Business Owners Policy (BOP)
Definition - What does Business Owners Policy (BOP) mean?
A business owner's policy is a package of different types of business insurance combined into one product. These insurance products can cover the majority of a business' insurance needs. Business owner's insurance is typically sold to small to mid size companies. Workers' compensation insurance is often excluded from business owner's polciies.
Insuranceopedia explains Business Owners Policy (BOP)
A typical business owner's policy can include insurance coverage for property, liabilities, crime, flood, vehicles, and business interruptions. Business owner's policies are often cheaper than purchasing every needed insurance policy on an individual basis. Further, in addition to the reduced cost, business owner's policies can save business owner's the large amount of time that it would otherwise take to search around for the right polciies that it would need For every different type of required insurance.
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