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A Business Owners Package Policy, referred to as BOP for short, is a combination of liability and property insurance. It is designed to save the small to medium-sized business owner money when compared to buying policies separately.
To qualify for BOP your company must have less than 100 employees and gross revenues should not exceed $1 million.
What It Covers
The first part of BOP coverage is very similar to a stand-alone Commercial general liability insurance. This insures a business against accidents and injury that might happen on its premises, as well as exposures related to its products. It will protect you from payments for bodily injury or property damage to a third party, for medical expenses accruing to the underlying incident, for the cost of defending lawsuits including investigations and settlements, and for any bonds or judgments required during an appeal procedure. However, this coverage does not include professional liability insurance.
Business Interruption insurance is the next component of BOP. This coverage covers lost income and expenses incurred when a company suffers disaster-related losses. With Business Interruption insurance, payroll expense and other regular expenses, such as rent, are covered. Business Owners Policies will usually cover up to a year of lost revenue resulting from a covered property loss.
Business Owners Policies can usually be modified to contain other types of property coverage. To learn more about BOP coverage, consult with one of our professional Business Property and casualty agents.
