What is a business owner’s policy (BOP)? | Blog
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The Sanford Group Insurance Blog

What is a business owner’s policy (BOP)?

Commercial insurance can seem confusing to someone opening a new business since it doesn’t consist of just one type of insurance but more than 20 types. Rather than figuring out which of the more than 20 types of commercial insurance your business needs, let The Sanford Group help you decide which types of insurance best suit your business.

Nearly every small business should start with one important type of insurance – the business owners’ policy (BOP). This consists of four policies in one insurance package. Its bundle of coverage costs less than buying each policy separately. These four common policies provide essential coverage for each business.

In a BOP, you’ll find the following policies:

  • business interruption
  • peril
  • property damage
  • liability

Most businesses require these four types of insurance to protect themselves adequately. Peril insurance protects a business from natural hazards and fire that could damage its structure or business property. Property damage coverage reimburses you for damage to business property caused by other means, such as a driver plowing through your front window.

Business interruption insurance reimburses your business when you must close it due to an incident from peril or an accident. This coverage may include funds for paying employees and their benefits.

Liability coverage protects you financially if a client, customer, vendor, or visitor to your business incurs an accident that injures them or you libel an individual. If someone sues you due to negligence on your part that caused an injury to their person, this type of coverage pays the court settlement, court fees, and attorney fees.

Contact The Sanford Group in Ball Ground, GA for help obtaining the business insurance you need to protect your commercial endeavor. Call us today.

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