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Business Owners Policy

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We offer flexible payment plans to fit any budget needs.

We offer flexible payment plans to fit any budget needs.

We've helped over 60,000 employers buy more affordable insurance coverage.

We've helped over 60,000 employers buy more affordable insurance coverage.

We shop your coverage with up to 35 national carriers.

We shop your coverage with up to 35 national carriers.

We shop your commercial insurance to save you time and money.

What is a Business Owners Policy?

A business owners policy (BOP) is a packaged insurance policy, a policy made up of multiple lines of insurance, geared toward small businesses. BOPs typically combine general liability and property insurance as well as additional coverages commonly needed by small businesses; some BOPs are even tailored for specific industries. Larger companies looking for packaged policies might purchase a commercial package policy. Aside from the convenience of addressing more risks with one policy, insurance companies give great discounts to multi-line policies, or packages.

The following are just some of coverages that can be added to a custom BOP:

  • Buildings and fixtures coverage.
  • Business interruption coverage.
  • Business personal property coverage.
  • Clean-up and debris removal coverage.
  • Commercial crime coverage.
  • Computer failure coverage.
  • Damage by water or pollutants coverage.
  • Data breach coverage.
  • Employment practices liability coverage.
  • Hired and non-owned auto coverage.
  • Mechanical failure coverage.
  • Money and securities coverage.
  • Outdoor signs and posts coverage.

Instead of purchasing general liability, property, commercial auto and data breach all from different insurance companies or with different agents, just contact The Insurance Shop and let us do the shopping. Our experienced specialists will guide you through your options and make sure you get the best rates from one of our many carriers.

Find your lowest business insurance rates.

Find your lowest
business owners policy rates

We take the time to make sure your business and employees are classified correctly and then we get to work finding the lowest rates available for your insurance coverage.

  • National business owners policy specialists.
  • Licensed throughout the United States.
  • Programs for standard and tough class codes.
Compare quotes from over 35 carriers.

Compare quotes
from over 35 carriers

Once we've got your best quotes back from our carriers, we take the time to help you understand your options and take the next steps to get you covered quickly.

  • Easy billing and installment plans.
  • Pay As You Go insurance coverage options.
  • We continue to follow up after binding; our service to you never ends.

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Business Owners Policy
We shop your commercial insurance to save you time and money.

Why Do I Need a Business Owners Policy?

Every business needs insurance, it’s just a matter of identifying your business risks then assuring that you insure against them! Easy as pie, isn’t it? Well, no, it isn’t always that easy. That is why the business owners policy was invented, to simplify the insurance process. Insurance companies have already done the work of identifying risks common to small businesses and put together packaged policies that cover those risks. There are multiple forms and options on BOPs, customizing a package to fit your business needs is simple when you have an experienced agent.

In general, small businesses need property and liability insurance. You need to protect company buildings and their contents as well as protect your company in the event you, an employee or your business property somehow causes harm to others. Most industries also need business interruption insurance, which covers your loss of income after a disruption in business and may also include extra expenses for a temporary location. By protecting your property and limiting risk due to liability claims, BOP insurance can help save your small business money.

What does a Business Owners Policy Cost?

Business owners policies vary in cost as much as they vary from business to business. Pricing is typically based on the following factors:

  • Industry.
  • Years in business.
  • Geographical location.
  • Claim history.
  • Number of employees.
  • Total annual revenue.
  • Replacement cost of building, contents and equipment.

Optional coverages, depending on the insurance carrier, are priced at either a flat rate premium or a percentage of the policy premium.

What are Common Business Owners Policy Claims?

The first step to take when you think you have a claim is to call your agent. Your agent will help you organize your information and guide you through calling the insurance carrier who will process your claim. The following are the top five property and liability claims for small businesses as reported by The Hartford1 (2015):

  1. Burglary and theft
    1. 20% of claims.
    2. Average cost to business owner: $8,000.
  2. Water and freezing damage
    1. 15% of claims.
    2. Average cost to business owner: $17,000.
  3. Wind and hail damage
    1. 15% of claims
    2. Average cost to business owner: $26,000.
  4. Fire
    1. 10% of claims
    2. Average cost to business owner: $35,000.
  5. Customer slip and fall
    1. 10% of claims
    2. Average cost to business owner: $20,000.

According to The Hartford study, more than 40 percent of small businesses will submit a claim within the next 10 years. Will your business be covered? The Insurance Shop specializes in designing small businesses insurance solutions with the right coverage for the right price. Let us guide you through identifying your risks, and the coverages you need to mitigate those risks, so your business can have its best chance at success.

1The Hartford Newsroom

How Can I Reduce my Risk?

Reducing risk in your business can be as simple as locking doors and making sure wet floor signs are provided. There are additional measured steps that you can take to mitigate more specific risks. For example, to try to prevent burglary and theft a business owner should conduct proper background checks on all employees, invest in some level of a security system, put up fences and gates around company property and install sufficient interior and exterior lighting. Other hazards like inclement weather, fire, water damage and freezing damage can be mitigated as well through employee training, maintaining the landscape, alarm systems and drills.

Frequently Asked Questions

  1. What is not included in any BOP?
  2. BOPs do NOT cover professional liability, auto insurance, workers compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees. The general rule states that a peril cannot be covered by the BOP if it is already covered under another policy.

  3. What makes a business eligible for a BOP?
  4. BOPs were designed for small businesses in low-risk industries. A retail store, a small restaurant, small business office or a hair salon would all be good examples of eligible businesses. Eligibility coverage varies, but the majority of our insurance carriers use the following criteria:

    • Annual revenue, more than $5 million typically makes you ineligible.
    • Size of your primary location, large facilities such as warehouse and plants are ineligible.
    • Number of employees, typically businesses with more than 50 employees are ineligible.

    If any of these factors make your business ineligible then you should look at a commercial package policy (CPP), instead. Much like a BOP, a commercial package policy is a highly customizable package of policies, however, CPPs are geared more for mid- to large-sized businesses.

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Our Special Products and Services Make Us Better

Whether you are looking for the best coverage or to save more money over your current policy, our fast and friendly service staff is always here to help. As we work with numerous carriers across the United States we can offer more products at the best competitive rates. We at The Insurance Shop don't stop there, we also have a highly trained and experienced customer service team who guide and support you both before and after you've obtained your coverage.

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