What is a BOP?
A Business Owners Policy (BOP) provides two essential coverages: liability and property insurance. This insurance package may help protect you against the unexpected risks of doing business.
Do you need a business owners policy?
Bodily injury or property damage claims may be costly to your small business, as well as ones arising from a fire or weather event.
You’ll want to determine if you could afford to pay these costs out of pocket.
Your State Farm agent can help you put together a plan to withstand these financial challenges.
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Office insurance
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Businessowners insurance
You’re building a small business on a solid business plan and businessowners insurance protection may help pave the way for success.
Simplify business with a BOP
Liability and property coverages are included in one combined package to help you manage unexpected risks in business.
How much does a BOP cost?
Business owners insurance from State Farm is priced based on the type of business you own, the value of your property, you as the owner and other factors.
Tips for buying a BOP
A business owners policy is designed to help protect you against a range of risks. Here are some considerations:
- Assess your risks. Think about what kind of accidents, natural disasters or lawsuits could damage your business. Determine what business property you own (inventory, equipment or buildings) that could be at risk.
- Work with an agent. State Farm agents are business owners, too. They understand the needs of small business owners.
- Re-evaluate every year. As your business grows, so do your potential risks. Check in with your local agent to make sure you have the proper coverage.
What does a BOP cover?
The coverages typically included in a BOP are:
Liability
This protects you against costly claims and lawsuits resulting from a customer being injured while at your business, and if you damage other people’s property
Property
If buildings and other structures you own are damaged or destroyed, you may be covered. It also helps protect your office equipment, business equipment and inventory from a covered loss
Loss of income
In the event your business is shut down (for up to 12 months), this coverage helps protect your income and provides help for ordinary payroll expenses
Equipment breakdown
When your covered equipment breaks down or is damaged by covered claims, this coverage may help you get things back up and running
Professional liability
If you’re sued because of the services you provide to your customers, having this coverage may help. For specific occupations, this coverage can be added for protection against costly claims and lawsuits
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Answer three questions to learn about products for your business.
Frequently asked questions about business owners policy insurance
A BOP provides both property and liability coverage whereas general liability insurance only provides liability coverage.
If a business owner is a tenant in a building, for example, a BOP may provide coverage.
Some of the information needed could include coverage amounts, deductibles, information on protective devices (alarms, sprinkler systems), and a description of the business activities.
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Prices are based on rating plans that may vary by state. Coverage options are selected by the customer, and availability and eligibility may vary.
This is only a general description of coverages of the available types of business insurance and is not a statement of contract. Details of coverage, limits, or services may not be available for all business and vary in some states. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements. Contact a State Farm agent for more information and a customized quote.
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