SMALL BUSINESS

A small- to medium-size business may not need the same robust coverage available with various Commercial Property & Liability options. For those businesses, the “one-size-fits-all” Business Owner’s Policy (BOP) may be sufficient to cover both basic property and liability.

A BOP includes Business Interruption for temporary closure or relocation due to a covered peril. Optional coverages may be added for extra items that don’t qualify for a standard commercial policy such as Mechanical Breakdown for machinery, employee dishonesty, money and securities, and protection against burglary and robbery.

• Qualifying Businesses for a BOP are generally:

  • Apartment buildings

  • Office buildings of six or less stories and less than 100,000 square feet

  • Retail and wholesale stores and service businesses with less than 25,000 square feet and less than $3 million gross annual sales

  • Fast food restaurants or restaurants offering limited selection with less than $3 million annual gross sales

  • Convenience stores if gas sales account for less than half the annual gross sales and there is no car wash or auto repair services on site

Each policy will have stipulations, limits, and exclusions. Extensions, riders, and floaters are available to fill any gaps. The information on this website is an overview of the types of insurance you may be able to purchase, but does not comprise full explanations of policy types nor does it guarantee any particular coverage or policy.