Business owner’s policy insurance for
self-employed workers.

BUSINESS OWNER’S POLICY INSURANCE FOR INDEPENDENT WORKERS

BOP insurance is similar to general liability, and then some! BOP has all the same third-party protections (helping to cover repair and medical bills, and even some legal fees) if you injure another person or damage their property. BOP insurance also adds on coverage for third-party businesses if they hold you responsible for damaging their property, or even their reputation, and the profits lost by interrupting their ability to do their biz! The BOP policies we offer for independent contractors and small businesses check all the boxes you need.

WHAT IS A BOP?

Business property insurance + business liability insurance = business owner’s policy (BOP) insurance. It is a comprehensive policy created specifically for business owners. BOP insurance is designed to help cover losses and damages for your business due to disasters such as fires, theft, or even personal or advertising injury. The business property insurance side of it can help protect your business’ property, inventory, and furniture. The liability insurance side offers liability protection if someone claims your business is responsible for bodily injury or property damage.

HOW MUCH DOES A BUSINESS OWNER’S POLICY COST?

There’s no one-size-fits-all cost for a business owner’s policy. Since a BOP blends commercial property insurance and liability insurance, your premium will rise or fall depending on your protection needs. Several factors come into play when calculating the premium for your BOP, such as:

• Your industry & occupation
• Number of business locations you have
• Where your business is located (state & zip code)
• Number of employees
• How long you’ve been in business

Some industries have a higher risk of being involved in property damage or third-party bodily injury, which results in higher premiums. You may also pay more for a BOP if you have multiple business locations and employees.

WHO NEEDS A BUSINESS OWNER’S POLICY?

Business owner’s policies were designed for, well, business owners. If your business has a physical location or if you have assets that could be stolen or damaged, a BOP is critical. Let’s break that down a little more.

What does having a physical location for your business mean? It could mean owning an office building that customers and clients frequent, or it could mean working out of your home office, basement, or a room you rent. Under that rule, most small businesses and independent contractors should obtain a BOP.

As for assets, these could be digital assets or physical, tangible items, such as equipment or inventory. If your business has valuable customer data or expensive appliances, a BOP is one of the safest ways to help protect your business and livelihood.

WHAT DOES BOP INSURANCE COVER?

BOP insurance was designed to help cover liability and property, but it can be customized to your specific business and industry. Select which coverages you need for protection against risks common to your industry or location.

Here’s a little cheat sheet to show what BOP almost always covers:

• Fire
• Theft
• Lawsuits
• Loss of income (may include payroll, monthly benefits to employees, and rent)
• Loss of accounts receivable

BOP insurance becomes even more powerful when it is customized to your business. Here are some of the common coverages businesses can add to their policy:

Data breach: Data breaches happen to even the most secure companies. If your small business handles or stores private information for customers, patients, or employees, consider adding data breach coverage to your policy. This coverage could help if your business is involved in a lawsuit because of a breach.

Off-premises utility interruption: If a storm or natural disaster knocked out your power or water supply, how would that impact your business? This addition may help cover loss of income or additional expenses if one of your utilities is out of commission because of an unexpected event.

Professional liability: Mistakes happen, and even when they aren’t entirely your fault, an upset customer could be frustrated enough to sue. This coverage helps protect your professional judgement and expertise by helping cover the cost of the damage and defense fees.

BOP insurance is important to help protect your business that you worked so hard to launch and grow. Discover your rate today and help protect your work.