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Small Business Insurance Checklist

A Business Owner's Policy (BOP) usually bundles business liability and property insurance. This is more affordable than buying two separate policies. And it also includes coverage such as personal and advertising injury protection.

Here's more information about the types of coverage included in a BOP policy.

What's Included In A BOP Policy?

BOP policies conveniently combine most of the essential property and liability policy terms under a single policy. This package is popular with small to midsize businesses due to its high degree of customization. Larger companies may choose to go with a commercial package to ensure they are covered for all the risks associated with their industry, as full-scale commercial policies offers more specific coverage with higher limits than BOPs do.

BOPs can include:

  • Property Insurance for the company's buildings and contents. Choose from standard or special policies, which provides additional coverage.
  • Business Interruption Insurance that reimburses you for loss of income following a fire or other covered peril. If the event disrupts your operations, you can receive compensation for lost revenue and additional expenses, depending on how the policy is written.
  • Liability Protection to pay for harm or damage to others caused by your business or its employees. This covers works with many things you or an employee does or neglects to do that causes bodily injury or property damage. This may include faulty installations, defective products and errors made while performing a service.

What's Not Covered By BOPs?

The following services don't fall under BOP coverage: auto insurance, professional liability coverage, health and disability, and workers compensation. That means you may need to buy separate policies to cover vehicles, employees and professional services.

How Is A BOP Different From A Commercial Package Policy?

A CPP is a cafeteria-style plan which each business owner tailors to their specific needs. Because it's highly customizable, a CPP may be more expensive than the BOP bundle. However, it is a bit better for businesses that need highly-customized insurance packages.

Talk to your Bruening Insurance agent about BOPs and other business insurance options to ensure you're covered in the case of slip-and-falls, property damage to a client's home or other assets and incidents that can put your business at risk of financial loss.

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