Business Owners Policy (BOP) Insurance: Cost & Quotes From $30/mo

A Business Owner’s Policy (BOP) is an insurance policy that combines protection for all significant commercial property and liability risks. 

This policy assembles the basic coverages a business owner requires in one bundle, particularly general liability and commercial property insurance.

It’s often considered a practical solution for small to medium-sized businesses. A BOP offers discount options that significantly decreases commercial property and general liability insurance costs. Read on to learn more.

Is BOP the Same as General Liability?

No, a business owner’s policy and general liability insurance differ. Here’s how each one works:

  • Business Owner’s Insurance (BOP)–A business owners policy insurance typically covers property, business interruption, and liability. A BOP policy protects a business from claims for bodily harm, property damage, and personal and advertising injury. It will also provide reimbursement in case business property gets damaged. A BOP also supplements lost income that result from temporary suspension of business operations
  • General Liability Insurance–This company insurance covers legal fees and payments if your business causes bodily harm or property damage, including lawsuit fees. It also covers non-physical activities, including libel, defamation, and copyright infringement

Bundling coverage makes the BOP more comprehensive. Some businesses are eligible for BOPs, but some may require standalone policies. Business owners should understand their risks and consult an insurance professional for the correct coverage.


What is the Difference Between a BOP and a Commercial Package Policy?

The flexibility, coverage, and types of firms they insure differ between a Business Owners Policy (BOP) and a Commercial Package Policy (CPP). The following is a breakdown of how they differ:

  • Business Owners Policy (BOP)–A BOP bundles property insurance for business owners, liability, and business interruption insurance. This unendorsed business owners policy is typically for small to midsize businesses. It is usually standardized, and more than its coverage limitations may be needed for larger firms with more complicated risks. Small businesses benefit from BOPs’ multi-coverage packages
  • Commercial Package Policy (CPP)–Lets firms choose and mix the required coverage. This policy often covers commercial auto, property, liability, crime, inland marine, and equipment breakdown. It’s better for larger companies or those with specific insurance needs. This endorsed business owners policy costs more but offer more extensive and personalized coverage

Customization and coverage limits are the key differences. Commercial BOP insurance is suitable for many small firms, but a CPP can be tailored to the needs and hazards of individual enterprises, including larger or more complicated ones. 

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What Policies Are Offered in a BOP?

This package covers all significant property and liability risks. BOPs typically offer:

  • Property insurance–A  business owners property insurance protects your buildings, equipment, furnishings, and inventory from fire, storms, theft, and other threats

  • General liability insurance–If your business is sued, general liability insurance covers legal fees and judgments. General liability insurance covers legal fees and reimbursements if a consumer slips and falls in your establishment

  • Business Interruption Insurance–Business income insurance reimburses you for lost income and operating expenses if your business cannot run for a covered reason, such as a fire or natural disaster

  • Data Breach/cyber liability insurance–Some BOPs provide this coverage to protect your firm from cyberattacks and data breaches. This covers consumer notification, credit monitoring, and legal fees

Each BOP is different, and its coverage depends on its terms. A conventional BOP may not include professional liability, auto insurance, workers’ compensation, or health and disability insurance. Businesses usually buy these business BOPs separately. Talk to your insurance agent or broker to make sure you’re covered.


What Liability is Excluded From BOP?

Liability coverage in a BOP is provided on an occurrence basis. This means that it covers claims during the policy period, regardless of when the claim is reported. Some frequent restrictions depend on the insurance provider and policy terms:

  • Professional liability, which usually covers errors and omissions, is rarely covered by BOPs

  • BOPs usually don’t cover business-related auto liabilities. Businesses require commercial auto insurance to protect liabilities for owned or leased automobiles used for business

  • BOPs don’t cover employee benefits. Employee benefits claims are usually part of employee benefit packages, not in a BOP

  • BOPs don’t cover medical costs and missed pay for workers who are injured or ill on the job

It’s crucial to note that these exclusions are general principles, and unique policies may have different terms and conditions. Review the policy terms and talk with an insurance specialist to understand a business owners liability coverage and exclusions.


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What is the Limit of Liability for BOP?

A BOP’s liability limit varies by policy and insurer. BOPs often include property, general liability, and business interruption insurance for small enterprises. The limit of liability is the most an insurance company will pay for covered losses or claims within a policy period. Business needs and coverage alternatives determine a BOP liability coverage.

Policyholders can select a liability limit from the insurance company’s range. BOP plans usually include liability limits of $1 million, $2 million, or $5 million, although they can vary based on the insurer and the business’s needs.

To ensure proper coverage, thoroughly analyze your business’s risks, determine a limit of liability, and choose a business owners package policy that matches your needs. An insurance company can assist you in choosing a limit depending on your business activities and potential liabilities.

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Business Owner’s Policy Cost

The average cost of business owners policy offering a $1 million general liability and $60,000 commercial property coverage  is $145 per month or $1,740 per year. Several factors affect BOP insurance costs. Key considerations include:

  • Your BOP insurance cost depends on your business type. Industry risk varies. Construction companies may pay more for insurance than retail stores.

  • Annual income, number of employees, and location might affect BOP insurance costs. Due to risk and liability, larger enterprises pay greater premiums. Small business owners’ insurance

  • BOP coverage limits affect cost. Coverage limits increase premiums. To determine coverage levels, carefully examine your business’s demands

  • The business location might affect insurance rates. Due to risk, natural disaster-prone or high-crime areas may have higher premiums

  • Your business’s claims history can affect insurance costs. Insurers may charge higher premiums for businesses with frequent or large claims

  • Before insurance coverage begins, you pay the deductible. Higher deductibles cut premiums, but you’ll pay more for claims

  • Professional liability, and employment practices liability insurance are common BOP endorsements. These coverages raise the average cost of a business owners policy.

In connection,  Here’s a table showing the rates of companies we recommend:

Cost per Month Cost per Year Best for
NEXT $50 $600 Best overall; Fastest BOP
The Hartford $59 $708 Industry expertise, coverage options, and reliable claims handling
CoverWallet $67 $804 Comparing BOP quotes online
Tivly $72 $864 Comparing BOP quotes over the phone
Thimble $78 $936 Small enterprises and independent freelancers who need short-term or project-based insurance
Hiscox $83 $996 Small to medium-sized professional service firms
Nationwide $100 $1,200 Businesses looking for comprehensive BOP coverage and customized service
Chubb $140 $1,680 Businesses wanting complete protection and worldwide coverage
Allstate $170 $2,040 Small businesses seeking comprehensive BOP coverage and convenient policy management
State Farm $220 $2,640 Businesses looking for extra coverage options and financial stability
GEICO $250 $3,000 Customizable BOPs, competitive prices, and easy online tools
Progressive Business Owners Policy $289 $3,468 Small businesses seeking economic and flexible BOP coverage
Liberty Mutual $302 $3,624 Businesses looking for customized BOP coverage and local agent support

Compare Cheap Business Owner's Policy Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Business Owners Policy Insurance Companies 

The following are some best business owners policy insurance companies. Read some of the reviews below to know their pros, cons, and average cost:


NEXT 

Pros

  • Customized Policies: NEXT works closely with businesses to understand their risks and coverage needs to build customized policies that provide suitable protection

  • Their web platform makes it easier for businesses to acquire estimates, manage policies, and process claims

  • Competitive Pricing: NEXT offers cost-effective coverage choices to assist businesses in getting quality insurance at competitive rates

Cons

  • Coverage options vary by area and industry

Small and medium-sized enterprises can get complete Business Owners Policy (BOP) coverage from NEXT. They offer insurance solutions targeted to different industries and businesses kinds. With this company, you can easily get a proof of businessowners liability coverage online. You can even bundle this with commercial property and workers compensation insurance through a BOP.

Best for: Best overall; Fastest BOP

Average cost: $50 per month 

Our rating: 10/10


The Hartford

Pros

  • Industry expertise: Hartford has worked with several industries, allowing them to offer industry-specific coverage and understand the risks firms face in diverse areas

  • The Hartford business owners policy offers cyber liability, data breach, and employment practices liability insurance to organizations in addition to BOP coverage

  • Claims: Hartford’s swift and fair claims handling helps policyholders in times of need

Cons 

  • Their coverage and service frequently outweigh the expense

The Hartford, a well-known insurance firm, offers BOP insurance to businesses. Their business owners policy coverage and service are well-regarded. Hartford’s BOPs combine general liability and property insurance to safeguard small businesses from typical hazards and give extra coverage options to customize the policy.

Best for: Industry expertise, coverage options, and reliable claims handling

Average cost: $59 per month

Our rating: 10/10

Coverwallet

Pros

  • Comprehensive Solutions: Coverwallet’s Business Owners’ Policies include general liability, property insurance, business interruption, and more, allowing businesses to customize their coverage

  • Digital Platform: Their easy-to-use web platform lets you get prices, compare options, and manage policies in one place

  • Coverwallet’s insurance experts can help you choose the right coverage for your business

Cons

  • Coverwallet works with numerous insurance companies, so it’s crucial to compare quotes to get the best rates

Coverwallet is an insurance technology company that offers business owners policy insurance and a range of other commercial insurance products. They work with various insurance providers to offer businesses various coverage options and customized policies.

Best for: Comparing BOP quotes online 

Average cost: $67 per month

Our rating: 10/10


Tivly

Pros 

  • Carrier marketplace: Tivly searches over 200 partners on your behalf when you request a quotation. You will receive the best business  policy at the most reasonable cost

  • Simple quotation procedure: After completing a simple form, a trained representative will contact you and walk you through the quote procedure

  • Excellent rates: Tivly is able to obtain the most competitive pricing on the most common insurance policies by comparing premium carriers

Cons 

  • Not entirely online: Although the procedure is quick and straightforward, it is not wholly online. This can be frustrating for business owners who prefer to avoid social interaction

Tivly, a St. Petersburg, Florida-based digital commercial insurance services provider, connects businesses with insurance carriers. Their two-sided marketplace connects businesses seeking coverage with insurance providers using modern insurance technologies and marketing tactics.  Tivly uses live customer support and engagement to help business clients increase productivity and choose the best Business Owner Policy for their needs. Call now to compare quotes over the phone. 

Best for: Comparing BOP quotes over the phone 

Average cost: $72 per month 

Our rating: 10/10


Thimble

Pros

  • Flexible Policies: Thimble allows organizations with different insurance needs to buy coverage per project or hourly.

  • Fast and Easy: Their mobile app and internet platform make receiving an estimate simple, buying coverage, and managing a policy

  • Affordable Options: Businesses can save money by only paying for insurance when they need it with Thimble’s on-demand coverage

Cons

  • The flexibility is great for short-term initiatives, but it may be better for firms that need constant coverage

Thimble is an innovative insurance firm that offers flexible Business Owners Policies for small enterprises and independent professions. They specialize in on-demand coverage that may be adapted to project durations or corporate demands.

Best for: Small enterprises and independent freelancers who need short-term or project-based insurance

Average cost: $78 per month 

Our rating:  10/10


Hiscox

Pros

  • Their BOP plans for small and medium-sized enterprises cover property, liability, and business interruption

  • Businesses can tailor their Hiscox insurance to their needs

  • It’s easy to acquire quotes and manage policies on the company’s website

Cons 

  • Limited industry focus: Hiscox primarily serves professional service providers. Therefore other firms may find better solutions elsewhere

Hiscox is a global specialized insurance provider that provides a range of insurance options, one of which is business owners policy, or BOP, insurance. Their BOP coverage is intended to offer complete protection against a variety of risks to companies of a size range that is suitable for small to medium-sized enterprises.

Best for: Small to medium-sized professional service firms

Average cost: $83 per month

Our rating: 10/10


GEICO

Pros

  • Competitive pricing: Small businesses on a budget like GEICO’s economical insurance solutions

  • Business owners can rapidly acquire rates and manage their policies online using GEICO’s user-friendly website and tools

  • Variety of coverage options: GEICO’s BOs can be tailored to diverse sectors for flexibility and comprehensive protection

Cons

  • Limited availability: Commercial insurance products from GEICO may not be accessible in all areas. Check BOP coverage in your area

GEICO is a popular insurance company that offers the best BOP insurance. This affordable small business owners insurance covers different businesses. GEICO offers customizable BOPs that cover business risks with general liability and property insurance. GEICO business owners policy is industry-specific and fits a variety of businesses. The price of GEICO business owners policy depends on business size, industry, coverage limits, and location. GEICO BOPs typically cost $3,000 annually, so getting a business owners insurance quote is best.

Best for: Customizable BOPs, competitive prices, and easy online tools

Average cost: $250 per month 

Our rating: 10/10


Liberty Mutual

Pros

  • Local agent network: Liberty Mutual’s wide network of local agents helps business owners get individualized insurance advice

  • Customizable coverage: Liberty mutual BOP insurance lets businesses choose their coverage options and limits.

  • Additional resources: Liberty Mutual offers online training, risk management guidance, and more to help company owners manage risks and improve safety

Cons 

  • Online BOP rates can be harder than with other carriers

Liberty Mutual, a well-known insurer, offers BOP insurance. They offer customizable BOP coverage with general liability and property insurance to safeguard small businesses from common threats. Liberty Mutual’s large network of local agents provides individualized assistance and support.

Best for: Businesses looking for customized BOP coverage and local agent support 

Average cost: $302 per month

Our rating: 10/10


Chubb

Pros

  • Customized coverage:  Chubb business owners policy can be tailored to each business’s needs for a flexible coverage and greater policy limits

  • Risk management expertise: Chubb helps organizations reduce risks and improve safety, decreasing claims

  • Global presence: Chubb provides international coverage for organizations with international risks or operations

Cons 

  • More prices for comprehensive coverage

Chubb is a multinational company offering business owners policy insurance. They provide specialized coverage for organizations of all sizes. Chubb’s BOPs combine general liability and property insurance to protect businesses against various risks.  Chubb’s BOPs safeguard businesses with general liability and property insurance and are known for their financial strength and risk management competence. 

Best for: Businesses wanting complete protection and worldwide coverage

Average cost:  $140 per month

Our rating: 10/10


Nationwide

Pros

  • Wide coverage options: Nationwide Premier lets businesses personalize their insurance to meet their needs and industry standards

  • Strong financial stability: Nationwide is a financially solid insurance business with a good track record, assuring it can pay claims and provide trustworthy coverage

  • Local agent support: Nationwide’s local agents help company owners understand insurance and make decisions

Cons 

  • Scarcity: Nationwide, a respectable insurance carrier, may only offer BOP coverage in some places

Nationwide premier business owners policy is top-notch. They cover basic company hazards with general liability and property insurance. Nationwide’s broad agent network offers personalized advice and service

Best for: Businesses looking for comprehensive BOP coverage and customized service

Average cost: $100 per month

Our rating: 10/10


Allstate

Pros

  • Flexible coverage and greater policy limits: Allstate’s BOPs can be customized to match businesses’ needs, for example, the restaurant BOP insurance

  • Allstate’s trained representatives help company owners through the insurance process

  • Allstate business owners policy online features make it easier for company owners to manage policies, make payments, and access crucial documents

Cons

  • Allstate’s enhanced coverage and customer service typically surpass the cost

Allstate is a well-known company offering small business owners’ policy (BOP) insurance. They provide comprehensive coverage options that combine general liability and property insurance to protect businesses from common risks. Options include Contractor, education, finance, and restaurant BOP insurance. Allstate has great customer service and easy online tools

Best for: Small businesses seeking comprehensive BOP coverage and convenient policy management

Average cost: $170 per month

Our rating: 9/10


State Farm

Pros

  • Local agent network: State Farm has a large network of local agents, making it easy for business owners to get tailored insurance advice

  • State Farm business owners policy offers equipment breakdown and company income coverage to supplement BOP plans

  • State Farm is financially secure and has a good reputation, so they can pay claims and give reliable coverage

Cons

  • No online quotes

State Farm provides BOP insurance for small businesses. They cover basic company hazards with general liability and property insurance. State Farm’s broad agent network provides personalized guidance and service. 

Best for: Businesses looking for extra coverage options and financial stability

Average cost: $220 per month

Our rating: 9/10


Progressive 

Pros

  • Progressive’s BOP coverage is cheap for small businesses

  • User-friendly online tools: Progressive’s web tools let company owners get quotations, manage insurance, and make payments easily

  • Customizable coverage: Progressive’s BOPs offer businesses to personalize coverage options and restrictions

Cons 

  • Limited specialized coverage: Progressive offers customizable coverage. However, their options for particular sectors or policy expansions may be limited compared to other insurance carriers

Progressive provides BOP insurance for small businesses. They offer general liability and property insurance packages to protect businesses from typical threats. Progressive BOP insurance offers low prices and easy online quotes and policy management.

Best for: Small businesses seeking economic and flexible BOP coverage

Average cost: $289 per month

Our rating: 9/10

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