Business Owners Package policy, commonly called a “BOP”, contains many of the insurance coverages needed by most small businesses. While these policies are not standard, there is great variation from insurance company to insurance company; there are certain common elements. The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.
Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss. BOP policies can have very broad coverages, but some of the coverage options may not have adequate limits. Do not assume as a small business that a BOP policy is the only policy you need. Workers’ compensation, business auto, professional liability, and other policies might be needed. Be sure your limits and coverages address your risk exposures.
Independent Insurance Counselors offers complimentary quotes on Business Owners Package Insurance from multiple insurance carriers so you can protect what matters most in life.