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Business Owner's Policy

General Liability plus Property insurance in one convenient package

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A Business Owner’s Policy (BOP) is one of the most popular bundles for small businesses. Depending on your coverage, it can help pay for:

Property damage

If you damage someone’s property or something happens to your business equipment and structures.

Injuries

If someone other than an employee gets hurt and your business is responsible.

Court & legal fees

You need an attorney for a lawsuit, even if you did nothing wrong.

Business income interruptions

If your business has to close unexpectedly and you need help with expenses.

Advertising mistakes

If you are accused of copyright infringement, libel or slander.

Inventory replacement

If your inventory is damaged by fire, water or another source covered by your policy.

Everything you need to know about a Business Owner’s Policy:

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What is a Business Owner’s Policy?

A business owner’s policy (BOP insurance) combines two important types of business insurance — general liability insurance and commercial property insurance — into one package that is usually less expensive than buying the coverage separately.

General liability insurance can help pay for medical expenses if your business is held responsible for an injury to someone who is not an employee, as well as legal costs if they sue your business. It can also help cover the costs if you or an employee accidentally damage someone’s property.

Commercial property coverage helps pay for business goods, gear and inventory and damage to structures and provides business income after a covered event.

BOP insurance has additional benefits:

  • You save money by bundling two policies into one
  • You get coverage that’s tailored for small businesses like yours
  • You can easily manage your coverage, add additional insureds and share certificates online 24/7

What does a BOP cover?

A business owner’s policy helps to protect your business from unexpected expenses related to property damage, medical payments and lawsuits. It can also help shield your business from accidents that can hit you where it hurts the most — your bottom line.

Since a BOP is a combination of general liability and commercial property insurance, it includes all the coverage available in those two types of insurance.

A business owner’s insurance policy might be right for you if:

You have a physical location for your business

This could be a leased or owned office, store, garage or your home.

For example, you have a legal services small business. You operate out of a small storefront and need commercial property insurance to cover your computer equipment and office furniture.

When a structure fire destroys your business, your policy pays for all the income you lost when you were unable to operate your business and the cost to move and set up in a new location.

You have equipment or inventory that could get stolen or damaged

All the items you need to do your job can be expensive to replace.

For example, you have a small coffee shop with expensive espresso machines, coffee inventory and all the furnishings and fixtures.

Vandals break in and tag everything in the store, which now needs to be repaired or replaced. Your BOP insurance could help cover those costs.

You interact with customers and the public

There’s always the chance that something could go wrong when you interact in person with customers, the public and vendors.

For example, someone could slip while leaving your business or work site and break their arm. They could ask you to pay for their medical bills — and you might legally have to if you are ruled at fault.

Your business owner’s policy can help cover expenses to defend your business or pay the medical bills.

How much does a Business Owner’s Policy cost?

We customize our coverage to every individual business so there’s a range for how much a business owner’s policy will cost your business.

By bundling general liability and commercial property insurance into one policy instead of purchasing them separately, you can immediately save up to 10% on your insurance costs.

In general, businesses that face fewer risks pay less for their coverage. If you own a clothing store you’ll probably pay less than a welder who is more likely to get hurt or damage property.

Where you do business also has an impact on determining costs.

If you have a high-end salon in a heavily regulated state like California you might pay more for insurance than if you were in a Texas suburb, which could be less regulated. That applies to almost every industry, including food service, retail and professional services.

How do I get a Business Owner’s Policy?

You can purchase the business owner’s policy you need online in less than 10 minutes with NEXT.

Here’s how the process works:

Start an instant quote to see options for your small business.

We’ll ask you some basic questions about your business and operations, including:

  • Your industry
  • Where you do business
  • How many years you have owned the business
  • Number of employees
  • What kind of property you own or lease
  • Expected annual revenue
  • Recent insurance and claims history

We will use the information you share to create a customized insurance quote.

If you like what you see, you can adjust the package limits to fit your preferences and make your purchase. Your BOP insurance will begin immediately after payment, and you’ll have access to your certificate of insurance.

If you need help along the way, you can start an online chat with an advisor or call us with any questions.

Start a free instant quote today.

More frequently asked questions about Business Owner’s insurance

How is a BOP different from Commercial Property insurance?

Commercial property only covers your goods, gear, inventory and structures that you own. A business owner’s policy covers all of these items and general liability risks.
Damage to other people’s property, injuries to customers or vendors and legal fees can all be included with the liability coverage in a BOP.
If you know your business needs both general liability and commercial property coverage, you can typically save money by combining them in a BOP policy.

Is it possible to add coverage to a BOP?

Business owner’s policies are tailored for you and include relevant coverage for your industry.
For example, if you own a restaurant we include what’s known as a “spoilage endorsement.” If a power outage causes your walk-in refrigerator to fail and all your inventory is ruined, your BOP would help cover the loss.
You can also combine a BOP with other insurance policies.

You can add additional types of coverages to your BOP insurance to meet your specific needs. If you have employees you can add workers’ compensation and if you drive for work you can add commercial auto.

Do I need additional General Liability insurance if I have a BOP?

The liability coverage you get through a BOP with NEXT is the same amount of protection you would get from one of our standalone general liability policies.
When you buy a business owner’s policy, you get the added benefit of also having coverage for your goods, gear, inventory and the physical building.

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Let’s find the coverage you need for your business

Business insurance is divided into different policies. We offer seven types so it's easy to get the coverage that fits your business.

General Liability Insurance General Liability

Protect yourself from accidents that cause physical injury or damaged property.

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Professional Liability or Error and Omissions Insurance Professional Liability/E&O

Shield yourself from lawsuits that claim your work errors caused financial losses.

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Workers' Compensation Insurance Workers' Compensation

Cover medical bills and lost wages if your employees have an accident at work.

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Commercial Auto Insurance Commercial Auto

Stay on the road with coverage for dents, tows and damage to someone else’s vehicle.

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Tools & Equipment Insurance Tools & Equipment

Upgrade your general liability coverage to protect any gear that’s stolen, damaged or lost.

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Commercial Property Insurance Commercial Property

Keep your building, inventory and equipment protected from fire, flood or water damage.

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Business Owner’s Policy Insurance Business Owner’s Policy

Combine general liability and commercial property into one policy to protect your business.

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