What is a BOP or Business Owners Package Policy?
A Business Owner’s Package policy, commonly called a “BOP”, contains many of the insurance coverage’s needed by most small and medium sized businesses in Indiana and Illinois. While these policies are not standard, there are certain common elements and there is great variation from insurance company to insurance company.
Business Owner’s Package Policy in Indiana & Illinois
The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.
The policy can cover many things from employee dishonesty, sign coverage, tool coverage for contractors, and special endorsements for florists, contractors, and retailers. Some, but not all of the policies, will also offer business income protection after a covered loss that has disrupted or stopped the operation of the business. They may also cover extra expense protection to operate in a temporary location after an insured loss.
BOP policies do not contain all of the coverage’s needed by a small business. Notably, they do not cover any workers’ compensation, professional liability or error’s and omission insurance. BOP’s also do not cover business vehicle or commercial auto coverage. Business Owner Package policies may cover EPL or EPLI which is employment practices liability, and data breach liability. If the insurance company not offer these coverage’s in their BOP policy, you may need to purchase a separate policy to cover those items.
Hoosier Insurance Agency in Schererville, Indiana offers Business Owner’s Policies, for many different types of business owners. Some of the types of businesses that Hoosier Insurance Agency specializes in is:
- Contractors; such as,
- Window and Door installation,
- Vinyl siding installation,
- Painting Contractors,
- HVAC businesses; and,
- Lawn Service & Landscaper’s
- Dental offices
- Physician offices
- Law offices
- Clothing Shops
- Garage policies
- Used car dealerships
- Restaurants and much more.
To learn more what Hoosier Insurance Agency offers for business insurance in Indiana and Illinois, contact Jennifer Podgorny at 219-865-8090.