A Business Owner’s Policy (BOP) combines business property and liability insurance into a single comprehensive policy.
Business Liability Coverage: This aspect of the policy protects your business against claims related to injuries or damage occurring on your property or affecting a client’s property. For a more detailed explanation, please check out our Commercial General Liability article.
Business Property Coverage: This component covers your business's physical assets, including property you own or lease, as well as the equipment and furniture within those premises. It also includes coverage for repairs, damaged property, loss of income, rent, and other financial losses while your property is being repaired after a covered incident.
Not Included in a BOP
· Commercial auto insurance
· Workers’ compensation
· Professional liability insurance
· Data breach (Cyber) insurance
Kwan Insurance Services can provide these supplemental policies that are not included in the standard BOP to ensure that we fully cover all risks associated with your business.
Who Needs a Business Owner’s Policy?
A Business Owner’s Policy is highly recommended for small to medium-sized businesses. Bundling these essential coverages into a single policy helps protect your business from financial risk associated with accidents or lawsuits. Especially for smaller businesses, where one lawsuit or accident could significantly impact their financial stability.
To find out which Business Owner’s Policy is right for your business, consider checking out these articles from two carriers that we represent, The Hartford and Travelers to provide you with the necessary information & coverage. Alternatively, you can reach out to anyone here at Kwan Insurance Services for more information.
Getting A Quote Online
We offer a variety of self-service online quoting options for our customers! If you would like to explore different quote options, please check out our two partner quote services, Next Insurance and Coterie Insurance to instantly get a quote at the comfort of your own computer. Compare both providers for the best rate!
For those looking for short-term policies, please check out Thimble for a quote and bind instantly for all your short-term general liability insurance needs!
If your line of business is not offered on the online self-services, please feel free to reach out to us, so we can provide you with the right coverage.