Business owner's policy
Business owner’s policy (BOP)
A business owner’s policy bundles general liability insurance with commercial property insurance. Many insurers offer small businesses a discount if they choose this policy.
When is a business owner's policy important for a small business?
A business owner’s policy protects your business against common liability risks with general liability insurance. Plus, it includes commercial property insurance (hazard insurance) to protect your business property.
Your landlord or clients might require the general liability coverage that's included in a BOP, while property insurance is vital for companies that own a building or expensive movable property such as equipment, tools, and supplies.
What does a business owner's policy cover?
A business owner's policy can help cover the cost of:
- Damaged business property, such as laptops
- Accidental client injuries
- Damaged customer property
- Copyright infringement lawsuits and other advertising injuries
Because a BOP combines two key policies at a discount, TechInsurance's licensed agents often recommend it to small business owners.
Examples of BOP coverage
Here are a few common scenarios where it pays to have a BOP:
- A storm damages your office
- Your employee drops a client's laptop
- A competitor sues over trademark infringement
- Your client contract requires general liability insurance
- Your landlord requires general liability insurance
Which businesses are eligible for a BOP?
Low-risk businesses with fewer than 100 employees typically qualify, such as:
- The sole proprietor of a web design business
- An IT consulting office with a dozen employees
- A computer repair shop with a small storefront
We offer coverage options for hundreds of professions, but not all businesses are eligible for a business owner’s policy. Complete our free online application and talk to a TechInsurance agent to confirm if your business qualifies.
Business owner’s policy costs
A business owner’s policy bundles two coverages at an affordable price. The cost of a BOP depends on:
- Your business property value
- Your profession’s level of risk
- Policy limits you choose
- Where your company is based
- Number of employees
What if my business needs more insurance coverage?
If your business has higher than average liabilities, you can increase your policy limit with commercial umbrella insurance. Umbrella insurance raises your maximum coverage limit, so your insurance company will pay for costlier insurance claims.
A business owner's policy doesn't cover every type of commercial liability. Get more complete coverage by bundling your BOP with these insurance policies:
- Business interruption insurance replaces lost income and pays for extra expenses if property damage causes a temporary disruption in your business.
- Cyber liability insurance provides additional liability protection against cyberattacks and data breaches that affect your tech business.
- Hired and non-owned auto insurance (HNOA) provides liability protection for accidents involving vehicles that your tech business rents or uses, but doesn't own.
- Errors and omissions insurance, also called professional liability insurance, protects your business from disputes over the quality of the services you provide to your clients.
You can add some types of coverage to a business owner's policy as endorsements, or riders, depending on your insurance company. Talk to a TechInsurance agent to discuss tailoring a BOP to match your business needs.