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January 14, 2023

What Businesses Need to Know about BOP Insurance Coverage

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Whether you’re starting a new business, or have been operating for years, commercial insurance is something you can’t do without. A business owner’s policy (BOP) simplifies your commercial insurance needs.

What BOP Includes

A BOP basically includes coverage for property, liability, and business interruption in one policy, so that business owners don’t have to buy multiple policies. Property coverage includes physical buildings and equipment that’s destroyed or damaged due to fire, vandalism, or other covered perils. General liability coverage protects you legally if lawsuits arise that allege property damage, personal injury, or bodily injury. Business interruption coverage can cover the loss of income resulting from circumstances that temporarily slow down or stop your operations.

Who Can Purchase BOP

Not all businesses can purchase a BOP. BOPs are typically for businesses that do most operations in a brick-and-mortar location. There are annual revenue restrictions, as well as a limit on how many employees the business has. Generally, retail stores, restaurants, businesses with an office, and apartment buildings can qualify for a BOP.

What Is and Isn’t Covered

Perils such as vandalism, theft, fire, and hail are covered under a BOP, as well as general liability coverages. Additional coverages, like workers’ compensation, automobiles, professional liability, and flood and earthquake insurance aren't included in a BOP, and must be purchased separately.

If you think your business would benefit from a BOP, Koch Insurance Group has the expertise you need to find the right policy.

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