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.

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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.