Business Owners Policy (BOP) Insurance Information
What Is a Business Owners Policy?
A business owners policy (BOP) provides core insurance coverages at a discount for qualifying small and medium-sized businesses. Depending on the insurer, a BOP typically includes the following business insurance policies:
- General liability may help pay for the insured company’s legal liability for third-party losses.
- Commercial property may help to repair or replace property used to operate the insured business.
- Business interruption, also known as business income insurance, may help provide financial assistance if covered repairs force a business to close or relocate temporarily.
BOPs are highly customizable. Your agent can help evaluate your options for additional policies and endorsements.
Business Owner Policy Vs. General Liability
General liability insurance is typically included with a BOP policy. It does not cover commercial property damage or business interruption expenses.
Your agent can help you determine whether the coverages included with a BOP are appropriate for your company.
Is the Business Owner Personally Covered Under a BOP?
A BOP includes coverage for liability claims and lawsuits brought against the insured business. A business owner may need additional coverage to help pay for claims made against them personally.