Insureon’s licensed agents typically recommend a business owner’s policy for its coverage and affordability. Learn which businesses are eligible, how to take advantage of a BOP's flexibility, and when a business needs one.
Businesses in low-risk industries with a small footprint often qualify for a business owner’s policy, which combines general liability insurance with property insurance at a discount. The typical business that is eligible for a BOP:
Part of the property insurance portion of your BOP, business interruption insurance protects against unexpected closure caused by a covered event. For example, if a storm damages a bakery storefront and the repairs take a month, business interruption insurance reimburses the bakery for its lost income.
A BOP protects against common lawsuits, such as damage to customer property or a client slipping in your office. It also protects your own business property. Your policy limits and endorsements determine the extent of your coverage.
A BOP has a cap on policy limits, which is why it is appropriate only for smaller businesses. The limit is the maximum amount that your insurer will pay on a claim or during the policy period.
Your general liability insurance should be able to cover the cost of a potential lawsuit. Your property insurance should have limits that match the value of your business personal property so you can get reimbursed appropriately after a fire or other loss.
To customize your BOP so that it meets your specific needs, you can add endorsements. Contact a licensed Insureon agent who specializes in your industry to discuss endorsements that match your business.
A contractor who transports tools and equipment to different job sites might need inland marine insurance to protect property in transit.
A client contract or commercial lease may require a business to obtain the general liability insurance included in a business owner’s policy. Though property insurance isn’t required, it's highly recommended for a business that owns a building or valuable equipment.
A client might require general liability insurance in the terms of a contract, or a landlord might include it as a requirement in a commercial lease.
The general liability insurance portion of a BOP covers:
This coverage proves you can run your business and pay your bills – even in the midst of a lawsuit.
Property insurance isn't required by law unless you have a loan secured on a piece of commercial real estate. Still, it's an important coverage, even for businesses that run out of the owner's home. Property insurance covers the tools, computers, and buildings owned by a business. This policy is vital for protecting against fires and thefts, preventing one accident from destroying your investment.
You can compare quotes for a business owner’s policy by filling out Insureon’s free online application. After you complete the application, a licensed Insureon agent will get back to you quickly with quotes for policies that fit your business.