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?
A business owners policy contains two primary coverages:
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.
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.
In 2022, the national median monthly cost of a BOP policy was $70 for new Progressive customers. The average price was $113 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 attributes of your business, including coverage needs, type of profession, number of employees and claims history. Learn more about what influences your BOP insurance cost.
Who needs a business owners policy?
Small to medium-sized businesses that own or rent workspace should consider a BOP, which includes general liability and commercial property insurance. Together, this combination protects your business from accidents, lawsuits, theft, and more.
Contractors, wholesalers, offices, restaurants, and retailers are some examples of businesses that could benefit from a BOP.
What does a business owners policy cover?
A business owners policy covers liability and commercial property claims. Liability coverage includes customer injury, damage to other people’s property, and advertising injury. Commercial property insurance protects your commercial building and its contents.
What's the difference between a business owners policy and general liability coverage?
A business owners policy combines general liability and property insurance into one easy-to-manage policy. General liability protects your business from third-party liability claims, including bodily injury, property damage, and personal injury. There's no need for an additional general liability insurance policy if you have a BOP.
What is business personal property?
Business personal property is moveable property that your business owns and uses, such as furniture, machinery, inventory, and electronics. It’s covered by a business owners policy.
Does a business owners policy cover rented business property?
BOPs typically provide coverage for leased or rented buildings. You can increase this coverage to include a variety of perils.
Is it possible to add coverage to a business owners policy?
You can add coverage to a BOP through amendments to your insurance policy called endorsements. Common endorsements include cyber liability, food contamination, tools and equipment, and more.
Can a business owners policy help pay for damage from natural disasters?
In many cases, yes. Commercial property coverage through a BOP typically covers many natural disasters, including hail, lightning, wind, hurricanes, and tornadoes. However, a BOP often excludes other disasters, like earthquakes and floods.
Your coverage can vary based on specific policy terms, endorsements, or other modifications.
Can Progressive help me get a business owners policy in my state?
In most cases , yes. Progressive can help you get business insurance in all states except Hawaii, and we offer business owners policies in most states. Browse by state to see what’s available to you.
How do I file a Progressive BOP claim?
Before you file a BOP claim, you should confirm who underwrites your insurance policy. This information is in your policy documents.
Customers with a BOP underwritten by Progressive can submit a claim by calling 1-855-737-4257. If another carrier in our network underwrites your BOP insurance, contact them directly using the number listed on your policy.