What is a BOP (Business Owner’s Policy)?
So, what is a BOP?
The Business Owner’s Policy, or simply “BOP” for short, is a policy that insures business and personal property, time element exposures, and provides liability coverage all in a single business policy. It can be endorsed with additional coverages to customize the policy to a business’s needs. BOPs will typically be customized in a pre-fitted package from each insurance company which varies the coverages significantly from carrier to carrier and even from insurance agent to insurance agent.
The BOP was designed to provide easy to buy insurance for small, start-up, and medium sized businesses as long as the operation of the business was easy to categorize and fell within a tolerable risk profile for the insurance company.
What kind of business can buy a BOP?
Some of the BOPs that we write at CoVerica are as follows:
- Acupuncture Insurance
- Automotive Repair Shop Insurance
- Business & Professional Consultant Insurance
- Churches & Religious Organization Insurance
- Dentist Office Insurance
- Florist Insurance
- Hardware Store Insurance
- Landscaper Insurance
- Land Surveyor Insurance
- Legal & Attorney Office Insurance
- Medical Office Insurance
- Nail, Barbershop, Hair Salons
- Ophthalmologist & Optometrist Office Insurance
- Photography & Videography Business Insurance
- Restaurant & Food Truck Insurance
- Retail Store Insurance
- Spa & Massage Salon Insurance
- Therapists Office Insurance
How much is a Business Owner’s Policy?
A standard BOP can range in price depending on the size and needs of your business. For a small company with the only employee being the owner, little to no business property, and they’re in a low-risk type of business, you can expect a premium of $500 to $1,000 dollars. Realize that every business’s situation is unique and this estimate should be used as a ballpark figure for budgeting and planning. Your situation may vary due to reasons we can discuss while working with you.
Let us know if CoVerica can help you find a BOP for your business from one of 100+ insurance companies and markets. You can contact our business department anytime at 972-490-2238.