Business Owner Policy (BOP)
A Business Owner Policy, commonly called a BOP, combines several common types of business insurance into one policy. For many eligible small and mid-sized businesses, a BOP may provide a practical way to obtain property, liability, and business income coverage under a single policy form.
Coverage, limits, exclusions, deductibles, and eligibility vary by insurer, business type, location, and underwriting guidelines.
What a BOP May Include
Business Property Coverage
A BOP may cover certain business property, such as buildings, office contents, equipment, furniture, inventory, and other covered business assets, depending on the policy terms.
General Liability Coverage
General liability coverage may help protect your business from covered third-party claims involving bodily injury, property damage, personal injury, advertising injury, or related defense costs, subject to the policy’s terms, limits, and exclusions.
Business Income Coverage
Business income coverage may help replace lost income and certain continuing expenses when a covered cause of loss interrupts business operations. Coverage may depend on the cause of loss, waiting period, restoration period, limits, and other policy conditions.
Why Businesses Consider a BOP
A BOP can simplify insurance planning by combining several core commercial coverages into one policy. For eligible businesses, this may be more convenient than purchasing separate property and liability policies.
A BOP may also be customized with endorsements or additional coverage options, depending on the business operations and insurer underwriting requirements.
Coverages Usually Handled Separately
A BOP does not cover every risk. Depending on your business, you may need additional policies or endorsements, such as:
Professional liability insurance
Workers’ compensation insurance
Commercial auto insurance
Employment practices liability insurance
Cyber liability insurance
Flood or sewer backup coverage
Crime coverage
Equipment breakdown coverage
Commercial umbrella or excess liability insurance
Some coverages may be required by law, contract, lease, lender, or licensing authority. Others may be recommended based on your business operations.
Eligibility
BOP eligibility depends on several factors, including the type of business, revenue, payroll, number of employees, property values, claims history, location, and the nature of the business operations. Some businesses may not qualify for a BOP and may need a commercial package policy or separate monoline policies instead.
Additional Liability Protection
If your business needs higher liability limits, a commercial umbrella or excess liability policy may be available to provide additional limits above qualifying underlying policies, subject to underwriting and policy terms.
Review Your Business Insurance Options
Orion Financial Services LLC can help you review your business operations and evaluate available coverage options. The right insurance program depends on your business risks, contractual requirements, state requirements, carrier eligibility, and policy terms.
This information is general in nature and does not modify, expand, or guarantee coverage under any insurance policy. Actual coverage is determined only by the terms, conditions, exclusions, endorsements, and limits of the policy issued.
Note: Coverage is subject to underwriting approval and the terms, conditions, exclusions, endorsements, and limits of the policy issued.
Not all businesses qualify for a Business Owner Policy.
Availability varies by state and insurer.
This website is for general informational purposes only and does not constitute a binder, policy, certificate of insurance, or guarantee of coverage.