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Business Owners Policy

Business Owners Policy (BOPs) is designed to meet the requirements of small to medium sized businesses. Primarily, Business owners’ policy is a package of insurance services. A standard BOP provides a set of insurance services that are normally required by small/medium size businesses. BOPs services cover business property (fire, burglary, etc.), business interruption, loss of income, liability, etc. They are similar in nature as homeowner’s policy for business, but cover a wider range.

BOPs have become a very popular choice of insurance plan among small to medium sized businesses community and are available for a broad range of businesses. Among the advantages of BOPs is its one stop shopping for all (or most) of the related policies for your small business. The basic coverage that is required by small to medium size businesses are combined in BOPs as packaged deals.

From the administration point of view, business owners like the all-in-one style convenience of BOPs. Instead of buying different policies to cover different aspects of their business, they simple get one service that includes all (or most) of the insurance coverage required by their small businesses.

Business owner policies consist of property coverage, liability coverage and some additional types of coverage that most businesses require. One should note that workers compensation, health or disability insurance are not covered by BOPs and, if required you need to purchase them separately. Their premium is generally less than what would be required to purchase similar services separately.

Optional coverage plans can also be added to meet specific needs of the business.
Note that BOPs coverage plans differ from one insurance company to another, so be sure that you get the policy that has the right features for your business requirements. A BOP policy would normally include:

* Property insurance
* Business interruption insurance
* Liability protection insurance – lawsuits arising from accidents and/or disagreements etc.
BOP services are usually not extended to businesses like:
* Restaurants Automotive businesses
* Manufacturing firms
* Entertainment Places
* Financial institutions

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