Business Owner’s Package Insurance Policy
A Business Owner’s Package (BOP) is a comprehensive insurance policy that bundles the essential coverages a business owner needs. BOPs typically include coverage for business interruption, property, vehicles, liability, and crime. Depending on your business’s specific requirements, you can customize your BOP to include only the coverage you need.
A BOP can often save you money, as the bundled services are usually more affordable than purchasing individual policies separately.
What’s Covered in a Typical BOP?
A standard BOP generally includes:
- Property Insurance : Covers buildings and contents owned by the business. There are two types of coverage: standard and special, with the latter providing more extensive protection.
- Business Interruption Insurance : Compensates for income lost due to unexpected events, such as fires or other catastrophes, that disrupt business operations. This coverage may also cover additional expenses if you need to operate from a temporary location.
- Liability Protection : Protects your business from legal responsibility for harm caused to others, whether from bodily injury or property damage. This could result from actions or omissions by you or your employees, such as defective products, faulty installations, or errors in services rendered.
What’s Not Covered?
BOPs typically do not cover:
- Professional liability
- Auto insurance
- Worker’s compensation
- Health and disability insurance
Contact us to learn more about the Business Owners’ Package Policy that’s right for your business.
