Business Owner’s Package (BOP)

One of the most efficient ways to protect your business is through a Business Owner’s Package or “BOP” as it is most commonly known. While the coverage provided can vary from company to company, a BOP is a great solution for many small to mid-sized businesses.

Combining protection for your business is a standard practice in commercial insurance. The business owner’s package can protect all major property and liability risks in one convenient package. However, it is important to note that a BOP does not provide worker’s compensation protection, professional liability, or business vehicle insurance.

What is Covered Under a BOP?

A business owner’s package combines a business’ need for commercial property protection, general liability insurance, and business interruption insurance.

Property Damage

Whether you lease or own your business property, it’s important to protect it from damage. Insuring your business location alleviates any unexpected expenses. These losses can be a result of many different situations including natural disasters, weather, or a person. Commercial property insurance coverage protects the interior and exterior of your building including landscaping, signage, furniture, equipment, and more.

Bodily Injury/Medical Expenses

The operation and vertical of a business can vary from company to company, but there is a common thread of liability for a client or customer while at your place of business. If a customer is injured on the premises, your BOP will provide the necessary coverage to protect your business in the event of a claim.

Lost Income

Business interruption insurance is often included in BOPs and provides you the coverage and security in case you have to suspend operations for a covered reason. This assists with rent payments, payroll, relocation (if needed), and other services should you require it for up to 12 months.

Do I Need a Business Owner’s Package?

Many small business owners purchase a BOP as it is the most convenient and affordable to achieve broad coverage.

Some of the most common reasons to have a BOP are:

1. Your business has a physical location or building. This can be an office space, retail location, apartment, or restaurant. If your business is located outside of your home, you should consider a BOP.
2. You want to protect assets that could be damaged or stolen. This can mean furniture, product inventory, office equipment, digital assets or customer data. There are many moving parts to a business and it’s important to consider tangible and intangible assets.
3. Your business has a potential for lawsuits stemming from a customer injury. Having customers comes with the risk that you are liable for their safety while on your property.
4. You have less than 100 employees.

Protecting yourself and your business from unexpected financial losses is important. A BOP is the first line of defense for many of these types of businesses:

• Manufacturers
• Offices
• Wholesalers
• Buildings
• Consumer Services
• Apartment Buildings
• Restaurants
• Retail Stores
• Religious Organizations
• Technology Consultants & Solutions Providers

What Other Coverage Might I Need?

It’s important to remember that a business owner’s package does not include coverage for everything a business may need. Depending on the type of business you have, you may need additional separate policies such as worker’s compensation, commercial auto, or professional services coverage. This is where an experienced and knowledgeable agent can assist with determining your business needs and tailoring a policy that suits you best.

Preston Insurance has the ability to review your existing BOP as well as help you navigate any additional coverage you may need. We’ll work with you to find the right coverage at the most affordable price. Contact us for more information and to get started today!