770-723-9901
info@insurecstore.com
770-723-9901
info@insurecstore.com

What is a Business Owner’s Policy (BOP) Insurance?

A business owner’s policy (BOP) combines property insurance and general liability coverage into a single package that helps save money and fulfill the coverage needs of small businesses. It protects your business from property damage, bodily injuries, and claims against your operations. Without proper coverage, businesses have to deal with significant financial setbacks. This coverage plan aligns more with the needs of small to mid-sized businesses that are seeking comprehensive insurance coverage.

What is Included in a Business Owner’s Policy?

Typically, a business owner’s policy includes essential coverages like property insurance for your business property and general liability insurance to protect against claims for bodily injuries or property damage. Many policies also offer business interruption insurance to help cover lost income during disruptions. Additional coverages, such as equipment breakdown or data breach protection, can be tailored to your needs. Here are some insurance coverages that are typically a part of this policy:

Property Insurance

Covers damage or loss to business property, including buildings, equipment, and inventory from covered risks like fire, theft, or natural disasters.

General Liability Insurance

Protects against claims for third-party bodily injuries, property damage, and advertising injuries, ensuring your business avoids major financial losses.

Business Interruption Insurance

Reimburses lost income and covers operating expenses in case your business operations are disrupted due to a covered incident like fire or theft.

Commercial Auto Insurance

Covers vehicles used for business purposes, providing protection against accidents, property damage, and liability claims for both drivers and others.

Workers' Compensation Insurance

Covers medical expenses and lost wages for employees that are injured on the job, protecting the employers from expensive lawsuits and unwanted claims.

Crime Insurance

Safeguards your business against losses caused by employee theft, forgery, or crimes by outsiders, maintaining your financial security against risks.

Equipment Breakdown Insurance

Covers repairing or replacing costs for essential business equipment that fails due to mechanical, electrical, or power surge issues come under.

Data Breach/Cyber Liability Insurance(if added)

Protects against significant financial losses from cyberattacks or data breaches, covering recovery costs, legal fees, and customer notifications.

Professional Liability Insurance(if included)

Protects against claims of negligence, errors, or omissions in professional services, helping businesses maintain their reputation and financial health.

Liquor Liability Insurance(if applicable)

Covers legal fees and damages if you are held liable for incidents related to alcohol service, such as over-serving or intoxicated customer actions.

What is Not Covered Under a Business Owner’s Policy?

  • Flood Damage

  • Earthquake Damage

  • Employee Injuries (not covered under workers' comp)

  • Damage from War or Terrorism

  • Professional Errors or Omissions (unless added as an endorsement)

  • Intentional Damage or Fraud

  • Employee Theft (unless crime insurance is included)

  • Losses Due to Power Outages (unless specifically covered)

  • Loss of Data (unless cyber liability is added)

  • Vehicle Damage (unless covered by commercial auto insurance)

How Much Does a Business Owner’s Policy Cost?

The cost of a business owner’s policy typically depends on factors like business size, industry, location, and coverage needs. Small business customers pay an average of $1,019 per year for a BOP; while higher premiums may cost more, they provide better protection against a range of insured perils.

Who Needs a Business Owner’s Policy?

A business owner’s policy (BOP) is ideal for small to medium-sized businesses looking for comprehensive coverage. It typically suits convenience stores and gas stations with a sizable business or an extensive claims history. This combination of general liability, property insurance, and business interruption coverage offers financial protection from property damage and income loss. Providing a safety net to fall back on in an unforeseen situation. Here are the groups that can benefit the most from a BOP:

  • Small Business Owners

  • Retail Store Owners

  • Restaurant Owners

  • Service Providers

  • Franchise Owners

  • Independent Contractors

  • Property Owners Leasing Commercial Space

  • Manufacturers

  • Gas Station Owners

  • Convenience Store Owners

Get a Free Business Owner’s Policy Insurance Quote

Want a free business owner’s policy quote? Insure C-Store has you covered! Simply enter your full name and phone number and select your preferred business property before pressing submit. You’ll then be directed to a form asking for personal and property details, location address, current insurance provider, etc. Once you have submitted the form, one of our agents will contact you with your customized quotes.

For further queries, you may reach out to an agent by phone or by visiting our office.

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Frequently Asked Business Owner’s Policy Questions

Ans) Endorsements usually cannot be added to a business owner's policy, including professional liability, health and disability insurance, workers' compensation, and directors' and officers' insurance. These coverages require separate policies, as they address specific risks beyond the general liability and property protection a BOP typically has to offer.

Ans) Yes, you can cancel your business owner's policy at any time, but it’s important to review the terms of your policy first. Some insurers may charge a cancellation fee or require advance notice. Ensure you have alternate coverage in place to avoid gaps in protection for your business during the transition.

Ans) There is no legal requirement, but certain coverages within it, like workers' compensation or liability insurance, may be mandatory to acquire as a business owner, depending on your business type and state regulations. While not legally necessary, a BOP is highly recommended to protect your business from financial risks and liabilities.

Ans) Premiums for a business owner's policy are typically paid annually, semi-annually, or monthly, depending on your chosen payment plan. Most insurance companies offer flexible payment options, including online payments, automatic deductions, or payments through an agent. Make sure you always confirm payment methods and schedules with your insurance provider for convenience.

Ans) A business owner's policy includes three key sections to provide comprehensive coverage. The property insurance section protects physical assets like buildings, equipment, and inventory. The liability insurance section safeguards against claims involving bodily injury, property damage, or lawsuits. Lastly, the business interruption insurance section covers lost income and operating expenses if your business faces disruptions. Together, these sections ensure well-rounded protection for your business.