02 May Business Owners’ Package Insurance
BUSINESS OWNERS’ PACKAGE INSURANCE
Business Owners’ Package policy, commonly called a “BOP,” contains many of the insurance coverages needed by most small businesses. The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.
While these policies can vary from insurance company to insurance company, there are certain common elements in a BOP. Some, but not all, policies will also offer business income and extra expense protection after an insured loss. However, BOP policies do not contain all of the coverages needed by a small business. Notably, they do not cover any workers’ compensation, professional liability, or business vehicle coverage.