A Business Owner’s Policy or BOP combines some of the basic coverage needed by a typical small or medium size business into one standard policy and is usually less expensive than a Commercial Package Policy. BOPs normally include, among other things:
BOPs do not cover professional liability, auto insurance, worker’s compensation, or health and disability insurance.
Since a business owner’s policy is specifically designed for small to medium sized businesses, the type of business can affect eligibility. Normally companies with less than 100 employees or revenues of less than $5 million are candidates for a BOP but it will depend on their operations. There are several reasons why a business owner’s policy might be right for your company:
Business owners interested in increasing their insurance coverage limits can also buy a Business Umbrella insurance policy.
In order to qualify for a BOP, your business must meet certain criteria. Generally speaking, a business does not qualify if it:
Discuss your business insurance needs with one of our commercial agents. They will be able to determine if a business owner’s policy is right for you and your business.