Here’s some points to remember:
- A BOP is a comprehensive package of protection for your business.
- It’s a single policy that tries to meet your different coverage needs.
- You select the types of coverage to include in your BOP.
- Nearly all types of businesses are eligible.
Question I’m thinking about switching to your business owners policy. It seems a lot easier than having a separate policy for each risk. Can any business get one?
Art Rusak is a Farmers Insurance® agent in Chicago, Illinois. He explains why a business owners policy (BOP) might be a good fit for your business.
Answer As you already know, a business owners policy (BOP) is a total package of coverages for your business. It typically provides all the coverage you want in a single Farmers policy that’s easy to manage and can be updated at any time.
Here are some of the coverage types you can include in your BOP:
- Property — for your buildings, equipment and inventory
- Liability — in case you’re responsible for injury to others or damage to their property
- Auto — coverage for vehicles your company uses
- Lost income — when your revenue stream is interrupted by a covered event
- Crime — for theft, forgery, hacking
You can build out your BOP to suit your business. Farmers® customers include restaurants, contractors, retail stores, manufacturers and sales companies. A BOP is appropriate for any business that has employees or physical property. The exception is a home-based business, which may sometimes be covered under your home or renters policy. You should check the terms of your home/renters policy to see what is and is not covered.
The information contained in this page is provided for general informational purposes only. Read our editorial standards for Insurance Questions and other content. We make no representations or warranties of any kind, express or implied. This does not refer to any specific insurance policy and nothing herein is intended to replace or modify any terms in your actual policy.
Farmers may also provide information on topics that are not directly about insurance policies or coverage that we believe could be helpful to you. Information in such articles is not meant as professional advice, and any reliance you place on such information is therefore strictly at your own risk.
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