Business Owners Policy Insurance

A Business Owners Policy is a type of business insurance policy that combines commercial property insurance and business liability insurance into one comprehensive package.

In most cases, BOP insurance coverage protects your business from first-party losses such as fire, theft, vandalism, and other similar events. BOP insurance can also provide additional protection for liability claims involving property damage and bodily injury to others, such as injuries occurring at your physical location or accidental damage to a customer's belongings.

Better yet, BOP insurance is customizable. While the commercial property insurance and business liability insurance portions act as the foundation of your protection, there are optional coverages you can add to the policy to help further protect your unique business.

A BOP is practical insurance for small business owners with limited employees and only one physical location. It provides peace of mind by protecting your business against accidental loss or damage. Beyond that, having one inclusive insurance policy means not making two separate premium payments or keeping up with two policy contracts. In addition, in some instances, the cost of purchasing BOP insurance provides significant savings over buying individual policies.

Small- to mid-sized businesses can benefit from a Business Owners Policy. Commercial liability insurance coverage is crucial to help protect your business against liability claims and lawsuits. Business property insurance protects against covered property loss caused by acts of nature, theft, fire, and other covered perils.

In addition, your business may need to demonstrate current liability coverage to obtain funding or be considered for specific client contracts. BOP insurance from Selective Insurance can help satisfy those eligibility requirements.

A Business Owners Policy includes basic business liability and property damage coverage. You can also choose to include other commercial insurance coverages, such as errors and omissions coverage (professional liability), data breach insurance, loss of income, and other industry-specific coverages.

Importantly, BOP policies do not include workers compensation coverage or commercial auto insurance. Those other business coverages are available under separate commercial insurance policies.

Contact an agent today to learn how a Business Owners Policy from Selective Insurance can help protect your business.