Business Owners Policy
What Does Business Owners Policy Mean?
A business owner’s policy (BOP) is a package that combines various types of business insurance into a single product. These insurance products can cover most of a business’s insurance needs. Business owner’s insurance is typically offered to small to mid-sized companies. However, it’s important to note that workers’ compensation insurance is often excluded from business owner’s policies.
Insuranceopedia Explains Business Owners Policy
A typical business owner’s policy (BOP) may include coverage for property, liabilities, crime, flood, vehicles, and business interruptions. Business owner’s policies are often more cost-effective than purchasing each required insurance policy individually. In addition to the lower cost, BOPs can save business owners a significant amount of time, eliminating the need to search for the right policies for each type of required insurance.
