A business owners policy (BOP) is a form of insurance designed specifically for small businesses. Business owners can purchase policies either as a single policy that combines multiple coverages or as a series of separate policies. Most companies prefer to buy package policies.

Business owners insurance, BOP, typically covers your business property against named perils like wind and water. It also includes coverage for liability that might arise from the operation of your business or your completed products and services.

Keep the following in mind when you shop for insurance:

1. Property and liability coverage are essential for most businesses.

2. Many insurance companies offer discounts for buying package policies.

3. Each insurance company has different rates so make sure you're getting the best deal possible.

Action Steps
The best contacts and resources to help you get it done

Buy both a property and liability business owners policy

Although each business has unique needs, it's safe to say that most businesses will need both property and liability coverage. An insurance agent can help you determine what amounts of coverage are best for your business.

I recommend: Liberty Mutual Insurance Company sells business liability policies. Business property insurance policies are available through Wachovia Corporation. State Farm Mutual Automobile Insurance Company offers a variety of business insurance products including liability and property insurance products.

Purchase a business owners package policy

Package policies combine business owners policy coverages, such as property and liability, into one policy. This saves time when you're shopping for insurance because you don't need to seek out multiple policies. It will also save you time and effort when you're paying bills and doing accounting because you'll only have one policy to keep track of.

I recommend: Wells Fargo Insurance, Inc. offers package BOP policies. Nationwide Mutual Insurance Company sells package policies with local agents or through their insurance service center over the phone.

Get an online BOP quote

There are services available on the web that provide business owners policies quotes from several different insurance companies so you can easily compare the policy coverages and rates. This helps you get the best coverage for your insurance dollar.

I recommend: InsuranceMatch can take your information and have agents from several companies contact you with quotes. E-Insure Services Inc. can provide you with quotes from several different insurance companies.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Get BOP quotes from different insurance companies every three to five years after purchasing your policy. The company with the best rates and coverage today may not have the best rates tomorrow.