Who Needs a Business Owners Policy?
All small businesses such as retail stores, restaurants, and independent contractors typically need a BOP to safeguard against unexpected financial losses beyond general liability claims.
What's In a BOP?
A simple BOP might contain only a few coverages, such as:
- General liability - Provides protection if you cause bodily injury, property damage, personal injury or advertising injury. *Eligible contractors can get General Liability as a standalone coverage.
- Property - Provides replacement cost coverage for buildings and most business owners' personal property.
- Workers' compensation - Protects you and your employees from financial hardships caused by accidents or illnesses related to the job.
But you might be exposed to other risks. Additional BOP coverages might include:
- Professional Liability
- Employment Practices Liability
- Identity Theft
- Electronic Data and Equipment
- Personal Property of Other
- Valuable Papers and Records
- Blanket Additional Insured
- Limited Property of Others Liability
- Short-Term Pollution from Pollutants at Job Site
- Building & Business Personal Property
- Business Income and Extra Expense
- And more!
Situations vary. You might have simple needs when you start out, but you might realize you need to fill in a few gaps as your situation changes. We'll help you decide what you need, when you need it.
Bundle and Save
You'll receive a Package Discount up to 15 percent on your commercial auto insurance premium if you have both a Commercial Auto policy with Progressive and an active Business Owners Policy.