Business Owner’s Policy Insurance

A business owner’s policy (BOP insurance) combines two important types of business insurance into a single policy — general liability insurance and commercial property insurance.

It is often less expensive than buying these two policies separately.

General liability insurance can help pay for medical expenses if your business is held responsible for bodily injury to someone who is not an employee, as well as legal defense if your business gets sued.

A general liability policy can also help cover costs if you or an employee accidentally damage someone’s property.

Commercial property insurance can help pay for losses to the building structure where you run your business. It can also cover business goods, gear and inventory after a covered event such as a fire or a burst water pipe.

A commercial property policy can also help cover business interruption income if you have to repair or rebuild after a claim.

BOP insurance with NEXT has additional benefits:

• Cost savings on your insurance premium by bundling two policies into one.
• More protection for your small business investment that helps protect your business, inventory, goods and gear.
• Easy, 24/7 access to manage your policy, add additional insureds and share proof of insurance via desktop or mobile app.
• Coverage and protection for 1,300+ types of businesses tailored for small businesses like yours.

Your BOP coverage plan is customized just for your business. There’s a range for how much a business owner’s policy will cost.

Bundling general liability insurance and commercial property insurance into one policy instead of buying them separately can save up to 10%.*

Factors that will determine what you pay for BOP insurance include:

• The type of work you do. Businesses at higher risk for injury or property damage often have higher insurance costs.
• The limits you choose. Higher coverage limits offer more financial protection and will often increase your insurance premium.
• The state where you work. Different states have different regulations. And insurance rates are sometimes higher in densely populated areas.
• Your claims history. Your record of losses and claims has an impact on your small business insurance policy costs.

BOP coverage can be an asset for any small business with a physical location, and any online business that stocks products or inventory.

Some of the most commonly served businesses include:

• Retail stores and e-commerce businesses
• Restaurants, caterers and other food and beverage businesses
• Professional services such as consultants, real estate professionals and insurance professionals

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

1. You have a physical location for your business

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

For example, if you have a legal services business that operates out of a small storefront, commercial property insurance could help protect your business property like computer equipment and office furniture.

If a covered event such as a fire destroys your business, your policy could help with the loss of income when you were unable to operate, and the cost to move and set up in a new location.

2. You have equipment or inventory that could get stolen or damaged 

What if you had to suddenly replace everything you need to do your job?

For example, vandals break in and destroy your coffee shop. Business is closed until you can replace your espresso machines, coffee inventory and all the furnishings and fixtures. Your BOP insurance could help cover those costs.

3. You interact with customers and the public 

Things can go wrong when you interact with customers, the public and vendors.

For example, someone can slip and fall leaving your business or work site. They could ask you to pay their medical bills — and you might legally have to if you’re found at fault.

Your business owner’s policy could help cover legal defense costs for your business and pay the medical bills.

You can buy a business owner’s policy online in less than 10 minutes with NEXT.

Start a free 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’ve owned the business
• Number of employees
• The type 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, choose the package limits you’d like 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, our licensed, U.S.-based insurance professionals are ready to help.

Start a free quote with NEXT.

How is a BOP different from Commercial Property insurance?

Commercial property can provide protection that covers goods, gear, inventory and structures that you own for your small business.

A business owner’s policy can cover all of this, plus general liability risks such as damage to other people’s property, injuries to customers or vendors and some legal fees. 

If you know your business needs both general liability and commercial property insurance coverage, you can typically save money by combining them in a BOP policy.

Compare business owner’s policy coverage with commercial property insurance.

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

The liability coverage you get through a BOP is usually the same protection you get from a general liability insurance policy.

But when you buy business owner’s policy insurance instead of general liability coverage, you get the added benefit of commercial property insurance. This extended protection can help cover equipment breakdowns, inventory and the physical building you own for your business.

Compare BOP insurance to general liability insurance.

Can you tailor industry-specific coverage to a BOP?

Business owner’s policies can be customizable for the specific needs of your small business. They can easily include relevant coverage and protection just for your industry.

For example, if you own a restaurant a spoilage endorsement could help with a covered loss if a power outage causes your walk-in refrigerator to fail and ruin your inventory. 

A BOP can also be combined with additional coverages. 

If you have employees, workers’ compensation insurance could be mandatory in your state to help protect your employees from work-related illness or injury. And if you drive for work, commercial auto insurance can take over when your personal auto insurance won’t suffice.