Business Owner Policy

A Business Owner’s Policy (BOP) is a convenient insurance solution that combines essential coverages into one package, specifically designed for small and medium-sized businesses. It includes property insurance, liability insurance, and business interruption coverage, offering protection against common risks that could impact your operations. At Smitherman & Associates, we help Illinois business owners secure the coverage they need to protect their assets, employees, and overall business operations.

What Is a Business Owner’s Policy?

A Business Owner’s Policy is a comprehensive insurance solution that bundles property and liability coverage into a single policy. It is designed for businesses that need protection against risks such as property damage, lawsuits, and loss of income due to covered events. By combining these coverages, a BOP simplifies the process of managing your insurance while ensuring your business is protected from common risks.

Key Coverages Included in a BOP

• Property Insurance: Covers physical assets such as your building, equipment, and inventory against damage or loss caused by events like fire, theft, or vandalism.
• Liability Insurance: Protects your business from claims related to injuries, property damage, or advertising errors caused by your operations.
• Business Interruption Insurance: Provides financial assistance if your business operations are disrupted due to a covered event, helping you recover lost income and cover ongoing expenses.

Answers to Common BOP Questions

Who needs a Business Owner’s Policy? A BOP is ideal for small and medium-sized businesses in Illinois that have physical assets, interact with customers, or face potential liability risks. Our team can help you determine if a BOP is the right choice for your business.

Can I customize my BOP coverage? While a BOP includes standard coverages, additional options such as cyber liability or professional liability insurance can be added to address specific risks. Contact us to learn more about customizing your policy.

How do I get started? To learn more about Business Owner’s Policy insurance or to request a quote, visit our Contact Us page. Our team at Smitherman & Associates is ready to assist Illinois business owners with finding the right coverage for their needs.