Many small business owners purchase a business package policy called a “BOP” – a business owner’s policy. A BOP typically includes property insurance, business interruption/continuation insurance and liability insurance. Often it is a less costly option for small businesses than buying a set of individual policies. Many insurers customize BOPs for specific types of businesses.
However, a BOP does not cover professional liability (liability claims arising from wrongful practice by professionals), auto insurance, workers’ compensation, health or disability insurance – all of which need to be purchased separately.
Not all businesses qualify for a BOP. For example, a factory or jewelry store would probably not qualify for a BOP. Those businesses – because of their unique risks – usually require more customized coverage than what’s included in a standard BOP.
A home-based business or a company with only a few employees may start out with a BOP and then expand its coverage as it grows.
We help take the mystery out of insurance for small business. Contact our office for a no-obligation review of all your insurance needs.