Liability and property protection for your business
Business owners insurance, also known as BOP insurance, is a policy that combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses, such as restaurants, wholesalers, retail stores and contractors.
Discover more about BOP coverage, cost and how you can protect your business through the Progressive Advantage® Business Program.
What is BOP insurance?
BOP coverage
A business owners policy contains two primary coverages:
Liability
The liability coverages available on a BOP are the same as those on a general liability policy. This includes protection against liabilities like customer injury and property damage, advertising injury and product-related claims.
A BOP doesn’t cover your employees. You’ll need a separate workers’ compensation policy.
Property
This coverage protects commercial buildings and business personal property, which is the movable property owned by and used for the business. It can also pay for other things like debris removal, loss of income and pollution cleanup as part of a covered loss.
A BOP policy, like most other policies, has certain coverage exclusions that you should be aware of. If you need protection for something that isn’t covered, policy endorsements might be available to extend coverage.
For example, damage from earthquakes is typically excluded from a BOP. If you live in an area prone to earthquakes, you might consider adding an endorsement to your policy to increase coverage. Ask about endorsement options when getting your quote.
BOP cost
In 2021, the median monthly cost of a BOP policy was $68 for new Progressive customers. The average price was $101 per month.
The lower median price suggests that a few expensive outliers made the average cost appear higher than what most policyholders spent.
Your final price will depend heavily on certain attributes of your business, including coverage needs, type of profession, number of employees and claims history. You might find that the cost of your BOP insurance is more expensive if you have a history of claims, high coverage requirements or above average exposure to risk.
