What is Business Owner’s Policy Insurance
A business owner’s policy (BOP) combines property and liability insurance into a single insurance policy. This type of packaged business insurance is a common choice for small and medium-sized businesses.
Business Owner's Policy
What is Business Owner’s Policy Insurance
A business owner’s policy (BOP) combines property and liability insurance into a single insurance policy. This type of packaged business insurance is a common choice for small and medium-sized businesses.
Who needs a Business Owner’s Policy?
The following are frequent businesses that purchase business owner’s policy (BOP) insurance:
- Retail store & services
- Food and Beverage
- Auto service & repair
- Professional offices
- Commercial Building & Property Owners
What is Business Personal Property coverage?
Business personal property (BPP) covers everything inside your building including equipment, inventory, furniture, and fixtures that you rent or own in your workplace. BPP covers the following types of properties:
Equipment & Supplies
Any equipment, tools, or supplies needed to run your business including technology such as computers, monitors, etc.
Inventory
The goods, supplies, or merchandise you sell.
Furniture
The furnishings and decorations in your workplace.
Upgrades
This includes any improvements or renovations you’ve made to your workplace.
Who needs BPP Insurance?
BPP insurance is essential to any small business owners with workspaces that you own or work out of to ensure coverage for all of your inventory, equipment, furniture, and upgrades.
The following are examples of how BPP works with different businesses:
- Business income interruption coverage
- Business income coverage assists with paying for lost income while a business is undergoing forced closure due to unexpected events. This coverage is included when you purchase BPP
Why is BPP important?
Your equipment, inventory, and supplies are essential to run your business. BPP helps with replacements if something were to happen at your workplace.
It also gives you the peace of mind to know that you are covered in circumstances beyond your control, allowing you to focus on your business.
What isn’t covered?
BPP covers many different circumstances and types of properties (excluding the actual building), but it does not cover everything. Depending on your business, you may need to purchase other types of insurance.
How is Business Personal Property different from a Business Owners Policy (BOP)?
The difference between a business personal property insurance and a business owner’s policy is a BOP covers entire buildings, permanent fixtures, and the contents of the building. A BOP also includes general liability coverage.
Business personal property insurance only covers the contents of your workplace, including equipment, inventory, furniture and upgrades made to the space. If you don’t own your workplace, BPP (without a BOP) provides coverage in protecting everything inside the rented property.