A Business Owner Policy (BOP) is a type of insurance that combines various essential coverages into a single, comprehensive package designed for small to medium-sized businesses. It typically includes several types of protection, which can help a business owner address risks and potential losses.
The main components of a BOP are:
Property Insurance
Covers damage to the physical assets of the business due to events like fire, theft, or vandalism. Some items normally insured are buildings, equipment, inventory, and furniture.
General Liability Insurance
Provides protection against third-party claims for bodily injury, property damage, or personal injury that occur on your business premises or as a result of business operations. For stores or places of business with foot traffic you will want to have adequate coverage against liability claims.
Business Interruption Insurance
Covers lost income and extra expenses when a business has to temporarily close due to a covered event, like a fire or natural disaster.
Crime Insurance (sometimes included)
A Business Owner’s Policy with crime insurance covers theft, burglary, or fraud committed by employees or outsiders.
Other Optional Add-ons
Some BOPs offer optional coverages, such as professional liability, equipment breakdown, or cyber liability, depending on the nature of the business.Cyber Liability
To compete in modern economy a presence on the internet is required. Cyber Insurance will protect you from liability claims arising from cyber events, for example ransomware, or information leaked by internet attackers.
Designed to provide cost-effective coverage by bundling multiple types of insurance. The Business Owner Policy is typically more affordable than purchasing separate policies. Tailored for smaller businesses, the BOP may not be suitable for large enterprises or companies with more complex needs. At Legacy Insurance small businesses are our bread and butter and we can create a BOP to protect your business. We have multiple carriers to quote from for example Hiscox, Progressive and Travelers.