Business Owners Policy (BOP) Insurance

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A business owners policy (BOP) is several insurance policies your insurance company combines and offers at a discount. A BOP usually includes general liability insurance, property insurance and business interruption insurance.

 

Since the insurer designs the BOP, they also set the criteria for qualifying to purchase a BOP. Not every small and medium-sized business is eligible to purchase this insurance package.

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Contact Lee Family Insurance to find out if a BOP is a good fit for your organization.

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What Is Covered Under a BOP?

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A BOP typically provides the following three essential insurance policies:

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• Property insurance helps cover the costs of replacing or repairing company property after a covered incident.

• General liability insurance helps cover a company’s legal liability after accidental third-party property damage or injury.

• Business interruption insurance helps cover regular bills such as rent and payroll if a company must temporarily close to allow for repairs after a covered event.

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Your agent can help you tailor your BOP by adding endorsements or other insurance policies to help mitigate additional risks.

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Depending on your industry and the size of your operation, your agent may recommend the following:

• Employee practices liability

• Business vehicle insurance

• Cyber liability and cyber risk insurance

• Flood insurance

• Equipment breakdown insurance

• Employment practices liability insurance

• Workers’ compensation insurance

• Umbrella insurance

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Who Is Eligible for a Bop?

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BOPs generally work best for small and medium-sized businesses in low-risk industries. Insurance companies set the criteria to qualify for a BOP. Your agent can help you understand whether this coverage is appropriate for your organization.

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How to Get a BOP

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Contact Lee Family Insurance today to learn about qualifying for a BOP and tailoring your coverage to meet the insurance needs of your business.