Business Owners Policy

Protect Your Business with a BOP
 
A Business Owners Policy (known simply as a BOP) offers businesses a streamlined insurance program. The BOP bundles your “bread-and-butter” insurance coverages into one package. You get broad protection and you’re able to save money. 
 
Get Liability & Property Insurance Bundled in a BOP
 
Think of a BOP as “homeowners insurance” for your business where your liability and property coverages are in a single policy:
 
1. The Liability part of the policy covers you if you get sued by people outside of your business. This includes coverage for slip and fall injuries that happen to customers and others at your location.
 
2. The Property side of your BOP covers your building (if you own it) and what’s inside (furniture, equipment, supplies, etc.). If your building and the contents inside are destroyed by fire, or your property is stolen, you’re covered. A BOP will pay for repairing or rebuilding the structure, buying new equipment, replacing the furniture inside, and replacing lost inventory.
 
Loss of Business Income Included
 
A BOP pays you for the income you will lose and ongoing expenses if your business has to shut down because of property damage to your building and operation. The business interruption part of a BOP will kick in to pay for things like employee salaries if they continue after the loss, taxes, and other expenses and loss of profits while repairs are made.
 
BOP Includes Crime, Too
 
Crime insurance is included in a BOP. If your business is burglarized and your computers, office equipment, and other valuable items are stolen, you have coverage up to a certain amount.
 
The Right Fit for a BOP
 
A BOP is not always a good fit for every business. This policy makes sense for small to mid-size businesses with few employees, small commercial space, and relatively low risks. Think of the types of businesses you see on Main Street USA, from the local hardware store to an antique shop, beauty salon, restaurant and the local hotel. Larger businesses and those with higher risks are better suited for a Commercial Package Policy (CPP), which offers broader and more tailored insurance protection to cover the type of losses these businesses face. While most of the time this is true, size isn’t always the determining factor. Homogenous risks tend to qualify for the BOP more often than do unique risks. 
 
Not everything is covered under a BOP. For example, you need to purchase Workers Compensation. You need Commercial Auto insurance – even if you don’t own any business vehicles. If you move equipment, tools, and other owned property away from your business to another location, Inland Marine coverage will protect your stuff. We can go over all the coverages available that will address your specific needs.

To learn more about the BOP and our other insurance products, click here to find an Indiana Farmers Insurance agent near you.




Insurance products are subject to terms, conditions and exclusions not described on this Website. The information on this Website concerning insurance policies and other products is intended to give you an overview of the policies and products offered by Indiana Farmers Insurance. None of the information—including any policy or product description—constitutes an insurance policy. The policy contains the specific details of the coverages, terms, conditions and exclusions.
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