What is BOP Insurance?

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What is BOP Insurance?

By Zuma Insurance Services | September 4, 2018

BOP insurance meaning

A business owner’s policy or BOP is designed to combine both business property coverage and liability insurance into one convenient policy. The meaning of BOP insurance is to protect your business from a variety of different types of claim including fire, theft and vandalism, accidents involving bodily injury, instances of property damage and more. With Zuma Insurance, businesses can tailor a BOP to fit their individual needs.

You can also add additional coverage options like cyber liability protection, equipment breakdown and personal or advertising injury as necessary. As you work with our team to build your business owner’s policy, you can choose coverage options that are specific to your industry.

What Types of Businesses Can Benefit from BOP?

BOP insurance used for

BOP is a smart coverage option whether you own an auto repair shop, a retail store or an accounting firm. BOP insurance is used for protecting your business against many common claims. You may want to speak to an independent insurance agent about BOP if:

  • Your business operates from a physical location. This physical storefront could be your own home, a rented location or a separate building that you own.
  • There is any possibility that you may be sued in the future. For example, if a customer could be injured when visiting your place of business, you can benefit from a business owner’s insurance policy.
  • Your business has assets that could be damaged or stolen. These assets could be digital assets, equipment and tools, furniture, inventory, customer data or cash.

What Are the Benefits of a Business Owner’s Policy?

Investing in a BOP makes good sense for most businesses. By combining business property insurance and business liability coverage into one simplified policy, many business owners are able to rest easy with more protection at a better value. While you still have the option of purchasing separate policies, purchasing a BOP can be an easy way to save money while enjoying comprehensive coverage. This broad coverage option protects against many common risks including fire, theft, vandalism, loss of income and other losses. In fact, a BOP is the type of policy that keeps on giving, because you can continue to add and change your coverage options as your business needs change as well.

What Does a Typical BOP Include?

While each policy is different, typically a BOP will include:

Commercial Property Insurance

This type of insurance is designed to help protect any property that you own, rent or lease. This can include things like the building you operate out of, inventory, furniture, equipment, tools and fixtures. Additionally, commercial property insurance provides coverage for any loss of accounts receivable, as well as valuable records and paperwork.

General Liability Insurance

This type of insurance coverage works to protect your business in the event that you are sued for causing harm to a person or damaging their property. In fact, even if you did nothing wrong, this coverage options will help to cover the cost of your defense.

Business Income Insurance

Unexpected events can result in the need to suspend your business operations. With business income insurance, you can rest easy knowing that your policy will work to replace your loss of income and continue to meet certain financial obligations like payroll and rent.

Benefits of business owners policy

Enjoy the Benefits of a Business Owner’s Policy from Zuma

As you look for new ways to protect your business with comprehensive insurance protection, keep these key facts about BOP insurance in mind:

  • BOP is a simplified insurance option for businesses that combines the protection of business property and liability coverage.
  • You can easily tailor your BOP to fit the specific needs of your company.
  • Additional coverage options are available that provide your business with total insurance protection.

Want to learn more about the benefits of a business owner’s policy? Call 866-400-4434 or contact our team online today to get a free quote.