Business Owners Policy, commonly called a “BOP” contains many of the insurance coverage’s needed by most small businesses. While these policies are not standard, there is great variation from insurance company to insurance company; there are certain common elements. The basic Business Owners Policy 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.
Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss. Business Owners Policies do not contain all of the coverage’s needed by a small business. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.