A business owner’s policy, or BOP, combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
What is a Business Owner's Policy?
Liability Insurance
When do small businesses need a BOP?
All small businesses that want protection from unexpected financial losses should consider a business owner’s policy. Many companies only purchase general liability insurance, which does not protect business property. A BOP bundles general liability insurance with commercial property insurance for more complete coverage.
A business owner’s policy bundles two insurance policies at a discount:
1. General liability insurance
General liability insurance protects against common business risks, such as customer injury or damage to client property. It’s often required when signing a commercial lease or a client contract.
2. Commercial property insurance
Commercial property insurance protects your building, equipment, and inventory from damage or loss.
A BOP is ideal for a small business that wants protection against common lawsuits and coverage for valuable business property, such as a building or specialized equipment.
Business owner’s policy protections
| Home business | Freelancers | Small business | |
| Liability_protection | You want to guard against business-related bodily injury and property damage lawsuits, such as a customer tripping at your home. | Clients may ask you to provide a certificate of insurance in case you damage equipment at their office. | You sign a commercial lease requires general liability insurance. |
| Advertising injury protection | You create a social media page for your business, which opens you to accusations of libel and copyright infringement. | You want reassurance that someone involved with a project cannot damage your business with an accusation of libel or slander. | You launch an advertising campaign and want protection against accusations of defamation or copyright infringement. |
Business owner’s policy eligibility requirements
Not all businesses are eligible for a business owner’s policy. Businesses that are eligible for a BOP typically have:
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