Business Owner’s policy

A Business Owner’s Policy or BOP combines some of the basic coverage needed by a typical small or medium size business into one standard policy and is usually less expensive than a Commercial Package Policy.  BOPs normally include, among other things:

• Property  insurance
• Business Interruption insurance
• General Liability insurance
• Crime insurance

BOPs do not cover professional liability, auto insurance, worker’s compensation, or health and disability insurance.

Why Buy a Business Owner’s Policy?

Since a business owner’s policy is specifically designed for small to medium sized businesses, the type of business can affect eligibility.  Normally companies with less than 100 employees or revenues of less than $5 million are candidates for a BOP but it will depend on their operations.  There are several reasons why a business owner’s policy might be right for your company:

• Lower business insurance costs
• Combines essential coverages
• One monthly premium
• Ability to add coverage when needed in the form of endorsements or riders

Business owners interested in increasing their insurance coverage limits can also buy a Business Umbrella insurance policy.

Qualifying for a Business Owner’s Policy

In order to qualify for a BOP, your business must meet certain criteria.  Generally speaking, a business does not qualify if it:

• Is involved in highly specialized or high-risk operations
• Occupies a large premises
• Has high building and business personal property values
• Requires special coverages not available on a BOP

Discuss your business insurance needs with one of our commercial agents.  They will be able to determine if a business owner’s policy is right for you and your business.