Business Owner’s Policies
Most commercial insurers offer a package called the Business Owner’s Policy (BOP). The BOP can vary among insurers, but it usually includes a combination of coverage for liability, property, and income disruption (i.e. for the period when a business is rebuilding after a natural disaster).
The BOP is targeted at small to medium-sized businesses. Larger companies are generally not eligible for the BOP – but companies this large usually have a risk management department or specialist tasked with maintaining the exact right coverages for the company.
Depending on the business, purchasing a BOP may be a good way to save money by bundling coverages together. It is important to note that while the BOP might be a good package, the package probably does not include all of the insurance that a business needs. For instance, the BOP does not include coverage for professional services liability, Business Vehicles, or Worker’s Compensation. Combined with separate policies for specific risks, a BOP can be an important component of a business’s insurance coverage.