Business insurance for small businesses
Why do I need a business owner's policy?
If you own a small business, a business owner’s policy (BOP) protects you from liability claims and lawsuits; safeguards your buildings, equipment and inventory; and helps cover you financially if your business unexpectedly shuts down from a covered loss.
What is a business owner's policy (BOP insurance)?
A BOP, or a business owner's policy, brings together most of the insurance coverage a small business owner typically needs in one package.
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SPEAKER 1: What is a BOP?
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As a small business owner, you're probably a champion at multitasking.
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Taking care of customers. Making payroll. Growing your business.
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Office buildings grow from small to large.
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It's all on you, and you've got it covered. Think of a BOP as an insurance policy that works as hard as you do.
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A BOP or a Business Owners Policy brings together most of the insurance coverage a small business owner typically needs in one package.
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Making it much simpler to protect your business.
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Here's what a BOP typically includes.
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First, the nuts and bolts of your business, your property. If your inventory gets damaged in a fire or a thief targets the laptops in your office, Property Coverage can help you recover. A BOP provides business income protection in case your property is damaged or destroyed by a fire, water damage, or other covered loss and your revenue stream is impacted.
This can even apply to damage at your suppliers or the warehouses you depend on. And Extra Expense helps get your business up and running as quickly as possible after a covered loss.
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What else? Liability. There are key legal risks to consider. General Liability insurance can include Premises Liability for accidental injuries like slips, trips, and falls at your property.
A BOP helps protect you by paying for costs or damages if you're held responsible. It also covers legal defense costs if you're sued, and as your business is unique, so is your BOP. You can get additional coverage based on what your business needs.
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Running a small business continues to evolve with a more efficient, cost-effective BOP. It's less likely you'll miss out on an important coverage. After all, you've got a business to run.
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To get started with the Business Owners Policy and other business insurance solutions, contact a Traveler's independent agent or visit travelers.com.
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What does a business owner's policy cover?
A business owner’s policy (BOP policy) combines commercial general liability and property insurance to help protect your small business against a variety of claims.
The general liability portion of a BOP safeguards your business in the event someone makes a claim against you or your business. General liability insurance provides protection from liability lawsuits resulting from things like a customer slipping on a wet floor, a defective product causing damage to a client’s property, or claims that the products or services you provided caused injury. It can also help protect you from libel, slander and certain legal claims related to advertising.
Commercial property insurance often includes business income and extra expense (BIEE). The property portion of a BOP helps protect business property you own, lease or rent, including your buildings, equipment, furniture and inventory. It helps cover repair or replacement costs of stolen, damaged or destroyed property, including property that isn’t yours but was in your care. It can also cover loss of income and covered expenses like rent, payroll and other financial responsibilities while your property is being repaired or replaced after a fire or other covered loss.
Specialized coverage options
A Travelers BOP builds in many specialized coverages that can be tailored to the unique risks facing your business. Plus, it offers a wide variety of optional coverages that can offer additional protection.
Contractors’ equipment
Whether your equipment is used on job sites, such as an infrastructure project or stadium construction, or stored during nonuse, Travelers can help protect your owned, leased or borrowed equipment.
Hired and non-owned auto coverage
Protection that helps protect you, your business and employees when using rented, hired or personally owned non-owned vehicles for work purposes.
Cyber
We understand the complexity of cyber threats and have cyber liability insurance solutions to help protect your business assets.
Crime insurance
Protects against the theft of money and securities.
Who is a business owner's policy right for?
Travelers BOP is built to protect many types of small businesses.
Commercial real estate
Contractors
Garages
Manufacturers
Printers and publishers
Religious and cultural organizations
Restaurant and food service
Wholesalers and distributors
How can a business owner's policy help small businesses?
If you are a small business owner, a Travelers business owner’s policy offers valuable protection if you encounter scenarios like the following:
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A customer trips over a loose wire while visiting your business, falls and fractures their wrist. They sue you to cover their medical expenses.
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One of your contractors loses control of a piece of equipment, which damages the wall of a client’s home or accidentally breaks an item of value while performing their work.
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A pipe bursts and floods one of your workrooms, damaging business-critical equipment and some of your products.
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A fire destroys one of your buildings, leading you to temporarily shut down part of your business. Yet, despite being shut down, you still have to pay rent and your employees.
Small Retail Business - Insurance Coverage Scenarios
Explore ways to protect your small retail business when the unexpected happens. Check out all the ways Travelers Insurance can help protect your small business.
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