What is Business Owners Policy (BOP) Insurance?
Business Owners Policy, or BOP, combines multiple commercial insurance policies into one package for seamless protection against several risks.
It is often considered a “one-stop” solution since it includes the basic coverages typically selected by business owners into a single, easy to manage policy. This can be both a convenient and cost-effective alternative to buying separate single coverage policies.
A BOP features:
General Liability Insurance
Protects against third-party bodily injury and associated medical costs. This coverage also protects against injury claims filed against you, including legal costs.
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Property Insurance
Protects your business from loss due to fire, vandalism, theft, breakdown and more. Property insurance typically replaces property and lost income caused by a covered loss.
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Cyber Risk Insurance
Protects your business in the event of a data breach as well as data destruction and/or corruption as a result of a virus, cyber extortion, network security attack, hackers or other cyber meddlers.
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When major property liability and general liability risks are combined into one policy, you don’t have to piecemeal your insurance coverage. That’s pretty SWEET!
How Do I Get BOP Insurance for My Business?
We have simplified the process of purchasing business insurance through our instant quote tool. Simply follow the steps below to request a free, no-obligation quote and we will customize a policy to meet your needs.
Answer a few questions about your business.
Receive a no-obligation instant quote.
Accept and get immediate coverage! Isn't that SWEET?
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Why Choose PolicySweet for BOP Coverage?
PolicySweet can make acquiring business insurance simple and stress-free. There are several advantages for choosing BOP coverage from PolicySweet, including:
Customizable Coverage
Does your business need special coverage? Talk to us and find out about how we can help you.
Quick Quotes
You do not have to wait days to get an insurance quote for your business. With PolicySweet, your business can be insured as soon as tomorrow!
Dedicated Customer Service
Our live agents are available to answer questions about Business Owners Policy for your business. Get in touch with us now.
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What Does a PolicySweet BOP Cover?
A BOP from PolicySweet could cover the following items:
What Is Not Covered By a Business Owners Policy?
Although BOP coverage can protect businesses against several liabilities, there are some exclusions. Some businesses need additional coverage — like a Workers’ Compensation policy on top of having a Business Owners Policy.
Workers’ Comp could help protect businesses from legal and financial expenses related to employee illnesses or injuries on the job. Consider purchasing a Workers’ Compensation policy in addition to BOP coverage to protect your employees and company.
Who Needs a BOP?
No matter what industry you work in or what size your business is, you need insurance if you want to help protect your business. A BOP could reduce the cost of unexpected expenses associated with covered losses. You should consider a Business Owners Policy if:
- You have business assets that needs to be protected
- Your business operates in a physical location
- There is any chance of a lawsuit
- You have private customer information
Legal Requirements for Having BOP
A BOP is typically not legally required by state or local governments. However, general liability insurance, which is included in our BOP coverage, could be required depending on the type of business you own and where your business is located. Some states require proof of general liability insurance before issuing a contractor’s license.
Even if BOP coverage is not required by law, there are plenty of reasons to have this insurance. For example, client contracts may require insurance in case something goes wrong. For businesses that work on other’s property, the customer may insist your business is insured before stepping foot on their property. You could also be expected to show proof of insurance to secure a mortgage or lease for your business.
Types of Businesses
BOP coverage by PolicySweet is designed to help protect small businesses. You may want to consider purchasing a BOP if you own a business in one of the following industries: cleaning, food services, landscaping, offices, personal care and services, and retail. Don’t see your business type listed? Feel free to contact us to see if your business is covered.
Should I Purchase BOP Insurance?
Small and medium-sized businesses alike choose BOP insurance.
Consider the following questions:
Does your business have equipment that requires protection from fire, theft, damage, etc.?
Is it possible you can be sued?
Does your business take credit cards, have a website, and/or have internet-connected computers?
If you answered yes to any of these questions, you may want to seriously consider a BOP from PolicySweet.
Are There Requirements for Purchasing a BOP?
Most businesses qualify for a BOP, but some businesses may not meet the necessary requirements needed for coverage. Some eligibility requirements that could determine whether your business receives coverage include:
- Industry or class of business
- Business location
- Size of business
- Revenue
- History of claims
To see if you qualify, request a free quote today. Or contact us at 1-800-625-8257 if you have questions regarding business requirements for BOP coverage.
How Much Does a Business Owners Policy Cost?
The cost of a Business Owners Policy can vary based on several different factors. Often, these factors are similar to those that determine your eligibility for a BOP.
To find out what BOP coverage from PolicySweet could cost your business, complete a free no-obligation quote with us today. Get a Quote Now >
Are There Ways to Reduce My Costs?
No one wants to pay more for the same coverage. Fortunately, there are a few things that could help reduce the cost of insurance for your business.
You may be able to reduce costs if your business:
- Has an alarm
- Is newer construction
- Is located in a shopping mall
- Has multiple locations
- Has a sprinkler system
Additional credits may be available if you:
- Are the only tenant in your building
- Have been in business for more than five years at the same location
You should also evaluate your coverage every year to see if you need to make adjustments. You may find that you don't need as much coverage, or you may need additional protection as your company grows.
Other ways to reduce expenses include preventing accidents. This could help your coverage costs to go down in the future, so take some time to identifying and managing risks.
