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Un Business Owner’s Policy (BOP) combines business property and business liability insurance into one insurance policy. It helps cover your business from claims resulting from things like fire, theft or other covered disasters. It can also help cover claims that your business’ operations caused someone bodily injury, property damage or advertising injury. Below, you will find answers to common questions we get about a BOP.
Preguntas sobre Coberturas
What Are the Three Parts of a Business Owner’s Policy?
A Business Owner’s Policy (BOP) bundles business property and liability insurance into one convenient policy. The three parts of coverage within a BOP are:
- Seguro para propiedad comercial: Also called commercial property insurance, this helps protect your owned or rented building, tools and equipment that you use to operate your business.
- Seguro general contra terceros: This coverage helps protect your business and its assets in the event of a lawsuit for things like negligence, bodily injury, property damage, libel and slander.
- Seguro para ingresos comerciales: Also known as business interruption insurance, this helps replace your lost income if you can’t operate because of covered property damage. This includes damage from fire, wind or theft.
Does a BOP Include Workers’ Compensation Insurance?
No, a Business Owner’s Policy (BOP) doesn’t include workers’ compensation insurance coverage. You can add this coverage to the Business Owner’s Policy as additional protection. In fact, in most states you’re required by law to have workers’ compensation insurance if you have employees.
What Are the Differences Between General Liability and Business Owner’s Policy?
General liability insurance can be purchased as a standalone policy, but most business owners opt for a Business Owner’s Policy (BOP) for more coverage. With just a general liability insurance policy, you’d only be covered against claims that your business caused property damage, advertising injury or bodily injury to someone else. With a BOP, your business has coverage against more risks, like fire, theft, wind and lightning, and any lost income resulting from a covered loss to your own business property.
Does My BOP Cover Business Interruption Due to Events Like Natural Disasters?
Yes, business interruption insurance, also known as business income insurance, is included in the Business Owner’s Policy (BOP) with The Hartford. This coverage helps replace your business’ lost income if you can’t operate due to covered property damage, like fire damage. Business interruption insurance can help your business continue to pay your operating expenses, like payroll and monthly bills.
What Does a Business Owner’s Policy Cover?
A Business Owner’s Policy (BOP) combines commercial property and business income coverage with general liability insurance into one policy. The BOP can help protect your business from claims when your business caused someone bodily injury, property damage or advertising injury. It also helps protect your business’ property, equipment and inventory. And finally, a BOP can help replace lost income if you need to temporarily shut down your business due to a covered loss.
What Does a BOP Not Cover?
Typically, a BOP doesn’t include coverages like workers’ compensation, professional liability insurance, commercial auto insurance and data breach insurance. You can add these coverages on to your BOP as additional protection and to create a customized policy. You may be required to have certain types of insurance coverage depending on where your business is located, so be sure to check with your local laws.
Are Independent Contractors Covered Under Business Owner’s Policy?
Independent contractors are typically not covered under a Business Owner’s Policy. Instead, you’ll need independent contractors liability insurance. If you employ any independent contractors at your business, you can add them as additional insureds to your existing business insurance policy.
Can I Customize My BOP To Fit My Specific Business Needs?
Yes, The Hartford makes it easy for small business owners to customize their Business Owner's Policy (BOP) to meet their unique needs. You can do this by adding on optional coverages to ensure you’re more fully protected against the unique risks your business faces. Businesses with specific needs can tailor their BOP by adding coverages, like:
- Ingresos comerciales para servicios públicos fuera de lugar
- Umbrella coverage
- Data breach coverage
- Professional liability insurance
- Commercial auto insurance
- Workers’ compensation insurance
Do I Need Additional Coverage Beyond My BOP?
Although a Business Owner’s Policy (BOP) includes three essential types of business insurance, you may need additional coverage to make sure your business is more fully protected. Depending on your specific needs, you may want to consider these common optional coverages to add to your BOP:
- Seguro de responsabilidad profesional: Helps protect you and your company if you’re found negligent in the professional services you provided to a client, even if you didn’t make a mistake.
- Seguro de riesgos cibernéticos: Helps cover liability expenses from technology-related risks such as a data breach or cyberattack.
- Seguro comercial para automóviles: Can help cover the cost of an auto accident if you or your employee is at fault. Most states require you to have this coverage if you or your employees drive a vehicle for business reasons.
- Seguro comercial contra inundaciones: Helps cover the costs of repairs if your business’ physical location and the contents inside are damaged from floodwater.
How Often Should I Review and Update My BOP Coverage?
It’s recommended to review and update your Business Owner’s Policy (BOP) on an annual basis. You may need to do this more frequently if you’ve made any changes to your business operations, like if you expanded, changed your business’ location or the number of employees you have.
Cost Questions
How Much Does a BOP Cost?
Our customers paid an average annual cost of $1,019, or about $85 a month, for a Business Owner’s Policy (BOP).1 Remember, every small business is unique and has different needs so insurance rates will vary.
How Is My Business Owner’s Policy Premium Determined?
Insurance companies consider several factors when determining your BOP premium, including:
- What industry you’re in
- Your location
- The number of employees you have
- Size of your building
- Value of your tools and equipment
- Your claims history
- Your payroll
How To Reduce Business Owner’s Policy Rate?
No matter the size of your company, one of the best ways to lower your business’ insurance cost is to reduce risks. There are a few other additional ways small business owners can save on the cost of small business insurance, including:
- Bundling coverages with a BOP
- Paying your premium up front each year
- Managing your risks
- Lower your deductible or limits
Eligibility and Policy Questions
What Happens If My Business Grows or Changes?
If your business grows or changes significantly during your policy period, you should notify your insurance company or insurance agent. Once you notify your insurer or agent, they will assist you in update your policy to avoid any potential gaps in coverage.
What If I Have Employees Working Remotely?
Remote employees may expose your company to risks not currently covered by your current business insurance. With a Business Owner’s Policy (BOP), you can bundle your coverage with data breach insurance to help protect your important company data from potential cyber risks that your business could be exposed to if your employees work from home. In addition, professional liability insurance can help protect you and your employees if mistakes are made in the professional services provided to customers or clients.
Can I Still Get a BOP as a Home-based Business?
Yes, home-based businesses can still get a Business Owner’s Policy (BOP). For instance, say your home gets damaged by a fire or high winds. Your BOP can help cover damages to your business’ property. Keep in mind that a standard business owner’s policy combines property and liability coverage for your business.
Are Businesses Required To Have a Business Owner’s Policy?
While it’s not required by law to have a Business Owner’s Policy, some contracts or commercial landlords may require you to have certain types of business insurance. A BOP is a smart and convenient way to help protect your small business from unexpected accidents or claims. Without business insurance protection, you’d have to pay for costly claims out of pocket.
Get a Business Owner’s Policy Quote From The Hartford
We’re an insurance company backed by more than 200 years of experience. We’ve helped over 1.5 million small business owners get the coverage they need. You can get a fast and free BOP insurance quote from The Hartford today.
Última actualización: 2 de julio de 2024
1 Premium amounts presented are based on monthly premium paid by The Hartford’s Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.
Divulgaciones adicionales a continuación.
What Is Business Owner’s Policy Insurance?
A Business Owner’s Policy (BOP) combines business property and business liability insurance into one seguro de negocio policy. BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters. Business owner’s insurance also helps cover claims that could arise from your business operations. Aquí se incluyen las reclamaciones por lesiones corporales o daño a la propiedad. También incluyen reclamaciones relacionadas con daños personales o de publicidades.