Liability and property protection for your business
Business owners insurance, also known as BOP insurance, is a policy that combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, retail stores and contractors.
A business owners policy contains two primary coverages:
The liability coverages available on a BOP are the same as those on a general liability policy. This includes protection against liabilities like customer injury and property damage, advertising injury, and product related claims.
A BOP doesn’t cover your employees. You’ll need a separate workers’ compensation policy.
Provides coverage for commercial buildings and the movable property owned by and used for the business - referred to as business personal property. It can also pay for other things like debris removal, loss of income and pollution cleanup as part of a covered loss.
A BOP policy, like most other policies, has certain coverage exclusions that you should be aware of. If you need protection for something that isn’t covered, policy endorsements might be available to extend coverage.
For example, damage from earthquakes is typically excluded from a BOP. If you live in an area that’s prone to earthquakes, you might want to consider adding an endorsement to your policy to extend coverage. Ask about endorsement options when getting your quote.
In 2018, small businesses who bought a new BOP policy through the Cribb Insurance Group paid an average of $59 per month. While this gives you a general idea of what BOP insurance costs, it’s not necessarily what you’ll pay.
For instance, the price mentioned above is calculated using several different business types with varying levels of risk. Your final price will depend heavily on certain attributes of your business including coverage needs, type of profession, number of employees and claims history.
You might find that the cost of your BOP insurance is higher if you have a history of claims, high coverage requirements, or high exposure to risk, for example.
Getting a custom quote is a great way to find a rate that best matches your unique situation. Call us directly, or start a quote online.
Start protecting your business today
Our team of in-house specialists are experts at helping small business owners, like you, find BOP insurance coverage. They’ll help you get a quote with the best coverage for your specific business and budget.