Business Owners Policy (BOP) Insurance for Small Businesses

​The Business Owners Policy (BOP) Insurance is composed of several packages of policy that is convenient for small business owners. It typically covers two major needs, such as liability and property policies. Most of the time, the business interruption insurance is also included in the BOP insurance. In this article, we will guide you in identifying the right package of the BOP for your business needs.

What Does the Policy Cover?
Here are the three typical coverages of Business Owners Policy (BOP) Insurance:

1. Property Damage - The property insurance covers the damages of any destruction of your property, your belongings, and everything you own within your business location. 
   
   
2. Medical Expenses for Bodily Injuries - Under general liability policy, all or part of the medical expenses from bodily injuries of your customers will be covered by the insuring company. 
   
   
3. Lost Income - The insuring company will cover your lost income for up to 12 months in case your business operations need to be terminated temporarily.

Is the BOP Insurance for My Small Business?
Despite being in a broad coverage, the BOP insurance should be purchased by small business owners if the following criteria are checked below:

• Your small business has a physical store, office, or apartment building.
• Your small business is located outside your home, specifically if you are home-based.
• The assets inside your business could be stolen or damaged. Some may include furniture, office equipment, cash, and more. 
• Your business is at risk for legal cases or lawsuits. 
• Your business cannot handle unexpected financial losses. 

Types of Business that Usually Purchase BOP
Below are the types of businesses that usually purchase the Business Owners Property (BOP) Insurance:

• Offices
• Religious offices or organizations
• Buildings or factories of manufacturers
• Apartment or buildings for lease
• Fast food chains or restaurants
• Wholesale or retail stores

Considerations When Purchasing BOP Insurance
There are a lot of things that you should consider before purchasing your BOP Insurance. Here are some of the essential things that you should consider:

• Specific class of your small business
• The location or place where you usually conduct the business operations
• How big is your business
• Its primary location or address
• Your business’ annual or quarterly revenue

At Arnold, Bruce & Doerfler Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (503) 222-1951 or Click Here to request a free quote.