A business owners policy is a package of coverages designed to address the needs of a specific class of business in an easy to purchase format.When you think of business insurance, what is the first coverage that comes to mind?
It’s most likely general liability insurance. General liability insurance provides legal defense and insurance protection against things like slips, trips and falls as well as 3rd party property damage.
General liability is a very important coverage to your business, but it is only one of the many coverages that you need to properly protect your business.A business owners policy, or BOP, is a package of coverages, including general liability, that have been grouped together to provide, at minimum, coverage for the basic common losses faced by a business.
Not every business has access to a business owners policy because of the unique exposures that business might have. It’s important talk to a independent insurance agent about whether or not a business owners policy is a good fit for your business.