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BOP Insurance Cost | Business Owner's Policy

BOP Insurance Cost | Business Owner's Policy

What is the average cost of a business owners policy, or BOP insurance?  BOP insurance costs generally depend on your business operation and how large or small your business is.  Below is an informative outline of business insurance policy costs throughout the country.

Average cost of Business Owners Policy or BOP insurance

Over the past 5 years of all clients surveyed, as of 2015 the average cost of business owners policy or BOP insurance has been $572, with a medium price of $430.  Increased property coverage typically increases premium costs.  

Average BOP Insurance Cost

This average takes into account the fact that most policyholders have basic BOP policies without many additional add-on coverages.  If a business needs other coverages like hired and non-owned auto liability, a commercial umbrella, employee benefits liability, or other essential coverages, then the premiums paid can increase well above the average.

What is BOP insurance?

BOP insurance, also known as a business owner's policy, is coverage for liability risks plus other add-ons in one convenient policy.

What does BOP insurance cover?

BOP insurance coverage is generally purchased by small to medium sized businesses and can protect businesses from unexpected events that would otherwise lead to economic hardship.

Examples of coverage can include:

  •      Property coverage: For example, buildings, inventory including office equipment, owned or leased, and accidental damage to property belonging to someone that is damaged at your business location.
  •      Liability coverage: For example, damages from bodily injury, physical damages to property and loss of use of property, and personal and advertising injury including libel and slander, copyright infringement, wrongful eviction, and other damages as defined in the policy.

Why should a business get BOP insurance?

By combining policies, BOP insurance generally comes at a reduced premium.  The extra savings from your BOP insurance can go into future projects for your business.  

Are you eligible?

Eligibility for companies varies on the class of business, location, size and revenue.  If you are unsure about whether your business is eligible, feel free to contact us to discuss your unique business exposures.

Common BOP Exclusions:

The following types of insurances generally are not covered by BOP insurance:

  • Liquor Liability Insurance
  • Professional Liability Insurance
  • Worker's Compensation Insurance
  • Health Insurance
  • Disability Insurance
  • Automobile Insurance

InsuranceTrak is here to help you with ALL types of business insurances!  Other important business insurances to consider are as follows:

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