some insurance products that aren’t included in BOPs. These include:

  • Workers compensation insurance
  • Professional Liability insurance

 

DO YOU NEED A BOP?

BOPs are ideal if you’re a small business owner or independent professional. In many cases BOPs are required for you to enter into contracts with some customers, landlords or other outside parties.

Here are some questions to ask yourself if you are considering a BOP for your business.

Do you, your business or your employees:

  • Need General Liability insurance?
  • Own or lease business equipment?
  • Have inventory?
  • Own a building at which you work and need to insure the property?

IS A BOP RIGHT FOR YOUR BUSINESS?

BOPs can be a great match for a wide range of professions and business types. This can include home-based business, start-up operators and consultants from a variety of industries. A BOP could be the right option for your business if:

  • You have fewer than 100 employees
  • If your business earns $2 million or less in revenue
  • All business occurs on-premise
  • Has an office that’s no larger than six stories of 100,000 square feet
  • Requires less than 12 months of business interruption insurance
  • Operate in a low-risk industry

Want to know more? Take a look at our Frequently Asked Questions

BOP CLAIMS EXAMPLES

Having a BOP can help you and your business in a range of claims scenarios including:

  1. Accidents and injuries – 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.
  2. Unforeseen events – 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.
  3. Loss of equipment -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.

WANT TO BUY A BOP?

First off, be sure to assess your business to ensure you fit the requirements for purchasing a BOP. Eligibility requirements will differ depending on the needs of your business including its size, revenue, type of business and industry.

If your business earns $2 million or less in revenue, BizInsure can assist you with purchasing a BOP for as little as $42 per month. Getting a quote with BizInsure is easy. Click below for an instant quote or call us on 1-877-900-9998 to chat to one of our licensed professionals.

BizInsure LLC
4.2
Based on 32 reviews
Very quick to get in touch with you and good with follow up. Had some trouble retrieving my quote to log into my account initially but Daniel assisted me and the changes were made to get me into my account. Great value for the money.
Fran Sutton
Fran Sutton
16:34 20 Sep 20
Very happy to be insured with this company. Professional, Timely, very helpful. Thank you Juan, you made it so much easier for me to understand.
Aileen Day
Aileen Day
19:55 15 Sep 20
This company responded when I needed them to respond while facing a deadline. They are an excellent choice for business Insurance.
Michele Harris
Michele Harris
01:52 12 Sep 20
Jose Quintero took such great care of me and was very patient explained everything I did not understand and got me set up quickly. Fabulous customer service
Christina Rose
Christina Rose
02:41 27 Aug 20
I can't say enough good things about Daniel Santos kind and effective communication skills as an insurance agent. Daniel was so pleasant, friendly and efficient with helping me obtain insurance as a teacher. If I were to give Daniel a grade, he has earned an At . He made the process easy to understand, it was far easier than what I anticipated. Nancy S.
Nancy Sloan
Nancy Sloan
00:47 26 Aug 20
I was in need of professional liability insurance for my sole proprietorship. A friend referred me. Everythng was quick and simple and AFFORDABLE!
hope jones
hope jones
20:31 25 Aug 20
If you need Private Home Care Provider insurance for your company, BizInsure, LLC can get it for you!
Pamela Curry
Pamela Curry
16:45 24 Aug 20
Cameron Peek
Cameron Peek
19:25 24 Jul 20
Great and fast service!!!! The representative was very professional!!!!
Tanya Sweet
Tanya Sweet
19:51 14 Jul 20
I was tryi9ng to find commercial liability insurance for my new comp-any and BizInsure was easy to use and very affordable which is great for me as a new business.
Jimmy Smith
Jimmy Smith
19:01 14 Jul 20
Great service, but they're also extremely patient. I called over a month ago for specialized E & O coverage, and Bizinsure was able to put me in touch with an extremely reasonable quote. Absolutely invaluable time and monetary savings to be had by going through these folks. If you can-- ask for Anthony. Absolute gem of a human.
James Lang
James Lang
18:19 02 Jul 20
Ken M
Ken M
23:21 28 Jun 20
Great service insurance prices are great for professionals looking to get insurance for businesses....
Rhonda Gray
Rhonda Gray
22:34 22 Jun 20
The provided very professional service and made the process easy.
Paul Rising
Paul Rising
21:51 04 Jun 20
Bradley Hoyle from the Biz Insure team was excellent to work with. Everything was quick and smooth. Great service, much appreciated!
Kristene Smith
Kristene Smith
02:03 04 Jun 20
Anthony Spencer was great!! Very quick response time!! He was very Professional! I would suggest him because he helped me find a affordable rate and explained all the technicalities..
Fre Hall
Fre Hall
16:38 28 May 20
I was referred to Bizinsure by a industry trade group that I am a member of. It was easy to get a quote online and then received excellent customer service from Bradley H. to complete my policy purchase over the phone. I have shared this company information now with other business owners for their policy needs.
Dawn Torres-Gale
Dawn Torres-Gale
22:11 08 May 20
This company was very precise with explaining services and made sure I chose the right business insurance coverage, great customer service at purchasing.
Nekeisha B.
Nekeisha B.
01:30 05 May 20
Amazing
Jasmine Q
Jasmine Q
14:31 02 Dec 19
Trish is the most patient, professional and understanding insurance agent I’ve ever worked with. Trish has taken care of all my business insurance needs for the last couple years. I am really happy that I found an insurance agent that I know will take care of me & all of my concerns. I feel like a valued customer & I appreciate the great customer service that I get every time!!THANK YOU!
Dr. Youssef C. Atallah
Dr. Youssef C. Atallah
17:21 14 Nov 18
Tricia helped me get insurance for my business. The task of obtaining a quote was really starting to frustrate me until I was referred to BizInsure through a different agency. Tricia got me a quote fast, and even took a down payment over the phone and issued the proof of insurance the same day. a+ service, would do it again in a heartbeat!! Thank you!!
Josh Mariscal
Josh Mariscal
18:07 22 Jun 18
BizInsure was a great find! I did not have to fill out applications, and Tricia was able to quote and bind business insurance for me within half an hour.
Allison Young
Allison Young
17:28 21 Jun 18
Started doing business again and needed a policy fast. Ramez was reasonable, helpful and the rates are OK. Buyer beware? Sure, for me it turned out OK this time. Worth a call.
Mark Wallace
Mark Wallace
23:42 13 Nov 17
Daniel Scott
Daniel Scott
15:15 27 Jun 17
Great customer service. I've been very inpressed with my dedicated representative that had helped me navegate my insurence needs. Thanks so much!
Graham Blair
Graham Blair
22:12 23 Jun 17

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