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Best business owner’s policy (BOP) for small businesses
A business owner's policy bundles general liability insurance with commercial property insurance at a discount, but not all packages are the same. Find the best insurance provider for a BOP that matches your business's risks, size, and budget.
What are some of the best companies selling business owner's policies in 2024?
Not every business owner's policy offers the same coverage, and they can differ in terms of which businesses are eligible. That's why there's no one insurance company that we recommend when buying a BOP.
Insureon works with 40+ insurance carriers to find the coverage that is right for your small business. We've helped over 400,000 small businesses get protected with more than 1.5 million policies.
When you compare quotes with our application, we do the work for you by retrieving quotes from the companies that best match your business needs. The most important factors are:
- Best-rated companies, in terms of financial strength and ratings
- Best carriers for your industry
- Best carriers for your business's location
All of our insurance partners are rated excellent or superior by AM Best [PDF]. Some providers specialize in business owner's policies for certain professions, and others operate only in limited areas.
Best-rated companies for business owner's policies
When buying a business owner's policy with Insureon, you'll get quotes from some of the biggest names in the industry.
Based on financial strength and overall rating, our top carriers for BOPs include:
The Hartford: Rated A+ by AM Best. Located in Hartford, CT. Specializes in property and casualty insurance, group benefits, and mutual funds.
Liberty Mutual: Rated A. Located in Boston, MA. Specializes in property and casualty insurance.
Acuity: Rated A+. Located in Sheboygan, WI. Specializes in property and casualty insurance.
Travelers: Rated A++. Located in Hartford, CT. Specializes in commercial property and casualty insurance, personal insurance.
Chubb: Rated A++. Located in Simsbury, CT, Charlotte, NC, and Phoenix, AZ. Specializes in property and casualty insurance, business owner's policy.
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View video transcript.
[video: an animated header displays the Insureon logo. Underneath it, a subheading displays the text: "What is a business owner's policy (BOP)?"]
MALE VOICEOVER: One of the most common commercial insurance policies, a business owner's policy or BOP is not only customizable to your unique business needs, it can often be more affordable than buying each coverage separately.
[video: an illustrated header displays the text: "A BOP is:"]
[video: Under above header, three bullet points display the text: "Affordable"; "Customizable"; "Great for small businesses"]
A BOP typically bundles general liability and commercial property insurance together, but you can also add endorsements to meet your business's coverage needs. Let's take a look at why a BOP is a smart choice for small business owners.
[video: an illustrated header displays the text: "A business owner's policy bundles:"]
[video: Under above header, two bullet points display the text: "General liability insurance" and "Commercial property insurance"]
General liability insurance protects your business from third-party lawsuits over bodily injuries and property damage. Should a customer slip and fall in your store and sustain an injury, you are covered.
[video: an illustrated header displays the text: "General liability protects against:"]
[video: Under above header, three bullet points display the text: "Customer or client injuries"; "Third-party property damage"; "Advertising & personal injuries"]
Commercial property insurance compensates your business if your assets are lost or damaged by incidents, such as fire and theft.
[video: an illustrated header displays the text: "Commercial property covers:"]
[video: Under above header, three bullet points display the text: "Business-owned property"; "Supplies & equipment"; "Inventory"]
These two policies are often required by landlords when signing a commercial lease and are usually the first types of insurance that small business owners will purchase. By getting both policies in a BOP, you get the coverage you need at a lower cost than buying each of them separately.
A business owner's policy can also be tailored to meet your specific insurance needs, from business interruption insurance to data breach coverage to liquor liability insurance.
[video: an illustrated header displays the text: "A BOP can include endorsements for:"]
[video: Under above header, four bullet points display the text: "Business interruption"; "Contractor's tools & equipment"; "Data breaches"; "And more..."]
To qualify for BOP savings, businesses typically must operate in a low-risk industry, have fewer than 100 employees, make less than $1 million in annual revenue, and maintain a small commercial space.
[video: an illustrated header displays the text: "To qualify for a BOP, you must have:"]
[video: Under above header, four bullet points display the text: "A lower-risk industry"; "Less than $1M in annual revenue"; "A small commercial space"; "Fewer than 100 employees"]
While it's not often required by law, a business owner's policy is a wise choice for small businesses that work with the public and own valuable business property.
Get free business owner's policy quotes with Insureon today.
[video: an illustrated white header displays the text: "Insureon is your #1 agency for small business insurance"]
Click the link to get started.
[video: an animated header displays the Insureon logo]
Best business owner's policy carriers by industry
Your profession is one of the most important factors when choosing a business owner's policy. An insurance provider who specializes in your industry knows the relevant risks and can help you find the right coverage.
Here are our top industries and their recommended providers for a BOP.
Food and beverage
Many food and beverage businesses rely on the Hartford, Liberty Mutual, Nationwide, and Travelers for their business insurance policies, including a BOP.
Depending on the specifics of your profession, you may need additional liability coverage, such as liquor liability insurance if you offer beer or other alcoholic beverages. You can often add this and data breach insurance to your BOP, in case your customer information is exposed.
You should also make sure your BOP includes business interruption insurance, as a restaurant could face a tremendous loss of income if damage from a storm or fire forces you to close.
Healthcare
Healthcare professionals and healthcare facilities have an extensive selection of carriers to choose from, including the Hartford, Liberty Mutual, the Hanover, Nationwide, Hiscox, Chubb, and Travelers.
Carriers who specialize in healthcare offer insurance options for your specific needs, which may be included in a BOP. For example, the Hartford offers coverage for:
- Biomedical hazardous waste
- Accidental damage to a patient or visitor’s personal property
- Research animals
- Equipment breakdown of MRIs, CAT scans, and other diagnostic equipment
- Perishable goods spoilage
Construction
Construction companies and contractors can depend on several companies for a BOP, including the Hartford, Liberty Mutual, Acuity, Nationwide, and Hiscox.
Working at different jobsites and transporting equipment and tools increases your risks, especially since a standard property policy only covers items at your business location. That's why it's important to choose a carrier with expertise in your profession.
These carriers offer specialized types of business insurance you can add to your BOP, including:
- Contractor's tools and equipment insurance, which covers newer hand tools and equipment valued at under $10,000.
- Builder's risk insurance, which covers structures in progress and on-site construction materials.
- Inland marine insurance provides property coverage for expensive equipment that could be damaged in transit or at a worksite.
- Contractor's pollution liability insurance (CPL) for accidental pollution caused by your construction company.
You might also need an additional insured endorsement for your policy. This extends protection beyond the policyholder to include subcontractors and others who work with you on a project.
Photography
Photographers and videographers often look to Chubb, the Hartford, and Travelers for a BOP to protect against costly lawsuits and damage or theft of cameras, lights, backdrops, and other specialized equipment.
Chubb offers a fully customizable commercial package policy (CPP) for photographers. It includes general liability, property insurance, and business income insurance that kicks in when a storm or other covered property claim forces your studio to close.
The Hartford and Travelers also sell a business owner's policy with an option to add different endorsements, so you can make sure you're covered for the right risks.
One endorsement you'll always want to include is inland marine insurance, which extends your property insurance protection to items in transit or brought to different photo shoots or film sets.
Auto services
Acuity, the Hartford, and Liberty Mutual are popular options for a business owner's policy for automotive professionals.
These companies offer specialized coverages that auto repair shops, car detailers, and other automotive businesses can add to their BOP. That includes:
- Garage keepers insurance, which covers costs if a customer's car is damaged or stolen while in your care.
- Garage liability insurance, which extends general liability's protection against customer accidents to the increased risk of operating a garage.
Best business owner's policy carriers by state
Many insurance carriers are national, but some are regional, which is why your state matters when shopping for a business owner's policy. Here are the most popular small business insurance companies for BOPs in our top five states, based on the number of policies sold.
| #1 | #2 | #3 | |
|---|---|---|---|
The Hartford | Liberty Mutual | Travelers | |
The Hartford | Hiscox | CNA | |
The Hartford | Liberty Mutual | Hiscox | |
The Hartford | Liberty Mutual | Chubb | |
The Hartford | Liberty Mutual | The Hanover |
How much does a BOP cost?
The average cost of a business owner's policy is $57 per month for Insureon's small business customers.
Several factors affect business insurance costs, including:
- Business property and equipment
- Type of business
- Business operations
- Location
- Number of employees
- Deductibles and coverage limits
- Coverage options and exclusions
- Claims history
What are the risks of not having liability or property insurance?
Small business owners often buy general liability coverage because it's required to sign a client contract, get licensed in their profession, or rent a commercial space such as a storefront or office. When an accident injures a customer or damages their property, this policy helps pay your legal defense costs.
However, general liability on its own won't cover your business property or the risk of a business shutdown. That's why you need commercial property insurance, which covers theft, fires, storms, and burst pipes. Both of these types of coverage are included in a business owner's policy at a lower cost than buying them separately.
BOP insurance covers costly lawsuits and property damage, such as:
- Accidents that cause a customer's bodily injury
- Accidental damage to a customer's property
- Accusations of slander and libel
- Advertising injuries, such as copyright infringement
- Theft and vandalism of computers, inventory, and other business property
- Damage caused by fires, storms, and burst pipes
Many carriers include business interruption insurance with their BOPs. This policy covers lost income and other financial losses when a fire or other covered claim forces your business to close.
Without business owner's insurance, you'd have to pay for all of these costs out of pocket, which means an accident or natural disaster could derail your business.
What other policies should small businesses buy in addition to a BOP?
A BOP covers the most common risks and losses faced by small businesses, but it's not the only coverage you need. To protect against other risks, small businesses often buy the following insurance products:
Workers’ compensation insurance: Workers' comp covers medical expenses when an employee is injured on the job. Most states require this coverage for businesses that have employees.
Professional liability insurance: This policy helps pay for legal costs if a customer sues your business for a mistake or negligence, and it's recommended for any business that offers professional services or advice. It’s also known as errors and omissions insurance (E&O).
Commercial auto insurance: Businesses that own a vehicle are typically required to carry this insurance coverage. It helps pay for legal costs and medical bills if your business vehicle is involved in an accident.
Cyber insurance: This policy covers expenses related to data breaches and cyberattacks, and you can often add it to your general liability policy or BOP. It's also called data breach insurance or cyber liability insurance.
Commercial umbrella insurance: When your underlying general liability, commercial auto, or employer's liability insurance policy reaches its limit, umbrella insurance kicks in to provide additional coverage. It's often used to increase general liability limits to those required by a contract.
How do I find the right business owner's policy?
It's easy to get a business owner's policy with Insureon. Fill out our easy online application to receive quotes from trusted providers. Our expert insurance agents are available to help answer any questions and help you find the best small business insurance for your needs. Most businesses can get same-day coverage and easily download a certificate of insurance as proof of coverage right away.
Updated: February 23, 2024
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