What is a BOP (Business Owner’s Policy)?

A BOP is an insurance policy for small to medium-sized businesses that generally includes general liability insurance, property insurance, and business interruption insurance.

So, you’ve got this small business. And you know that you need to get insurance for it, because, you know, that’s kind of your livelihood on the line. But it seems really annoying to get all those different coverages for your business. If only there was a magical type of insurance policy that combined the basic coverages you need…oh wait! There is. It’s called a Business Owner’s Policy. (Except no one calls it that. It goes by its much cooler nickname, BOP.)

What is a BOP?

A BOP is an insurance policy meant for small to medium-sized businesses. It’s kind of like a package that rolls different coverages into one convenient policy to make life easier for small business owners (you’ve got enough on your plate.)

Generally, a BOP includes:

General liability insurance:

GL insurance protects businesses from claims of bodily injury and property damage. It can cover expensive things like legal fees – and the medical bills of a person who gets hurt. People like to sue. It’s kind of a thing.

For example, let’s say someone wipes out in your parking lot and breaks their arm…then decides to sue you.

Property insurance:

Property insurance covers your premises for losses like fire.

Business interruption insurance:

Business interruption reimburses you for lost income if you have to temporarily close your business due to a covered loss – for example, a fire. You can’t exactly run a business out of a ruined building, so you’d be losing income because you have to stay closed.

Why should I consider a BOP?

Do you like money?

If you answered yes…you should probably consider a BOP. It can help you save money on your business insurance because it’s generally less expensive to get those essential coverages as a BOP than as separate policies.

Get small business insurance quotes.

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