A BOP insurance is a type of business insurance that combines both general liability insurance and commercial property insurance into a single package. This option is often more cost-effective than purchasing the two coverage types separately.

General liability insurance can cover the cost of medical expenses if someone who is not an employee is injured due to your business and can also help with legal costs if the person sues. Additionally, it can provide coverage for property damage caused by you or an employee.

Commercial property coverage, on the other hand, can help pay for damage to business property, inventory, and structures, as well as provide business income after a covered event.

There are several additional benefits to a BOP insurance policy:

• Bundling general liability insurance and commercial property insurance in a business owner’s policy (BOP) can result in cost savings.

• BOP insurance is specifically designed for small businesses and their unique needs.

• BOP policyholders can manage their coverage, add additional insureds, and share certificates conveniently online at any time.

A business owner’s policy is designed to safeguard your business against unforeseen costs that may arise due to property damage, legal expenses, and medical payments. It can also provide protection against accidents that can negatively impact your business financially.

Being a blend of general liability and commercial property insurance, a BOP offers all the coverage included in those two types of policies.

Consider a business owner’s insurance policy if:

You have a physical location for your business

Whether you are leasing or owning an office, store, garage or even working from home, you may need commercial property insurance to protect your business equipment and structures from damage.

For instance, if you run a small business that provides legal services, and you work out of a small storefront, you would require commercial property insurance to cover your office furniture and computer equipment. If a fire occurs and damages your business structures, your policy will cover the costs of moving and setting up your business in a new location, as well as any income you may have lost during the period when you were unable to operate.

You have equipment or inventory that could get stolen or damaged

Replacing business equipment and inventory can be costly, which is why having adequate insurance coverage is essential.

Consider this scenario: You are the owner of a small coffee shop with expensive espresso machines, coffee inventory, and all the furnishings and fixtures. Unfortunately, vandals break in and damage everything in the store, which now needs to be repaired or replaced. In this situation, having a business owner's policy (BOP) insurance could help cover the costs of the damages and the replacement of the items.

Learn more about BOP insurance for food businesses

You interact with customers and the public

There is always a risk of something going wrong when interacting with customers, the public, and vendors in person.

For instance, a person may slip and fall while leaving your business or work site, resulting in a broken arm. In this case, the individual may request you to pay for their medical expenses, and if found at fault, you might be legally obligated to do so.

Your business owner's policy can help cover expenses for defending your business or paying the medical bills.

Our business owner’s policy coverage is tailored to each individual business, so the cost can vary depending on your specific needs. Bundling general liability and commercial property insurance can save you up to 10% on insurance costs compared to purchasing the policies separately.

Typically, businesses that have lower risks will pay less for coverage. For instance, if you own a clothing store, you will likely pay less than a welder who has a higher risk of injury or property damage. The location of your business also plays a role in determining costs. For example, if you have a high-end salon in California, where regulations are strict, you may pay more for insurance than if you were in a less-regulated Texas suburb. This applies to industries across the board, from food service to retail and professional services.

It's possible to buy the business owner's policy you require online within 10 minutes using GravySpoon.

This is how the process typically unfolds:

Initiate an instant quote to view various options for your small business.

You will be prompted to answer some fundamental inquiries about your business and its operations, such as:

• Your industry

• Where you do business

• How many years you have owned the business

• Number of employees

• What kind of property you own or lease

• Expected annual revenue

• Recent insurance and claims history

By providing us with information about your business and its operations, we can generate a personalized insurance quote that meets your specific needs. Once you review the quote and are satisfied with the coverage options, you can customize the policy limits to your preferences and proceed with the purchase. Your BOP insurance will become effective immediately upon payment, and you can easily access your certificate of insurance. Should you require any assistance during the process, you can chat with an advisor online or call us with any questions. Get started today with a free instant quote.

How is a BOP different from Commercial Property insurance?

Unlike commercial property insurance that only covers the structures, inventory, gear, and goods that you own, a business owner’s policy (BOP) also includes general liability coverage for any risks that you may face. This means that in addition to damage to your property, BOP insurance also covers injuries to customers or vendors, damages to other people's property, and legal expenses. Combining these two types of coverage in a BOP policy is usually less expensive than purchasing them separately. So, if you need both general liability and commercial property coverage for your business, you can save money by opting for a BOP policy.

Is it possible to add coverage to a BOP?

Commercial property insurance provides coverage for your property and inventory, while a business owner’s policy (BOP) includes general liability coverage to protect you against risks like damage to other people's property, customer or vendor injuries, and legal fees. By combining both coverages in a BOP policy, you can save money compared to purchasing them separately. If you require both general liability and commercial property coverage for your business, a BOP policy can be a cost-effective solution.

Do I need additional General Liability insurance if I have a BOP?

With GravySpoon, the liability coverage provided by a BOP is equivalent to the protection offered by a separate general liability policy. However, when you choose a business owner's policy, you also get the added advantage of having coverage for your commercial property, goods, inventory, and building.