Summary: A business owner’s policy (BOP) combines several essential business insurance coverages into a one affordable package. A BOP is an ideal choice for small to mid-sized businesses. Stein Insurance can shop your BOP to find the most comprehensive coverage for the best price.
Think your favorite song is a bop? Wait until you hear about your business insurance coverage! A business owner’s policy, or BOP, is one way to simplify your insurance needs. You’re already juggling many responsibilities. Let the independent agents at Stein Insurance understand and customize your BOP to ensure you and your business are completely covered.
What Is a Business Owner’s Policy (BOP)?
A BOP combines several essential types of insurance into one convenient and cost-effective package. It’s designed specifically for small to mid-sized businesses. A BOP makes it easier for you to manage your coverage without sacrificing protection for your business.
Most BOPs include the following coverage:
- Property Insurance that protects your building, equipment, and inventory from physical risks, such as theft, fire, and certain weather events.
- General Liability Insurance that covers your legal expenses if your business is responsible for bodily injury, property damage, or personal injury claims.
- Business Interruption Insurance that replaces lost income and covers expenses if your business can’t operate due to a covered event.
If you have employees, don’t forget that both Minnesota and Wisconsin require you to carry workers’ compensation insurance. While this coverage is not included in a BOP (Business Owners Policy), the Stein Insurance team can help you find the best workers’ comp (workers’ compensation) policy for your needs.
Do I Need a BOP?
If you own a small business, a BOP may be a good fit for you. Our insurance experts can help you understand all of your business insurance options. A BOP is often a good fit for small businesses that interact with the public, including retail shops, restaurants, contractors, tradespeople, and professionals such as accountants, consultants, and real estate agents.
If that’s you, then ask yourself the following questions. If your answer is “yes” to all of them, then a BOP might be right for you.
- Do I own or lease office space, a storefront, or a warehouse?
- Does my business have physical assets such as inventory, equipment, or furniture?
- Do my employees and I interact with customers in person?
- Do I want to combine multiple coverages in a cost-effective single package?
Can I Customize My BOP?
The Stein Insurance agents are experts at customizing BOPs to fit the specific needs of each small business. Work with us to tailor your policy with one or more of these additional coverages.
| Commercial Auto | Covers vehicles used for deliveries or service calls |
| Cyber Liability | Covers losses from data breaches or cyberattacks |
| Equipment Breakdown Coverage | Covers critical machinery and technology failures |
| Inland Marine | Covers tools, equipment, and goods in transit |
What Can Stein Insurance Do for My Business?
As an independent agency, we partner with multiple top-rated business insurance carriers to find the right balance of coverage and cost for your business. We shop the market to find the most comprehensive coverage for your business.
Our local agents understand Minnesota and Wisconsin businesses and take the time to understand your operations and match you with the right coverage. As your business grows, we work with you to adjust your policy so that it always meets your needs.
A business owner’s policy is a smart way to get the core protections your business needs. To explore a BOP for your business, contact the Stein Insurance team today.
More FAQs
What types of businesses are eligible for a business owner’s policy?
BOPs are generally designed for small to mid-sized businesses that have physical assets, interact with customers, or operate from a commercial location. BOPs are often good candidates for retail shops, offices, and restaurants.
Does a BOP cover employee injuries?
No. Employee injuries are covered under workers’ compensation insurance, which is a separate policy required in most states. The Stein Insurance team can help you find the best workers’ compensation coverage for your business.
Can I customize a BOP to fit my business needs?
Yes. You can add coverages such as commercial auto, cyber liability, equipment breakdown, or inland marine coverage to protect your specific business operations.
How can Stein Insurance help me get the best BOP?
As an independent agency, Stein Insurance compares policies from multiple carriers to find the right coverage at the best value, ensuring your policy is tailored to your business’s risks and budget.
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