Business Owner’s Policy (BOP)

Considering starting a business? Already have a business but need insurance coverage? A Business Owner’s Policy (BOP) is a combination of two forms of insurance that provides superior protection for you and your business. This type of insurance also provides coverage for losses your customers might incur. The experienced team at IPA Risk Management, LLC, prides itself on building lasting relationships with our clients. Call our brokerage today at 201.797.1084 to speak with a member of our team about your company’s insurance needs.

New Jersey Business Owners Policy (BOP)

What is a BOP?

This is a type of insurance policy that combines both liability coverage and property insurance into one enhanced policy. Many business owners make the mistake of assuming they will be covered for most losses if they have general liability insurance. This is not the case if the business owner suffers a personal loss or if a customer suffers a loss. Your own property is not covered under general liability, which is why it’s important that you purchase a Business Owner’s Policy.

Why you need a BOP

Your business needs a BOP if you need to protect equipment, tools, the building you own, and much more. The biggest benefit of having a BOP is that it can be completely customized based on your company’s needs. This allows you to pay only for what you need, nothing more, nothing less.

The cost of a Business Owner’s Policy

There is no set cost of a business owner’s policy. There are factors that go into determining the cost you will pay for coverage, including:

  • The industry in which you operate (is it hazardous?)
  • Where the business is located
  • The size of the business
  • The amount of coverage you require

As always, it’s best to speak with a member of the IPA Risk Management, LLC, team about your business insurance needs. We can review your operations and come up with a policy that best meets your needs without going over your budget.

What is covered by a BOP?

When you decide to purchase a BOP for your business, it provides coverage for multiple potential losses. General liability covers your business from claims made by other people or other companies for bodily injury, damage to their property, or medical costs. Property liability covers equipment and furniture at no more than five different office locations from damage that is accidental and purposeful.

Customizing a BOP

You will be able to customize the BOP you choose for your business based on its needs and the coverage you require. For example, you could add any of the following to the policy:

  • Office insurance for business interruption and fire
  • Electronic data loss insurance
  • Non-owned vehicle or hired liability insurance
  • Commercial crime insurance to cover employee theft
  • Terrorism

This is not an exhaustive list. If you have other items that you’d like covered by a business owner’s policy, it’s best that you contact IPA Risk Management, LLC, today.


What isn’t covered by a BOP?

A business owner’s policy will not cover claims that arise out of professional services you offer or client damages that stem from you providing incorrect or inaccurate advice. In order to acquire protection for professional services you offer you should purchase a professional liability policy through our brokerage.

Does my company need a BOP?

BOP insurance written by IPA Risk Management, LLC, is right for your company if any of the following applies:

  • You employ less than 100 people
  • The business operates at a location outside of your home
  • Your business has less than $5 million in sales
  • There is equipment or property you need to protect
  • You need to protect the investments you have made in your business

What does IPA Risk Management, LLC, need to write a policy?

You can receive a quote in a timely manner from IPA Risk Management, LLC if you provide our brokerage with the following information:

  • Annual sales receipts
  • Information about the building you own (age, construction, and square footage)
  • How many employees are on your payroll
  • Vehicle information, if you need to insure them (VINs and names of those who will drive the vehicles)
  • Information related to any previous claims for the business

A consultation with a broker from IPA Risk Management, LLC will help us better understand your business, your needs, and how much coverage you’d like to purchase so we can build the right policy.

Schedule an Appointment Today

If you are in need of a business owner’s policy for your company or any other type of insurance, let IPA Risk Management, LLC, build the right policy for your needs. Our team of experienced brokers understands the difficulties and hazards of running a business. We also know where to look for the right coverage for businesses in all types of industries. Call us today at 201.797.1084 to speak with a member of our team or to schedule an appointment.