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.