A Business Owners Policy (BOP) is designed to provide both property and liability coverage under one policy for eligible classes of business. A BOP is often considered to be more comprehensive and cost efficient from a coverage and premium standpoint than a typical package policy, although that is not always the case.
One of the unique features of a BOP includes loss of income coverage on an actual loss sustained basis. BOPs can also include a wide range of coverage enhancements for additional premium. This includes additional property perils that are usually not covered under a traditional policy, several crime related coverages, a range of different liability coverages and enhancements, and also hired & non-owned auto liability coverage. BOPs will not include coverage for things like scheduled autos, professional liability, workers compensation, or cyber coverage.
Not every class of business will qualify for a BOP. They are designed to insure classes of business that insurance carriers are very familiar with and also comfortable with their loss exposure. For this reason, many BOPs are written at a competitive premium while still affording comprehensive coverage.
If you want to see if your business qualifies for a Business Owners Policy with one of our many reputable insurance carriers, our team of licensed and experienced agents will be happy to help you. Call us today toll free at 1-800-686-2147.