Business Owners Policy (BOP)

If you own a small business, you’ve likely heard the phrase “Business Owner’s Policy,” or BOP. It’s a bundled insurance package that includes the most common coverages you might need. In other words, a BOP from Tomins gives you protection from all of your major liability and property risks  in a single easy-to-manage insurance quote.

In addition to the convenience of a single insurance bill, bundling your coverages under a Tomins BOP lets you earn a discount on your premiums.

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Do I Really Need a BOP?

Regardless of the size, nature, or location of your business, our experience tell us you most likely should carry a BOP. You probably need BOP coverage if:

  • Your business operates out of an office, shop, or other physical location (including your home)
  • There’s even the slightest possibility that you could be sued as a result of your business operation
  • You own assets (digital or physical) or you work with client assets

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What Exactly Does BOP Insurance Cover?

A typical BOP includes these three basic coverages:

  1. General Liability Insurance: General liability (GL) insurance is critical for all small-business owners. It covers your legal liability for damages your business inflicts on others. GL coverage can help you cover expenses including (but not limited to) lawsuits, settlements, legal fees, court costs, and more.
  2. Commercial Property Insurance: Commercial (or general) property insurance helps protect your business’s physical property, building or buildings, and the assets you have in those buildings. It’s important to note that standard commercial property coverage typically will only protect you against damages specifically outlined in your policy’s documentation (e.g., fires, wind, explosions, smoke, vandalism). In certain cases, however, a specialized BOP can offer an “all-risk,” or “open-peril” coverage. Unlike standard commercial property coverage, all-risk coverage is designed to protect against loss from all potential causes, except for those specifically excluded in the policy documents.
  3. Business Income Insurance: Also known as business interruption insurance, business income insurance helps replace income you lose as the result of another covered claim that interrupts your business. In some situations, business income coverage can even cover the added expense of operating your business out of a temporary office while your home office is being rebuilt.

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What Else Does BOP Insurance Cover?

Tomins offers additional BOP coverage options, to help further protect your business. Some of the more popular BOP add-on coverages to a standard a BOP include:

  • Flood Insurance
  • Crime Insurance
  • Vehicle Coverage
  • Merchandise Spoilage
  • Mechanical Breakdown
  • Forgery and Fidelity Bonds
  • Specialized Computer Equipment Coverage

It’s important to note, however, that this list is far from exhaustive. If you have a specific question or need information on coverage or a risk not discussed here, reach out to a Tomins business insurance expert.

If you’re ready for a personalized BOP quote for your business, visit our easy online application portal now and we’ll get your quote started for you.

What Does BOP Coverage Cost?

As you can probably figure, different businesses with different operations have different business insurance needs. Tomins has seen client BOP costs as low as $77 a month. But each situation is unique. Each business — including yours — deserves custom-tailored BOP coverage to best fit their needs.

After all, the last thing you need is one more thing keeping you up at night. If you’re ready to rest easy knowing your business is covered by an insurance partner that works as hard as you do, let’s talk.

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What Do I Need to Get a BOP Coverage Quote?

At Tomins, we are in the business of making BOP coverage easy. Start your free personalized insurance quote now at our online quote page.

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