BUSINESS OWNERS POLICY (BOP)
A business owners policy or BOP covers general liability, property and business interruption in one package for small to medium sized businesses.
General liability insurance covers the claims costs you are obligated to pay resulting from things like a customer suffering from bodily damage, advertising damage and/or property damage on your property or caused by your business operations.
Property insurance covers the property your business rents or owns against fire, vandalism, smoke damage, wind damage, explosion, etc. Personal business property is also covered (i.e. tools personally owned).
Business interruption insurance pays for the loss of income and extra expenses incurred while your business is closed due to a covered property loss.
There may be other endorsements or coverage options which you may need to add to your BOP or obtain separate policies to cover. Some of these include: Commercial Auto Insurance, Liquor Liability Insurance, Worker’s Compensation, Umbrella, Directors & Officers, Employment Practices Liability, Professional Liability Coverage (Errors & Omissions), Fiduciary Liability, Cyber Coverage, and Business Continuation Insurance.