Business Owner Policy

A Business Owner Policy (BOP) is a cost-effective way to obtain broad property and liability risk coverage for small businesses. A main benefit is that a BOP costs significantly less than purchasing various coverages individually and can provide substantial savings. It’s a smart way to get broad coverage when starting a business. If a business does not meet the criteria for a BOP or needs higher coverage limits, then a commercial package policy may be an option that offers broad coverage for a wider range of businesses and needs.

BOP Typical Coverages

A business owner policy can include the following coverages:

  • Property Insurance – covers building, equipment and inventory for a variety of risks
  • General And Product Liability – covers situations when products, services or employees cause bodily injury to people or damage to others property
  • Equipment Breakdown Insurance – equipment damage due to a covered loss situation
  • Business Income Insurance & Extra Expense – lost income and extra costs if your operations are suspended due to a covered loss
  • Crime Coverage – situations of employee dishonesty
  • Cyber Liability – data breach and notification costs
  • Personal And Advertising Injury Coverage – libel and slander
  • Hired And Non-owned Auto Coverage – liability coverage for vehicles you borrow, hire, or lease for your business
  • Medical Payments Coverage – medical expenses if others are injured on property you own or rent
  • Professional Liability – errors & omissions for eligible professions; some professions may require a separate policy
  • Employment Practices Liability (EPLI) – protection in the event of claims related to sexual harassment, discrimination, unfair hiring practices, wrongful termination, breach of contract and a variety of other situations.

Don’t hesitate to contact Murphy Insurance at 800 222 8711 or submit an inquiry via our Contact Us form to learn about our Business Owner Policy (BOP) 

Posts

Covering Losses with Business Interruption Insurance

Standard property insurance provides coverage for physical damage and losses such as fire-damaged furniture or stolen equipment. It assists in covering the expenses associated with rebuilding or replacing damaged property.

Understanding Business Owners Policies (BOPs)

A Business Owner’s Policy (BOP) streamlines essential insurance for small businesses, offering property, liability, and business interruption coverage in one convenient package. However, eligibility hinges on factors like business size and revenue, with certain industries needing separate coverage due to unique risks.

Get Proper Protection for your Home Business

With the accessibility of affordable technology, home-based businesses are on the rise. However, operating a business from home alters the risk factors and characteristics of your residence in the eyes of your homeowners insurance provider.