☰ ˟
Contact Us Today by Email or Phone
Logo
  • Home
  • Business
    • Business Interruption
    • Construction / Contractors
    • Cyber Liability
    • Commercial Auto
    • Commercial Property
    • Distributors / Wholesalers
    • Employment Practices Liability
    • Executive Protection
    • Financial Institutions
    • General Liability
    • Healthcare
    • Hospitality
    • Manufacturing
    • Marine
    • Real Estate
    • Not For Profit
    • Retail
    • Risk Management
    • Technology
    • Coronavirus in the Workplace - Compliance Consider
    • Transportation
    • Workers Compensation
  • Personal
    • Personal Lines
    • Private Client Services
    • Home and Property
    • Automobile Insurance
    • Boat Insurance
    • Dental
    • Flood
    • Life
    • Personal Umbrella
    • Wind / Hail
    • Valuable Items
    • High Value Item
    • Hurricane Preparedness
    • Yacht
  • Financial Services
    • Employee Benefits
    • Individual Benefits
  • About
    • About Us
    • Testimonials
    • Privacy Policy
    • Terms and Conditions
  • Insurance Center
    • Important Links
    • Frequently Asked Questions
    • Insurance Glossary
  • Client Services
    • File a Claim
    • Customer Service Requests
  • News
  • Contact
    • Contact Us
    • Locations

How Can We Help You?
Home > Blog > Who is Eligible for a Business Owners Policy?
FRIDAY, MARCH 11, 2022

Who is Eligible for a Business Owners Policy?

Despite what you may think, not everyone qualifies for a business owners policy (BOP). A BOP is a way for certain businesses to bundle important coverages at a discounted rate. Typically, businesses that purchase a BOP are small businesses in low-risk industries. 

Examples of high-risk industries are: 

  • Medicine 

  • Construction 

  • Accounting 

  • Alcohol 

  • Insurance 

  • Legal services 


Some low-risk industries include retail shops, pet supply stores, bookstores, online apparel stores and more. 

What is Considered a Small Business? 
The requirements to be considered a “small business” vary depending on the industry and, occasionally, the insurance agency. In general, however, a small business has less than 100 employees and makes less than $1 million a year in revenue. The physical premises of the business should also be small, such as a single store or office. This, combined with a low-risk industry, may qualify a business for a business owners policy. 

A BOP is geared for small businesses because it has policy limits and low flexibility in coverage options. Larger businesses in high-risk industries should consider a commercial package policy. 
business meeting
Does My Small Business Need a Business Owners Policy? 
Whether you need a BOP or not depends on the coverage you already have. A BOP covers three areas: 

  • Property Coverage provides coverage for the physical property of the business and its contents. It provides compensation for damages and loss due to fire, lightning, smoke, wind, theft, vandalism and more. 

  • General Liability covers bodily injury and property damage that occur to a third party on the business premises. For example, if someone slips and falls in your restaurant, general liability will cover their medical expenses and possible legal fees if the victim decides to sue. It can also cover personal and advertising industry such as copyright infringement, libel and slander. 

  • Business Interruption Insurance helps cover lost income if a disaster makes it impossible for the business to continue operating. It may also cover the cost of temporarily moving the operation elsewhere. 


Businesses that have the best chance of find a business owners policy have: 

  • Less than 100 employees 

  • A small location 

  • Good credit 

  • Low or no claims history 

  • Low risk 

  • Less than $1 million per year in revenue 

  • Low coverage needs 

Is a Business Owners Policy Required?
There is no state or federal law demanding small businesses to have a BOP. Property coverage may be required by a lender, however. 

Posted 8:35 PM

Tags: bop insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018

  • business insurance(36)
  • insurance(32)
  • auto insurance(20)
  • home insurance(15)
  • general liability insurance(14)
  • workers compensation insurance(10)
  • commercial property insurance(9)
  • commercial auto insurance(8)
  • commercial insurance(8)
  • umbrella insurance(6)
  • workers compensation(6)
  • professional liability insurance(6)
  • florida(5)
  • boat insurance(5)
  • bop insurance(4)
  • builders risk insurance(4)
  • homeowners insurance(4)
  • contractors insurance(4)
  • directors and officers insurance(4)
  • general liability(3)
  • miami(3)
  • flood insurance(3)
  • builders risk(3)
  • directors & officers insurance(3)
  • policy(3)
  • auto(2)
  • business(2)
  • car insurance(2)
  • business owners(2)
  • cyber liability insurance(2)
  • construction(2)
  • coverage(2)
  • business owners policy(2)
  • employment practice liability insurance(1)
  • risk(1)
  • file a claim(1)
  • commercial general liability(1)
  • restaurant insurance(1)
  • work place safety(1)
  • policy review(1)
  • constructions(1)
  • accidents covered(1)
  • stress crack(1)
  • replacement cost(1)
  • car(1)
  • water damage(1)
  • insurance tips(1)
  • epli insurance(1)
  • bop(1)
  • year end review(1)

View Mobile Version

Our Customer Feedback

Read More

Our latest blogs

  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
Tanenbaum Harber of Florida
2900 SW 149th Ave, #100
Miramar, FL 33027-6605

Broward Tel: 954-883-2900
Miami-Dade Tel: 305-620-0200
Jacksonville Tel: 904-807-9121
We've successfully served hundreds of customers and are determined to treat each individual with respect and compassion. Shopping for insurance can be difficult, but our staff does the work for you. Maintain your financial stability and stable coverage by allowing us to help you with your insurance needs.
We're here for you
Home Page/ About Us/ Contact Us/ Our Blog/ Latest News/ Locations/ Join Our Newsletter/ Refer A Friend
Quick Help Links
Quote Forms/ Service Forms/ Claims/ Payments/ Glossary/ FAQs/ Privacy Policy/ Terms and Conditions
Icon Icon
Icon Icon Icon
Social Icon Social Icon Social Icon
© Copyright. All rights reserved. Powered by Insurance Website Builder