Common Questions

What is a businessowners policy (BOP)? 

A BOP combines property and liability insurance coverages into one policy. The property portion helps protect the business property you own, lease, or rent (including buildings, equipment, furniture, fixtures, and inventory). The liability portion shields your business from covered claims and lawsuits that stem from day-to-day business operations. There’s not one size that fits all, so you get to tailor your policy to your specific business needs and add optional coverage endorsements. 

Small businesses can buy separate insurance policies, but many businesses like the convenience of combining the common property and liability coverages into a single policy. BOP coverage is designed to address business losses most likely to occur in your specific business. A BOP isn’t a substitute for personal home, personal auto, or commercial auto policies.

What kind of business is a BOP right for?

WCF’s BOP is built to protect many small business types, including office, retail, service, and wholesale. A BOP may make sense for you if your owned business is located outside your home, has fewer than 100 employees, has less than $15 million in annual sales, and has property or equipment you want to protect.

Who needs a BOP?

Small to medium business owners with commercial property should consider a BOP. A BOP combines general liability and commercial property insurance, which gives you both liability protection (for things like accidents and lawsuits) and commercial property insurance (covering your building and business personal property). 

What is business personal property?

Business personal property is included in a BOP and is coverage for property owned and used by your business.   Business personal property includes any items used for business purposes, such as furniture, office equipment, office supplies, inventory, tools, cell phones, etc.

What does a BOP cost?

Cost depends on your business type and varies with levels of risk. The final price is calculated using attributes of your business, including coverage needs, profession type, number of employees, and claims history.