Business Owners Policy

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A business owner's policy is a special type of commercial insurance designed for small and medium-sized businesses. By bundling general liability insurance and property insurance into a single policy, BOPs typically offer a reduced premium, often making them a more cost-effective option than separately purchased policies.

Businesses can tailor a Business Owner's Policy (BOP) to help meet their unique needs by adding optional coverages like data breach, business income for off-premises utility services and other specialized coverages to their BOP.

Basic Business Owners Policies Include

  • Property insurance for buildings and contents owned by the company -- there are two different forms, standard and special, which provides more comprehensive coverage.

  • Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.

  • General Liability protection, which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
  • What is not included?

    Business owner's policies do not include the following types of insurance:
  • Liquor liability insurance for businesses that sell or manufacture alcohol.
  • Professional liability insurance
  • Workers' compensation
  • Auto insurance

  • What is Covered:

    Property claims

    Your business property including furniture, equipment, inventory, and supplies is typically covered at your own business location and when it is away from your office. Common property claims include theft, accidental damage, and fire. If, for example, your business property should be damaged or destroyed due to fire, explosion, or lightning, your BOP coverage would help you replace it, whether you own or rent your office or other business space. Additionally, if your business accidentally causes a fire in your office space, damage to other tenants' space and contents would also be covered. See our Property Insurance page for more information.

    General Liability Claims

    In addition to protecting your business against the high costs associated with property and bodily injury lawsuits, the general liability coverage of your Business Owner's Policy may also protect your small business against completed operations liability, contract liability, personal and advertising injury, and liquor liability. See our liability insurance page for details.

    Business Interruption Insurance

    Some policies may also include insurance to reimburse your business for lost income and extra expenses your business may incur as the result of a covered property claim. For example, if a fire in your office forces you to shut down your business for a month while you find and move into temporary office space, you may be able to receive reimbursement for lost income as well as costs associated with your temporary relocation.

    Can I Get a Business Owners Policy?

    Not all businesses qualify. If your business is involved in high-risk operations or is highly specialized, you may need higher liability coverage limits than a business owner's policy can provide. Businesses that occupy large premises or need more than 12 months of business interruption coverage may also need a different approach to coverage. Complete our application, and we'll match your needs to the right coverage for your business.

    Consider adding Umbrella coverage.

    If you require protection beyond the limits of the BOP, you can purchase additional coverage in increments of $1 million through Umbrella Insurance (also known as Excess Liability Insurance). Most business owners considering umbrella coverage find that such protection is more affordable than they expected.

    In Summary

    A Business Owner's policy offers broad insurance coverage for small businesses typically for those businesses with fewer than 100 employees and less than $5 million in annual sales (though this number may vary based on your business). A Business Owner's policy combines several types of insurance coverage together so you can buy a package of protection with convenience at a competitive price and add customized coverage options specifically for your small business.

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