Business Insurance for Insurance Professionals
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Business owner’s policy for agents and other insurance professionals

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Business owner’s policy

A business owner’s policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than purchasing policies separately.

A BOP bundles policies to protect insurance agencies

A business owner’s policy is the best defense for insurance agents and agencies in need of comprehensive coverage. By combining general liability insurance and commercial property insurance, this policy covers common liability and property risks in one plan.

A BOP covers common risks such as:

  • Lawsuits related to customer injury and property damage
  • Damage to your business property
  • Lawsuits related to advertising injuries

Save money and increase your coverage with a BOP

By bundling general liability with commercial property insurance, insurance professionals can often find savings with a business owner’s policy. Businesses that are eligible for this policy typically:

  • Have fewer than 100 employees
  • Have a small office space
  • Make less than $1 million in revenue annually
  • Operate in a low-risk industry
  • Require less than 12 months of business interruption insurance

Talk to a licensed Insureon agent to learn how a BOP could benefit your insurance company.

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What coverage can a business owner’s policy provide for insurance professionals?

General liability coverage

Most insurance professionals deal with clients on a daily basis. Even if you don’t see them directly, it’s likely that your work impacts numerous customers. This opens you up to third-party risks. The general liability portion of a BOP helps protect your business from lawsuits stemming from:

  • Customer property damage
  • Third-party bodily injuries
  • Advertising injuries, such as slander and libel

Property coverage

The commercial property insurance portion of a business owner’s policy can help cover unexpected expenses related to your inventory, equipment, or your building if you own it. A BOP for insurance agents can help pay for lost or damaged business property due to:

  • Fire
  • Vandalism
  • Tornado
  • Theft

Business interruption insurance for insurance agents and agencies

If your insurance business has to close temporarily, it could result in massive financial loss. Commonly included in a BOP, business interruption insurance protects you from expenses and lost revenue related to closure caused by a covered loss.

For example, your insurance agency may need to close for renovation after a tornado strikes. Business interruption insurance can cover up to 12 months of income while your business is placed on hold, allowing you to pay your employees and other parties during a disruption.

Speak to a licensed Insureon agent to add business interruption coverage to your BOP.

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Other important insurance policies to consider

A business owner’s policy offers many protections for insurance agencies, but it doesn’t provide coverage for all risks. Business owners should also consider: 

Errors and omissions insurance (E&O): Also known as professional liability insurance, this policy can cover legal fees of lawsuits related to your business decisions.

Workers’ compensation insurance: This policy is required in most states for businesses with employees. It can cover medical expenses up to the policy limit if an employee is injured on the job.

Commercial auto insurance: Insurance businesses that own vehicles need to carry this policy to comply with state laws. It helps cover costs if a vehicle gets into an accident.

Cyber liability insurance: This policy helps insurance businesses recover from data breaches. It's recommended for small businesses that handle sensitive information.

Get free quotes and buy online with Insureon

Are you ready to protect your insurance business with a business owner’s policy? Complete Insureon’s easy online application today to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, coverage can start in less than 24 hours.

Verified BOP coverage reviews

Hear from business owners like you who purchased a BOP.
Updated: May 11, 2022

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