What is a Business Owner's Package Insurance Policy?
A business owner policy (BOP) consolidates essential coverage into one comprehensive package, including business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. The contents of a BOP can be customized to align with the specific needs of your company. Opting for a BOP often leads to cost savings since the bundled services are typically priced lower than the combined cost of individual coverages. By choosing a BOP, business owners can simplify their insurance needs while enjoying comprehensive protection at a more affordable price.
What’s Covered with a Typical BOP Policy?
BOPs typically include:
Property insurance for buildings and contents owned by the company – there are two different forms, standard and special, which provides more comprehensive coverage.
Business interruption insurance, Business interruption insurance provides coverage for lost income due to a fire or other catastrophic events that disrupt business operations, including the additional expenses incurred while operating from a temporary location.
Liability protection, Commercial general liability insurance safeguards your company’s legal responsibility for harm caused to others, resulting from actions or negligence in business operations, including bodily injury, property damage, and errors in services provided.
While comprehensive, BOPs typically exclude professional liability, auto insurance, worker’s compensation, and health/disability insurance, necessitating separate policies for these specific areas of coverage.
Contact us to learn more about the right Business Owners’ Package Policy for your business.