Widely known as the “BOP”, Business Owners Package policy includes several insurance coverages that most small businesses need. These policies are by no means standard, but they do have common elements. A basic BOP policy provides coverage for the property, the contents and liability protection for the operation of the business. Liability protection generally includes the operation of the business and the products or completed operations.
Some policies offer business income and extra expense coverage after an insured loss. Policies don’t contain all coverage needed by a small business, especially not workers’ compensation, professional liability, or commercial auto insurance.