Business Owner’s Policy

What is a business owner’s policy (BOP)?

A business owner’s policy (BOP) is cost-effective coverage for small businesses. It combines the offerings of general liability coverage and property coverage into a single insurance policy. Combine your policies into one and save money!

General liability  +  Property protection = BOP

What does a BOP cover?

Physical injury to others
Damage to others’ property
Advertising injury
Repair or replace damaged property
Repair or replace destroyed property
Repair or replace stolen property

 Most BOP policies include the following:

  • Property insurance: This coverage protects your business’s property from damage or destruction caused by a variety of risks. Typical risks are fire and theft.
  • Liability insurance: Protection from claims arising from bodily injury.
  • Business interruption insurance: If a covered event forces your business to close, this coverage will pay for your lost income and expenses.

What is not covered by BOP insurance?

  • Damage to your own property
  • Damage to your own work
  • Injury to your employees
  • Professional services and advice

Why do you need a BOP?

A BOP policy is one of the most popular coverages for Small Business Owners. The featured benefits of a business owner policy include getting affordable coverage for property damage, liability claims, and lost income.

How much does a BOP cost?

The cost of a BOP will vary. The cost of a BOP changes based on your business size, with larger businesses typically paying more. In addition, property type may also influence pricing. Simply put, certain types of property may be more costly to insure.

Also, the amount of coverage you need affects costs. Selecting higher coverage limits lead to higher premiums. Typically, Gild Insurance customers spend $500 annually on a BOP.

Get a BOP quote!

Your Gild Insurance Agent is here for you. Your Agent will make sure you get the right business insurance for your business. For a free, online quote, try out Gildber! Gildber will compare BOP providers. Offering you a fast, hassle-free option for an online business insurance quote!

BOPs are also customizable! Take a peek at our Business Owner’s Insurance FAQs and blog, The Gildfitter, to explore your possibilities.