Insurance companies offer policies for certain types of small and mid-sized businesses that combine protection from both property and liability risks together in one package.
These packages are called the Businessowners Policy (BOP), and are created for businesses that generally have the same kinds of risk (restaurants, beauty salons, doctor’s, offices, etc.).
Larger companies must purchase a commercial package policy (CPP) and customize their policies to meet the specific risks unique to their operation.
BOPs include:
Property insurance for both the building and contents owned by the company.
Liability protection, which covers if you are held legally liable for personal injury or property damage to others.
Business interruption insurance, which covers the loss of income that results from fire or other covered perils that disrupt the operation of the business. It may also include extra expenses for operating out of a temporary location.
BOPs do not include:
Workman’s compensation, professional liability, commercial auto insurance, or health and disability insurance. You'll need separate insurance policies to cover these risks.
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