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Why every business owner needs a BOP policy

If you’re a business owner, and you own any property at all (whether it be a laptop, small desk furniture or a warehouse of goods), you may want to consider purchasing a business owners insurance policy (BOP) instead of general liability insurance only.

BOPs were designed for small to medium-sized businesses (from restaurants to auto shops, start-up tech firms to chiropractor’s offices), bundling all the basic property and liability coverages into one convenient policy.

What does it cover?

  • Business personal property (BPP), which offers protection for the property your business owns, leases or rents, including things like furniture, fixtures, inventory, equipment, etc.
  • Business income, which helps replace loss of income (usually up to 12 months) so that you can still meet your financial obligations should a covered loss ever occur, causing your operations to be temporarily suspended.
  • General liability, which will come in handy in the event that you’re ever sued.
  • Most include, or give the option of equipment breakdown, fine arts, hired/non-owned auto, employee dishonesty, and more

Most BOPs do NOT cover professional liability, so you'd need to get that policy separately.