Business Owners Policy
Protect Your Business with a Business Owners Policy (BOP)
A Business Owners Policy (BOP) combines property and liability coverage into one convenient package, making it a popular choice for small and medium-sized businesses such as restaurants, retailers, wholesalers, and contractors.
What Does a BOP Cover?
A Business Owners Policy provides two primary types of coverage:
Liability Coverage
This covers legal expenses and damages if your business is held responsible for:
- Customer injuries
- Property damage
- Advertising injuries
- Product-related claims
Note: Employees are not covered under a BOP. For employee protection, a separate workers’ compensation policy is required.
Property Coverage
BOP property insurance covers:
- Commercial buildings
- Business personal property (furniture, equipment, inventory, etc.)
- Debris removal
- Loss of income due to covered damages
- Pollution cleanup
Since a standard BOP does not cover everything, you may need policy endorsements for additional protection. For example, earthquake damage is typically excluded, but you can add an endorsement for earthquake coverage if needed.
How Much Does a BOP Cost?
In 2023, the national median monthly cost of a BOP policy for new Progressive customers was $63, with an average price of $106 per month. The final cost of your policy depends on various factors, including:
- Business type and industry
- Number of employees
- Coverage limits
- Claims history
Learn more about what affects BOP insurance costs by consulting with an expert.
Who Needs a Business Owners Policy?
If you own or rent workspace, a BOP could be beneficial for your business. This policy is especially useful for:
- Contractors
- Wholesalers
- Offices
- Restaurants
- Retail stores
Frequently Asked Questions About BOPs
What’s the difference between a BOP and general liability insurance?
A BOP includes general liability and property insurance in a single policy. If you already have a BOP, you don’t need a separate general liability policy.
Does a BOP cover rented business property?
Yes! Many BOPs provide coverage for leased or rented buildings. You may also add endorsements for additional protection.
Can I customize my BOP policy?
Yes, you can enhance your coverage by adding endorsements such as:
- Cyber liability (protection against data breaches)
- Equipment breakdown
- Tools and equipment coverage
- Food contamination coverage (for restaurants and food services)
Does a BOP cover natural disasters?
BOPs typically cover damages from hail, lightning, wind, hurricanes, and tornadoes. However, some disasters—such as earthquakes and floods—are not covered under a standard BOP. You may need to purchase separate coverage for those risks.
Can Progressive provide a BOP in my state?
Progressive offers business insurance in all states except Hawaii and provides BOPs in most states. Check availability in your state by visiting our website.
How do I file a BOP claim?
If your policy is underwritten by Progressive, you can file a claim by calling our support team. If another carrier underwrites your policy, use the contact information listed in your policy documents.
Simplify Business Insurance with a BOP
Combine property and liability coverage into one convenient, affordable policy for small to mid-sized businesses.
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