Business Owner's Policy | Smart, Fast, Friendly Digital Insurance Expert

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Get a money-saving combo of the three most important coverages for a new or growing business:

General liability covers injuries and damages caused by your business, as well as advertising-related claims
Commercial property helps replace or repair damaged equipment, furnishings and inventory
Business interruption replaces lost income if you need to temporarily close due to covered property damage

You'll save money and get better coverage by packaging these in a BOP instead of buying them individually. And Mylo makes it even more affordable by comparing best quotes from top business insurance companies!

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Coverage #1: general liability

Every BOP provides general liability insurance – often required for business licenses, contracts with partners, leases and more. General liability covers third-party claims of bodily injury, property damage and personal and advertising injury.

A third party” is someone who isn’t an employee of your business, and “claims” refers to any demands for compensation – including both medical expenses and costly lawsuits.

Bodily injury: You own a convenience store, and a shopper has a serious injury after slipping on a spilled slushy drink.
Property damage: You’re a contractor and accidentally trash expensive artwork in your client’s home through a power tool mishap.
Advertising injury: You create a brilliant marketing slogan, and another company claims you stole it from them.

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Coverage #2: commercial property

A second important coverage included in a BOP is commercial property.

This critical coverage helps you replace your property after a loss, and its often overlooked by new business owners who only carry a minimum of general liability required by a contract.

Only commercial property can pay for damages from fire, storm, theft, vandalism and more to:

Your building: The physical space you own or rent, including permanently installed items and additional structures elsewhere on your property
Your Business Personal Property (BPP): Most of the things in your space - including furniture, supplies, inventory and unfinished products

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Coverage #3: Business Interuption

Finally, a BOP helps cover you for the loss of work time if you have property damage. As long as your commercial property insurance covers your type of damage, business interruption compensates you for the lost revenue if you have to temporarily close your operations.

Business Interruption covers you for your Actual Loss Sustained (ALS) – the amount of income you can show that you lost. Some policies also cover you for extra expenses like an inability to fulfill a contract on time.

If you own a beauty salon and fire hits, you’ll probably lose income while you find a new space, chairs and other equipment – and your clients go elsewhere.
Even if you run a software company and store everything you need on the Cloud, you may still have to rent a temporary office space.

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Business Owner Policy FAQs

Also, "BOP" is fun to say. We won't judge.

What coverages are included in a BOP?

Three of the most critical coverages for a new or growing business:

General liability covers injuries and damages caused by your business, as well as advertising-related claims
Commercial property helps replace or repair damaged equipment, furnishings and inventory
Business interruption replaces lost income if you need to temporarily close due to covered property damage

Can't I just buy the three types of coverage individually?

You can. But in most cases, you'll save money and get even better coverage by packaging them in a BOP.

When do I need business interruption coverage?

If your space is hit by a fire or other covered damages, you may lose income while you're finding a new location or replacing valuable equipment. Business interruption helps cover the revenue you've lost.

How is my property coverage improved with a BOP?

If you buy coverage outside of a BOP, you choose from 3 levels of coverage: Basic, Broad and Special. The first two only cover specific types of damages. Special is the most comprehensive, covering any kind of damage as long as it’s not specifically excluded. With a BOP, you're usually in the Special tier of coverage where any type of damage is covered unless excluded.

Can I package other coverages in a BOP?

Some BOPs allow you to save even more money by packaging other important coverages like cyber insurance. More than two thirds of small businesses have experienced a cyberattack – and these numbers are growing. Cyber insurance helps you cover the high costs of: