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Business Owner Policy

What is Business Owner Policy Insurance?

A Business Owner Policy (BOP) combines commercial property and business liability insurance into one insurance policy. BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters. Business owner insurance also helps cover claims that could arise from your business operations. These include claims of bodily injury or property damage, and also claims related to personal and advertising injury.

A Business Owner Policy can be custom tailored to fit businesses of a specific industry. This means it’s great for businesses of any size, especially small businesses. Coverage like BOP is built to cover companies that generally face the same risks. Customizing your BOP Insurance is an important first step when insuring your business. Small business owners should do this from the beginning to protect against losses and damages early on.

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Who needs a Business Owner Policy?

If you rent or own workspace or have client contracts that require general liability insurance, you’ll likely need a Business Owner’s Policy (BOP). A BOP can help your business if:

  • You have a physical location. No matter what type of location you have, it’s important to have coverage for your business and assets. BOPs can help cover businesses run out of homes, rented or owned offices, stores or garages.
  • There’s a possibility of getting sued. For example, let’s say a customer at your workplace slips and falls. Without the proper business owner’s insurance, you could be looking at significant out-of-pocket fees to cover the customer’s medical expenses.
  • You have assets that could get stolen or damaged. From digital assets and customer data to equipment, furniture, cash or inventory, some assets can be difficult to replace. With BOP Insurance, you have protection in the event that your assets are stolen or damaged.

What is covered under a Business Owner Policy?

A Business Owner Policy (BOP) combines business property and liability insurance into one, including:

Commercial Property Insurance for help protecting business property that you own, lease or rent, including your:

  • Buildings
  • Equipment
  • Inventory
  • Furniture
  • Fixtures

In addition to these, commercial property insurance also helps cover losses of accounts receivable and valuable papers or records.

General Liability Insurance, which helps if you’re sued for causing harm to a person and/or damage to property. It can also help cover the cost of your legal defense, because businesses can be sued even when it’s not clear that they were in the wrong.

Crossroads Insurance Services

License No. 6004461