The All-In-One Business Owner’s Policy

Small business owner Every business, large and small, needs to purchase commercial insurance to prevent against a variety of risks. If you own a small to medium business, you may be eligible to buy an all-in-one plan called a business owner’s policy, or a BOP. To qualify, your business must have no more than 100 employees and no more than $1 million in revenue. Bigger companies will likely have to buy insurance policies a la carte.

A BOP bundles several coverages into a package for comprehensive protection, and lower premiums in many cases. All BOPs combine property and liability coverage, along with a host of other add-ons at your disposable, making this policy customizable to meet the needs of your business. Let’s take a look at what coverages are generally available:

Property insurance: Covers buildings, furniture, equipment and inventory owned (and sometimes leased or rented as well) by the business.
Liability insurance: Covers any bodily injury or property damage suffered by a third party on your business’ property. This can also cover legal expenses.
Medical payments insurance: Covers any third party medical expenses that result from a liability claim.
Loss of income insurance: Covers lost income in the event that daily business operations are interrupted due to a covered loss. This can include financial obligations such as rent and payroll.
Equipment breakdown insurance: Covers pieces of equipment, such as computers or break room appliances, that fail or become damaged due to a covered loss.
Data breach insurance: Covers online resources, such as databases, from hackers and other covered losses.
Employment practices liability insurance: Covers your business in the event that an employment-related claim is made involving alleged acts of harassment, discrimination, wrongful termination, law violations etc.