Business Owners Policies
If you have or will be starting a small business, a Business Owner’s Policy, or BOP, may be a good fit for your business’ insurance coverage. A BOP is a single business policy that protects a business with multiple types of coverage.
In order to qualify for a BOP, your business must have between 1-100 employees with annual revenue of $5 million or less. In addition, certain industries will not qualify for a BOP, due to additional risk exposure that a BOP cannot cover.
A BOP is a pre-packaged policy that contains 3 different types of coverage: property, liability and business interruption.
- Property Insurance covers any property and equipment damage.
- Liability Insurance covers costs related to injuries sustained at your business or as a result of your products and services.
- Business Interruption Insurance replaces lost revenue in the event of a temporary business shut down due to fire or wind damage or any other covered losses.
What a BOP doesn’t cover
It’s important to note that a BOP only provides the coverage listed above; it is not customizable. Any additional risks require separate policies or riders to ensure that your risk is covered and your assets are protected. If your business owns a vehicle, for example, you will need to purchase a business automobile policy.
Should you determine you need coverage above the limits of a BOP, consider adding an umbrella policy to increase your coverage. An umbrella policy can help you get the convenience of a BOP with the higher protection you need.
For Liberty Mutual Business Quote Call 844-918-1696
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