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    Best Business Owner's Policy Insurance

    With the multitude of challenges brought about by the global pandemic, it's more important than ever for small businesses to consider their coverage needs in terms of insurance. Data from the U.S. Small Business Administration suggests that 2021 trends will include e-commerce growth, remote work, and virtual services. As a result, investing in a business owner's policy can provide greater protection.

    A business owner's policy (BOP) is a special type of plan that combines liability insurance and property insurance in a single package. These are simply the basic coverages that every business needs to have, which is more affordable than buying both plans separately from an insurance company.

    Property insurance covers damage done to buildings and property owned by the company, while liability protection deals with the legal implications of any bodily injury or property damage caused by you or your employees in terms of business operations. Business interruption insurance is also included, which covers the loss of income from a natural disaster and other factors.

    However, a business owners' policy does not cover aspects including auto insurance, professional liability, disability insurance, and worker's compensation. You may need to buy separate insurance policies to protect your vehicles and employees.

    When it comes to choosing the best business owner's policy for your company, it's worth looking at a variety of insurance coverages that work with small businesses. Considering key factors such as price, policy terms and reputation can help you protect your business.

    The 7 Best Business Owner's Policy Insurance in 2021

    To help you decide which business owner's policy is right for you, here's an overview of the most reputable insurance brands. Covering all your property and liability risks can help you maximize your business income by limiting your professional liability during worst-case scenarios.

    1.) Progressive Commercial

    Progressive Commercial was established in 1937 and is one of the most well-known providers of business liability insurance. Their plans cost around $80 per month for smaller organizations, but this value can vary based on business location, number of years it has been in business, amount of coverage, and the value of property and equipment.

    Pros

    • Provides online quotes for small businesses in around 10 minutes
    • Has high ratings for financial stability
    • Provides commercial auto insurance for businesses with delivery vehicles and more
    • Provides cyber insurance to protect businesses against online attacks

    Cons

    • Products are outsourced by third-party insurers
    • Limited in terms of other customized forms of commercial insurance

    2.) The Hartford

    The Hartford's BOP package policy can meet the insurance needs of small businesses and prevent them from harm when it comes to things like general liability, commercial property insurance, and business interruption. They currently serve over 1 million small businesses and offer multiple coverage types.

    Pros

    • Good cost savings if business owners pay their premium upfront or buy other insurance plans
    • Provides online quotes for added convenience
    • Over 200 years of experience
    • 12-time honoree for the world’s most ethical organizations

    Cons

    • Pricing is entirely based on quotes
    • Has mixed reviews on other third-party websites

    3.) Insureon

    Insureon specializes in providing insurance coverage for smaller companies, freelancers, and independent contractors. They're a brokerage that partners with different providers to find top-rated providers that fit their specific needs.

    Pros

    • Provides affordable options for businesses on a budget
    • Known for positive customer feedback
    • Has an online tool to help determine what types of coverage small business owners need

    Cons

    • Doesn't provide coverage for midsize or larger companies
    • They don't have their own in-house policies
    • Some reviews mention customer service could be improved

    4.) Travelers

    For specialized forms of business owners insurance, Travelers is an insurance company that caters to different niches. They have a special BOP policy for those operating in personal care, pet care, technology, or financial services, which are tailored to provide additional coverage depending on your company's individual needs.

    Pros

    • Established since 1864
    • Offers highly specialized BOP plans
    • The financial strength rating is A++ according to rating agency A.M. Best
    • Uses mobile tools for claims and policy services

    Cons

    • Limited BOP policy coverage types across different states
    • Some customers report issues related to billing and customer service

    5.) Hiscox

    Known for their lower monthly premiums, Hiscox is an insurance company that provides affordable business owners insurance options for those with limited business income. Those who are self-employed or sole proprietors can provide competitive BOP options. Their business owners' policy plans cost around $480 to $780 per year.

    Pros

    • Has been in business since 1901
    • Has an online BOP form
    • Has discounted BOP options for those who work from home
    • Specializes in cyber insurance

    Cons

    • Lacks customer reviews from other websites

    6.) CNA

    For those who need a broad business owners' policy, CNA offers a relatively wide scope of protection by covering losses related to employee dishonesty, identity theft, damage to equipment, and more. In addition, their business interruption insurance can be extended to 24 months as opposed to 12 months, unlike most insurers.

    Pros

    • Been in business since 1922
    • Provides unique BOPs for food businesses, addressing issues like food contamination and more
    • Positive financial rating

    Cons

    • Does not provide online quotes
    • Not all BOP plans may be available across all states
    • Website interface can be improved

    7.) State Farm

    State Farm's range of professional services includes BOP package policies for food businesses, such as food stores and food shops. They include typical protection for property, liability, and more. Their diverse team of experienced agents can help clients select the most appropriate business owners' policy insurance for their company.

    Pros

    • Offers a specialized insurance product for nonprofit organizations
    • Provides both commercial and personal insurance plans

    Cons

    • Agents are state-specific
    • Customer service may be inconsistent a

    Frequently Asked Questions

    What does a business owner policy cover?

    A business owner policy usually covers business interruption insurance, liability insurance, and may also include other coverages like vehicle coverage and crime insurance. Typically, a business owner can save costs by choosing a BOP bundle over individual plans.

    How much does a business owner's policy cost?

    On average, a business owner's policy costs around $99 per month or $1,191 per year. However, this amount can vary based on the amount of business insurance coverage a company is looking for along with other factors.

    Who is eligible for a business owner's policy?

    Usually, smaller businesses qualify for BOP insurance. This includes those that have fewer than 100 employees or a small office.

    Additional Resources

    US Chamber of Commerce - Business Insurance 101

    This resource provides additional information on the different types of insurance policies that a company should consider in order to avoid financial disaster. This covers aspects like general liability, BOP insurance, property damage insurance, bodily injury coverage, and more.

    Before investing in any insurance policy for your business, it's worth looking into nationwide availability, competitive pricing options, positive reviews, and customizable liability coverage options that can be adjusted to suit your needs.

    At Assured Standard, our team of experts can give you a range of recommendations for the best business insurance options that can cover all your bases. Finding an affordable yet comprehensive business owners policy can be a confusing process, so contact us today for more information on which small business insurer is best for you!

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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