Business Owners Policy

Property & Liability Coverage Packaged into One neat policy

Is your business a retail shop, office, or café? Do you operate out of a physical location and interact with customers? A Business Owners Policy (BOP) is ideal for small business owners who want broad protection with customizable options to meet their unique needs.

What risks Does a Business Owners Policy cover?

A BOP combines essential coverage for small to mid-sized businesses into one convenient package. It typically includes general liability and commercial property insurance, making it a cost-effective and practical choice for many business owners. It can even include coverage for the building of your business if you are the owner. A BOP helps protect your company from a wide range of common risks without the complexity of buying separate policies.

Online Resources essential for any Business owner

Navigating insurance requirements can be complex, particularly for small business owners evaluating their coverage needs. For some, a BOP may provide sufficient protection. Others may require additional policies tailored to the specific risks of their industry. While we’re always available to answer your questions, we also encourage you to explore official resources for additional guidance.

The NY Department of Financial Services offers a comprehensive overview of small business insurance options for New York-based businesses. For those operating in New Jersey, the New Jersey Department of Banking & Insurance provides helpful information on insurance considerations for small businesses and gives insights specific to New Jersey. These resources are a valuable starting point for understanding what coverage may be required or recommended in your state.

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Get a clear breakdown of your current coverages, exclusions, and options for updates or changes.

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Our claims support team is here to guide you! We work with you to handle your claim with care and efficiency.

FAQs

1.) What’s the difference between a Business Owners Policy and a General Liability policy?

A general liability policy only covers claims involving third-party bodily injury, property damage, or advertising injury. A Business Owners Policy, however, goes further by bundling general liability and commercial property insurance. This means you also get protection for your own assets like buildings, contents, and equipment. A BOP is typically more cost-effective than buying these coverages separately and is designed with small to midsize businesses in mind.

2.) What doesn’t a Business Owners Policy cover?

A BOP offers broad protection, but it's not all-inclusive. It won’t cover professional errors (you’ll need Professional Liability insurance), Workers’ Compensation claims, Commercial Auto liabilities, intentional damage/illegal acts, and employment-related claims like discrimination or wrongful termination. Think of your Business Owners Policy as a strong foundation — supplement it with other coverages to achieve full protection.

3.) If I rent my business space, do I still need the property portion of a Business Owners Policy?

Yes, but you only need coverage for your business personal property (BPP). Building coverage isn't necessary since it should be covered by your landlord's insurance policy. Even if you don’t own the building, the property portion of your BOP can cover things like office furniture, computers, signage, and inventory. Don’t assume your landlord’s insurance will protect your assets—it won’t.

4.) What’s the process for filing a claim under a Business Owners Policy?

Filing a claim under a BOP is usually straightforward. If you experience a loss (e.g., theft, fire damage, or a liability lawsuit), you’ll notify your insurance carrier or agency (like us at Lanco Brokerage) as soon as possible. We’ll help you document the incident, file the proper paperwork, and work with the carrier to move the claim forward. Most claims processes are digital and efficient, especially if you’ve kept good records.

5.) How often should I review or update my Business Owners Policy?

We recommend reviewing your Business Owners Policy at least once a year or anytime your business undergoes significant change such as moving to a new location, expanding your services, hiring employees, purchasing expensive equipment, or experiencing a notable revenue increase/decrease. Regular reviews ensure your coverage stays aligned with your risk exposure.

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What Is a Business Owner’s Policy (BOP)? Running a small or midsize business in New York or New Jersey can be tremendously rewarding — but it also comes with inherent risks. From accidental customer injuries to property damage caused by natural events, the unexpected can disrupt your operations or drain your finances. That’s why so many businesses rely on a […]