Brett Byland, ARM - EXT 110
Zach Whiting - EXT 140
A business owners policy, commonly referred to as a BOP, is a package policy that includes third party general liability and first party property coverage. A Business Owners Policy most often includes the coverages found in the standalone general liability and property policies but will include some additional coverage features, such as employment practices liability and have the options to add coverages, usually for an additional premium.
Optional coverages can include: hired/non-owned auto liability, inland marine, crime, 1st party data breach, 3rd party cyber liability, international/exporters liability and umbrella liability.
Depending on the insurance company, business owners policies can have built in features that provide broad coverage for your office personal property (ie: office art work, desks, printers), coverage for smart phones and coverage for lost or stolen laptops, even while in the course of traveling.
If you have covered personal property that is excess of the included limits, you have the option to schedule these properties with a limit that specifically provides for the replacement value or actual cash value of that scheduled personal property.
Also, a business owners policy will typically include business interruption insurance. Business interruption or loss of income coverage would apply in the events that a covered loss caused a loss of revenue.
For many small businesses, the additional features of a business owners policy can make this coverage more appealing then carrying standalone general liability and/or property insurance policies.