Commercial Package Policy
A commercial package policy or business owners’ policy (BOP) is several insurance policies your insurance company combines and offers at a discount. A BOP usually includes general liability insurance, property insurance and business interruption insurance.
Since the insurer designs the BOP, they also set the criteria for qualifying to purchase a BOP. Not every small and medium-sized business is eligible to purchase this insurance package.
What Is Covered Under a BOP?
A BOP typically provides the following three essential insurance policies:
- Property insurance helps cover the costs of replacing or repairing company property after a covered incident.
- General liability insurance helps cover a company’s legal liability after accidental third-party property damage or injury.
- Business interruption insurance helps cover regular bills such as rent and payroll if a company must temporarily close to allow for repairs after a covered event.
Depending on your industry and the size of your operation, your agent may recommend the following:
- Employee practices liability
- Business vehicle insurance
- Cyber liability and cyber risk insurance
- Flood insurance
- Equipment breakdown insurance
- Employment practices liability insurance
- Workers’ compensation insurance
- Umbrella insurance
Who Is Eligible for a BOP?
BOPs generally work best for small and medium-sized businesses in low-risk industries. Insurance companies set the criteria to qualify for a BOP. We can help you understand whether this coverage is appropriate for your organization.
How to Get a BOP
Contact American Truck Insurance today to learn about qualifying for a BOP and tailoring your coverage to meet the insurance needs of your business.