Business Owner's Policy

What is a Business Owner's Policy?

A Business Owner's Policy (BOP) is an enhanced insurance policy that combines General Liability Insurance and property insurance. Unlike General Liability coverage alone, a Business Owner’s Policy also covers the business’ property, like tools and equipment.

A Business Owner's Policy provides third-party protection against bodily injury, property damage, and personal and advertising injury, as well as first-party protection for business property.

Businesses should consider purchasing a Business Owner's Policy if they:

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A Business Owner's Policy can protect your client in various situations, such as these:

A graphic designer’s home office is damaged by fire.

The damage to a high-end computer caused by the water used to put the fire out is not covered by their homeowner’s insurance, but it is covered by their Business Owner's Policy, which covers the cost to replace the computer and lets the designer get back to business.

An architect invites a client to their office, and the client slips and falls during the meeting, breaking their wrist.

The Business Owner's Policy can cover the client's medical expenses and lost wages.

A photographer’s car is broken into, and several expensive cameras are stolen.

The photographer’s Business Owner's Policy covers the cost to replace the cameras, and the photographer can get back to work.

Depending on your client’s specific needs, you can customize their Business Owner's Policy with these options:

Blanket Additional Insured

Provides vicarious liability coverage to certain parties the named insured is required to cover by contract.

Crime Package

Covers loss of money or damage to covered property caused by theft or dishonest acts by an employee, fraudulent computer transfers, or cyber deception. It also covers theft of the client’s property by an employee.

Hired and Non-Owned Auto

This upgrade adds bodily injury and property damage liability arising out of vehicles you lease or hire for your business, as well as liability arising from your employee’s personal vehicles when used for business purposes.

Terrorism

Covers losses arising out of certified acts of terrorism as defined by the Terrorism Risk Insurance Act.

These enhancements can be added to policies in the Hiscox NOW quoting process on the ‘BOP limits and options’ page.

The cost of a Business Owner's Policy varies based on the size of your client’s business, the industry they are in, their location, and the amount of coverage needed. For the exact premium for a specific client, get a quote.