Different small to business owners in colored boxes promoting Business Owner's Policies

BOP’s Essential Insurance for Small and Medium Businesses

Let us introduce you to the insurance package with the catchy name “BOP”—which stands for Business Owner’s Policy. A BOP combines property and liability insurance into one policy, that can protect your business from the most common risks, such as fire, theft, lawsuits, or even the loss of income associated with an interruption to your business. It’s a convenient—and cost effective—way to protect your business.

While you can plan for many aspects of your business—hiring, scheduling, inventory, and so on—there are some events that are simply unexpected. Perhaps a customer is injured by a slip and fall, or a fire breaks out and destroys your equipment or inventory.

Unexpected events such as accidents, natural disasters, or lawsuits can put you out of business and sometimes even endanger your personal assets. The right business insurance coverage can help you prepare for and manage certain risks your business faces.

A Business Owners Policy, or BOP, is an excellent choice for small and medium-sized businesses (100 employees or fewer).  It offers protection to companies with a storefront and any business personal property. It combines several types of coverage into one policy usually making it simpler and more cost-effective than buying coverages separately. 

What does a BOP cover?

A BOP usually includes the following coverages:

Commercial property insurance

Commercial property insurance guards against loss or damage to your business property. Providing protection for the physical location of your business whether your own or rent. This coverage includes your building, tools, equipment, furniture, customer data, records, documents, and inventory.

General Liability

General liability (also known as commercial general liability). General liability protects your business from financial loss resulting from injury, property damage, libel, slander, false or misleading advertising, and defends against lawsuits and helps to settle bonds and judgments. It provides coverage if you’re sued for an injury or property damage, even if you did nothing wrong. It also protects you from lawsuits if you injure someone’s reputation or infringe on someone’s copyright.

Business Interruption

This coverage can help replace lost earnings that result from a disruption of your business from covered causes such as natural disasters or equipment breakdown. It may also contain coverage for the expense of having to operate out of a temporary location.

Business Policy Additional Coverages

You can also add additional coverages to customize insurance for your particular needs. Depending on the type of business you own some coverages may be more advantageous to acquire. We can help you customize your coverage to get exactly what you need to protect your business and assets. Additional coverages include:

Business Owner Policy (BOP) for Florida Business Owners InsuranceDo new Businesses need a BOP?

If you’re starting a small business, you have many decisions to make—including what sort of insurance coverage your new business needs to safeguard your assets and income. There are a lot of factors that impact that decision. Don’t worry—at L & M Insurance Group, we’re here to help you decide what coverages will fit your business best.

L & M Insurance is here for your business insurance needs

Let your L & M Insurance Group insurance specialist help you with your business insurance needs. Since we’re an independent agency, we can also compare rates between multiple insurance companies. We’ve helped numerous businesses in greater Tampa Bay get the right coverage. Please call us at 813-672-4100. Or get started by using this online form.

L & M Insurance Group is a full-service, independent insurance agency. Our insurance professionals are experts in both personal and commercial insurance needs, and we’ve been serving Tampa, Brandon, Riverview, Valrico and surrounding communities for more than 20 years.

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