Business owners policies (BOPs) are tailored insurance solutions designed to provide comprehensive coverage for small and medium-sized businesses by bundling major property and liability risks into a single package. In addition to making it easier for small businesses to manage their insurance needs, BOPs can potentially reduce costs compared to purchasing separate policies, according to the Insurance Information Institute (Triple-I). Eligibility for a BOP depends on the nature and size of the business. For instance, certain high-risk industries, such as restaurants, might not qualify due to the specific risks associated with their operations. Generally, businesses that are good candidates for BOPs have 100 or fewer employees and generate revenues of up to approximately $5 million. A standard BOP typically includes several types of coverage: property insurance for buildings and contents, business interruption insurance and liability protection. This combination helps protect businesses from a wide range of potential losses. However, it's important to note the limitations of BOPs. They do not cover professional liability, auto insurance or workers' compensation. Additionally, BOPs usually have lower coverage limits compared to other policies. Small businesses also face unique risks that might not be covered under a standard BOP. For instance, additional coverage might be necessary to protect against cyberattacks, incidents involving active assailants, and issues related to employee practices. These specific risks highlight the importance of assessing and potentially augmenting a BOP to ensure comprehensive protection. The slideshow above reviews some of the best-rated BOP carriers, according to Investopedia. Related: |

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