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What is a Business Owner’s Policy?
A Business Owner’s Policy (commonly referred to as a BOP) is a package policy that will protect your small business from many kinds of liability and property damage. A BOP is a convenient bundle of the small business insurance products you most need. The best part? Small business owners can get an insurance quote from Huckleberry in about 5 minutes. The coverage is affordable; everything’s online and super easy.
Does your small business need a Business Owner’s Policy?
Yes. While it isn’t usually required by law, a Business Owner’s Policy combines the policies you need most: a general liability policy (To help you stay in business when a third-party lawsuit happens.), business property insurance (Covers many risks when you own or rent a property.), and business interruption insurance (so a temporary catastrophe may not turn into a permanent shutdown).
Basically: a Business Owner’s Policy provides protection for third-party liability claims, commercial property (both inside and out if selected) and other potential losses of business income. And it could save you tens of thousands of dollars in expenses from unexpected incidents.
What does a Business Owner’s Policy include?
Protects your small business when someone else makes a claim against you for property damage, bodily injury, or an advertising injury.
Also called commercial property insurance. A bundle of two coverages that covers your building (if your business owns it), and the stuff inside it (think natural disaster-related destruction or vandalism).
Provides financial support to your business if a covered property loss happens in order to keep your business operations temporarily running (think rent, employee payroll, and other bills that might still need to be paid while your property is being fixed).
Additional coverage options to add to your Business Owner’s Policy
Also know as Errors & Omissions Insurance, this helps cover the cost of legal expenses and settlements if you make a professional mistake that harms a client during a service you provide.
A type of commercial auto insurance. Protects your business from a lawsuit if someone associated with your company causes property damage or bodily injury in a vehicle that your business doesn’t own but is being used for business purposes.
Employment Practices Liability (EPLI)
Protects your company for wrongful acts arising from the employment process. The most common types of claims are workplace harassment, discrimination, retaliation or wrongful termination.
Covers your legal costs if your business provides alcohol to someone who is visibly intoxicated (and who then damages something or someone). If you make, sell or serve alcohol as your business, this coverage is for you.
Pays out a financial benefit if you lose perishable items because of a power outage, mechanical failure of refrigeration equipment (or some other covered event).
Pays to repair (or replace!) different types of equipment in your business when an unexpected breakdown occurs.
A bundle of coverages that’ll help protect you against the unique risks that come with the restaurant business.
Compensates business owners for employee actions that may cause physical or financial harm to the business. This type of coverage typically includes employee theft of money, securities or property
Here’s where Huckleberry sells small business insurance by state:
How much is a Business Owner’s Policy?
The cost of a Business Owner’s Policy will fluctuate based on what industry you’re in, the number of employees you have, your physical location, total payroll and it depends on other specific needs. But the median premium cost of a Business Owner’s Policy with Huckleberry is $750 per year—about $2 a day. Keep in mind that you could pay more or much less, and the fastest way to find out how much you’d pay for your unique insurance needs is to get a 60-second BOP estimate here.
It’s important to remember, too, that the unexpected incidents a BOP covers could cost your business tens of thousands of dollars. Ultimately, getting a BOP is much less expensive than going without liability and property protection.
Why get a Business Owner’s Policy from Huckleberry?
Good question. Here’s why you should buy your Business Owner’s Policy from us:
It’ll be super quick. 95% of our customers get the coverage they need in 5 minutes.
There’s no paperwork and nothing to fax. You’ll manage your policy through our easy online portal.
You’ll likely pay less for your coverage. (This is probably the best reason.)
Business Owner’s Insurance FAQ
The government doesn’t require a Business Owner’s Policy, but you should get one anyway. Some of your clients will probably need proof of general liability insurance coverage (which is, conveniently, included in a BOP). Furthermore, a lawsuit, an unexpected shutdown, or a fire could cost your business tens of thousands of dollars in legal defense costs, financial losses, or extra expenses if you aren’t insured. Getting a BOP is an affordable, responsible way to get the most important coverages that will keep your business protected.
Probably! If you run a very small business, you might be even more vulnerable to an expensive lawsuit or a business shutdown than a bigger business.
Yes, a Business Owner’s Policy includes general liability and property coverage. In fact, purchasing the BOP insurance bundle is one of the most affordable ways to get a general liability insurance policy. (You can check to see what you’d pay by getting a 60-second coverage estimate here.)
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