Business Owners Policy
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Protect your company with a Business Owners Policy from biBerk.
Our sole mission is to give small business owners like you top-tier, yet cost-effective, insurance options. We sell our business owners policies (or BOPs) directly to you, online or over the phone. Your choice. Either way, you’ll be saving up to 20% on your business owners insurance quote compared to other companies. There’s no middleman or unnecessary fees, just a great business owners policy and an insurance company, backed by Berkshire Hathaway, here to make sure your small business is covered.
What is a Business Owner’s Policy (Property and Liability insurance)?
You might also hear people call a business owners policy property and liability insurance. This coverage is a simplified approach to commercial insurance for small businesses. So, what is BOP insurance? Well, by combining general liability insurance and commercial property insurance, along with other coverages, a business owners insurance policy could benefit you in several ways:
Your coverage is broader.
More potential insurance claims are protected by a single BOP insurance policy.
Managing your policy is a breeze.
Submitting claims is simpler because more concerns fall under this one BOP insurance policy.
You could save money.
Property and liability insurance purchased together usually cost less than the total cost of individual policies.
What does a BOP insurance policy cover?
General Liability Insurance typically covers:
Property insurance typically covers:
Can I customize my biBerk Business Owners Policy?
Yes. Your liability and property insurance policy can be customized by adding an endorsement. An endorsement can either enhance or modify the coverage, depending on your requirements. Don’t know what you need? Our licensed experts are available as a business owners policy coverage guide in order to help you figure out which of these endorsements is right for you:
Industry endorsements
Depending on the industry you’re in, there are specific needs that arise as part of conducting business. For example, a restaurant industry endorsement might cover food spoilage. A retail store endorsement might cover expenses from having to withdraw merchandise. A hotel or motel endorsement might increase coverage for outdoor fences and signs.
Risk-specific endorsements
Some businesses have inherent risks beyond what’s usually covered in a liability and property insurance policy. There are dozens of risk-specific endorsements that can add an extra layer of protection when needed, like cyber coverage (data compromise), garage keepers legal liability and more.
Increased coverage limits
If you want even greater security and protection, standard coverage limits on your business owners policy can often be increased.
Why biBerk for Property and Liability Insurance?
We’re the experts when it comes to property and liability insurance for small businesses. We have the financial strength and expertise to support and protect your company from the risks it faces.
Save time.
Get a quote entirely online or speak with one of our insurance experts right away for help getting a quote, buying a policy, or answering any questions you may have.
Save money.
We insure your small business directly, without a middleman or insurance broker, so we pass that savings on to you—up to 20% less than policies with other insurance companies.
Experienced.
We're part of Warren Buffett's Berkshire Hathaway Insurance Group with millions of satisfied customers, more than 75 years of insurance experience, and $52.2 billion in paid claims in 2023.
Common Business Owners Policy endorsements
Some of the most common business owners policy insurance endorsements include:
Cyber
Cyber liability add-on insurance protects your business if a data breach happens and someone steals private customer, employee, or client information. It can also provide coverage for regulatory action defense if a government agency requires you to appear in court.
Hired and non-owned auto liability
Hired and non-owned auto liability add-on coverage provides protection when you or an employee of your business is driving a rented, leased, hired, or borrowed vehicle for business purposes. A common example is an employee who makes deliveries using their own vehicle. Adding this endorsement to a general liability or business owners policy means you don’t need a separate commercial auto policy for this purpose.
Employment-related practices liability
This add-on protects your business in case of a claim or lawsuit related to inappropriate workplace behavior (e.g., wrongful termination, harassment, or discrimination).
Employee benefits liability
Employee benefits liability add-on insurance provides coverage in the event of errors or omissions in how you administer your employee benefits program. For example, it can protect you if you fail to add an employee to your medical insurance and the person is later denied coverage by the plan.
Contractors installation, tools & equipment
This add-on insurance covers your business's property, tools, equipment, etc. while at a job site, in transit, temporarily in storage, or during installation.
Liquor liability
Liquor liability add-on insurance covers liability your business may incur from the selling, serving, or furnishing of alcoholic beverages. For example, it can provide coverage if your business is found liable because you served a minor or someone visibly intoxicated who subsequently gets into an automobile accident. This add-on insurance can be helpful for any business that sells alcohol including restaurants, convenience stores, and liquor stores.
Equipment breakdown/boiler & machinery
This add-on insurance covers the breakdown of electrical systems, air conditioning and refrigeration systems, mechanical equipment, boilers and pressure vessels, and computers. It can pay for equipment repair or replacement, lost income while equipment is inoperable, costs related to the time and labor required to make repairs, and the cost of food spoilage.
Do I need a biBerk business owners policy for my small business?
Yes, there is a good chance you’ll need this coverage. While a BOP (property and liability insurance coverage) is not required by law, some client contracts or property leases might require you to have a general liability or property liability policy. In addition to the standard financial protections, a property and liability insurance policy from biBerk can help cover needs specific to your business.
Be confident in your Business Owners Policy coverage.
Say you own a construction business. One of your employees accidentally leaves the water running in a customer’s home, and it causes significant damage. Not only are you responsible for paying for the repairs, you also run the risk of being sued by the customer. Without the proper business owners policy coverage, your business could take a big financial hit.
What does BOP insurance from biBerk cost?
Our BOP policies start at about $500 per year, and most people pay less than $2,000.
Calculating your Business Owners Policy insurance premium
All of these factors are considered when calculating your business owners insurance policy premium:
You can get an instant BOP insurance quote online to learn what you'll pay
Get a Quote chevron_rightHow can I reduce my BOP insurance cost?
Liability and property insurance is very affordable. Even so, there are steps you can take to lower your business owners insurance quote costs, including:
Choose biBerk
By working with a direct supplier of liability and property insurance, you’re avoiding broker fees and other charges. Plus, our experts can help review your policies annually to ensure you have the right amount and type of BOP coverage.
Actively manage risks
Prevent slips and falls (the most common general liability claim) by instructing your employees to maintain a clean environment. You can also manage risks by ensuring your employees are up to date on any necessary training—like how to properly operate machinery, for example.
Save on billing fees
Pay your annual business owners policy premium in full, or sign up for automatic payments at the beginning of the policy.
Protect your property
If you want even greater security and protection, standard coverage limits often can be increased.
Who looks to biBerk for a Business Owners Policy?
People in many different roles and job titles turn to biBerk for a BOP.
First-time business owners
New business owners want to start with a strong foundation of financial protection. They like that our BOP provides essential coverage in one convenient policy. They also tell us they like the clarity and simplicity of the policy explanations on our website and from our friendly and knowledgeable licensed insurance experts. Plus, as busy as first-time business owners are, they value the various ways we save time for them, like the ability to get a quote or report a claim online. Once they’ve purchased their BOP and other policies, they feel ready to face the business risks in front of them.
Professional service providers
A BOP is essential for anyone who interacts with clients. While a professional liability policy covers client lawsuits stemming from services provided, something as simple as someone falling and suffering an injury at your office can lead to costly litigation around that incident, and the general liability portion of a BOP can protect you. Owners of professional service businesses also value the business interruption coverage in a BOP, as it can cover net income, payroll costs, and even temporary business relocation in the event of property damage.
Growth-focused entrepreneurs
These business professionals want solid financial protection today with the ability to scale as their companies grow. They know a BOP helps protect their operational continuity, keeping incidents from becoming business disruptions. And like all businesspeople, they appreciate efficiency in purchasing (and, if necessary, using) business insurance. Ultimately, they see a BOP from biBerk as a tool that supports their long-term business goals.
Business Owners Policy frequently asked questions (FAQs)
Our insurance experts are here to help if you need assistance or more information regarding a business owners policy coverage guide. However, below are some of the business owners policy questions we’re asked most frequently.
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What is liability insurance?
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The liability portion of a property and liability insurance policy can provide coverage for legal fees and settlements if your business is sued for a claim covered by the policy. It’s important to note that this policy covers general liability as compared to professional liability. A professional liability or errors & omissions (E&O) policy can protect you if someone claims your professional advice or service caused them financial harm.
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How do I know how much property coverage to purchase?
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If you own a building, we provide you with an estimate of the cost to rebuild the building in event of a loss. This is based on the size, type of building, and material and labor costs in your area so that you can feel confident about the amount of insurance you’re purchasing for your building. We also provide an estimate of the value of your other business property based on businesses similar to yours. If you have questions, you can always call us and a licensed insurance professional can guide you regarding your insurance amounts.
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What’s covered by a business owners policy?
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A business owners policy protects commercial buildings and their contents, and also can cover liability associated with things like customer injuries and damage to property that your business doesn’t own. In addition, it can serve as “business interruption insurance” that helps with costs if your operations are disrupted by property damage.
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What does liability insurance cost?
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biBerk’s policies start at $500 per year and most small businesses pay less than $2,000 per year. Your premium is calculated based on factors like your business activities, number of employees, and others. You can get an instant online quote to learn exactly what you’ll pay. All you have to do is provide some information about your business operations.
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How much liability insurance do I need?
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The amount of property and liability insurance needed varies. Our licensed insurance experts can help you determine the right coverage for your business. They’ll learn about your operations and provide a recommendation for coverage limits high enough to shield you from typical liability lawsuits.
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What is the minimum amount of liability insurance required?
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Coverage minimums depend on your business type, location, and other factors. We’re happy to provide guidance regarding your BOP coverage needs.
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What types of businesses need BOP coverage?
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Just about any kind of small business can benefit from BOP coverage. In particular, if your business owns or leases property, a BOP policy can be especially important, as it combines commercial property insurance and general liability insurance.
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How are a BOP policy and general liability insurance different?
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A BOP policy has both general liability and business property coverage. Not only does this provide broad protection for your business, having both coverages in one policy makes it easy to manage.
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Does biBerk offer business owners policies in my state?
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We provide BOP coverage in many states. Check out our coverage map for details.
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Can I buy and manage my BOP policy from biBerk online?
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Yes! We make it easy for you to get a quote, buy a policy, submit claims, and manage your policy on our website so that you can handle insurance-related tasks whenever and wherever it’s convenient for you.
Get a Business Owners Policy Quote today.
Find out how affordable a business owners policy can be. Get a BOP insurance quote now.