What is a Business Owners Policy?

Businesses in New Jersey are exposed to lots of different risks. A business might have property damaged during a fire, be sued for libel or slander, or have to shut down following a disaster. A business owners policy makes it easy for businesses to protect themselves against risks like these.

A business owners policy, also known as BOP insurance, is a form of commercial insurance that combines several different insurance policies into one, convenient package. Most packages are designed to meet the needs of small and medium businesses that operate in a diverse array of industries.

Does BOP Insurance Provide Any Advantages Over Purchasing Policies Separately?

Most of the policies contained within a business owners policy can be purchased separately. Getting them together in a BOP, however, has a couple of advantages. For one, businesses only have to pay one premium instead of several, thus making managing bills a little simpler. More importantly, insurers often give businesses discounts when they lump several policies together into a package deal.

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What Types of Policies Does a Business Owners Policy Typically Include?

There are three types of insurance policies that BOP insurance typically includes:

  • General Liability Insurance, which gives businesses broad protection for a variety of covered incidents in which they may be held responsible for damages
  • Commercial Property Insurance, which may cover a business’ building and the contents in it from fire, theft, and other perils
  • Business Interruption Insurance, which might provide compensation for lost income following a covered disaster

Of course, each policy can usually be adjusted to meet a particular business’ coverage needs.

Other types of insurance that not all businesses need usually aren’t included in a business owner’s policy. For example, workers compensation insurance and commercial auto insurance aren’t commonly found in business owners policies (workers compensation insurance is usually only needed if a business has employees, and commercial auto insurance is typically only necessary if a business has a vehicle). If they’re needed, additional coverages like these can be purchased outside of a business owners policy. 

Protect Your BusinessCan Businesses That Purchase a BOP Still Get a Liability Certificate?

Businesses sometimes need a liability certificate to get a license or secure a contract. Businesses that purchase a BOP can still get a general liability certificate (provided their package includes general liability coverage, which almost all do). An insurance agent can help a business that needs a certificate obtain one.

What Businesses in New Jersey is BOP Insurance Good For?

Lots of businesses in New Jersey may benefit from getting a BOP, because the insurance guards against many potential risks that most businesses face. A few businesses may find that they don’t need all of the protections that a BOP provides, but it’s often the most convenient and affordable way for small and medium businesses to get the protections they need. A nail salon in Sussex, NJ, retail store in Princeton, NJ, and cafe in Newark, NJ all could likely benefit from the coverages that a BOP affords.

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How Can Businesses in New Jersey Obtain a BOP?

Businesses that need general liability, commercial property, and business interruption insurance should contact an independent insurance agent in New Jersey. An agent can help a business look for a business owners policy that will have the coverages the business wants.


Meet Your Industry Specialist

Jeff Kroeger

Principal, Senior Vice President, and Head of Commercial Lines, Mr. Kroeger also manages the company's hospitality book of business and is that unit's primary producer. He is a graduate of Montclair State University and was named a 2015 Young Gun Insurance Business America.

Jeff has been providing exceptional insurance for restaurants, bars, nightclubs, and more for many years. He understands the unique challenges this industry faces and delivers the right coverage at an affordable price.

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