BOPs: Insurance Packages for Small- to Medium-Sized Businesses
A Business Owner’s Policy (BOP) is a package policy typically combining General Liability and Property Insurance, along with other optional coverage, for small- to medium-sized businesses in lower-risk business classes. A BOP may be available depending on the type of business, annual sales, number of employees and other factors.
A BOP typically includes General Liability to cover your commercial liability and property insurance for physical assets, such as contents, that are leased or owned. The package insurance policy may also cover loss of business income and extra expense resulting from a covered loss.
The General Liability insurance coverage of a BOP is comparable to a typical Commercial General Liability policy, providing protection against claims of bodily injury or property damage for which your business may be liable.
Not all businesses are eligible for a BOP policy. If your business has any of the following characteristics you may not be eligible for a BOP. But don’t worry, we can assist you with obtaining other forms of commercial insurance.
Businesses that need higher liability limits than a BOP offers should consider a commercial umbrella policy, which can be written in conjunction with a BOP. The purpose of a commercial umbrella policy is to protect the business from catastrophic losses.
Commercial umbrella insurance will benefit your company when a covered claim exceeds the limits of your general liability, commercial auto, or employment liability policy. It picks up where the underlying policy leaves off and will cover legal fees, damages, and medical expenses.