Author: Kimberlee | January 8, 2025
Edited by: Kimberlee and Reviewed: Kimberlee
Getting the right insurance policy for your small business can be overwhelming. What type of policy do you need, and what carrier should you go with? Getting a business owner’s policy (BOP) simplifies the process by offering multiple policies in one blended policy. You get general liability, commercial property, and often business interruption coverage in one convenient policy. We’ve compiled the best carriers for you to consider with this valuable policy.
Choosing the right BOP means getting the most coverage for the premium paid and gaining confidence that you are working with a company that will be there for you in a time of loss. The policy is cost-effective, meaning you pay less for a policy that replaces two to three policies than you would pay if you cobbled them together individually. The result is a policy simplifying your insurance management and providing comprehensive protection for every small business owner.
Take a look at our list of the best BOP providers.
Chubb has a dynamic BOP that services companies generating up to $30 million in revenues. This is a much higher cap than most BOP providers, making it a policy that will grow with your business over time. On top of that, Chubb offers many policy enhancements that include data breach and earthquake coverage in select states. Some providers require you to get a separate policy for these add-ons. Overall, Chubb has a reliable policy with a claims team that walks you through a claim when needed.
Hartford has been serving clients for more than 200 years, serving more than 1.5 million small businesses. The company has a good reputation for helping business owners get the right coverage and handle claims. Ethisphere has rated Hartford the World’s Most Ethical Company at least 14 times. Hartford allows business owners to customize their policies with options for data breaches and business income.
Progressive has been servicing small business clients for over 50 years, offering comprehensive coverage for your business. Policies include liability coverage and property coverage. You can bundle policies such as commercial auto and workers’ compensation with Progressive to conveniently keep all policies in one place and be eligible for a discount. Prices vary from policy to policy, but the median cost for customers is $63 per month.
Travelers has streamlined the quoting process for BOPs, taking out many screens with unnecessary questions. It has business discounts available so that business owners can save as much as 35% on the BOP. Rates are competitive, and small business owners can add coverages and locations in a matter of minutes. On top of liability and property coverage, business owners can add contractors’ equipment, non-owned auto coverage, and cyber security to the policy, customizing it for each business. The average cost of a BOP with Travelers is $57 per month, making it an affordable option.
Nationwide BOPs are designed for small businesses with fewer than 100 employees and less than $5 million in sales. They focus on businesses with property or equipment that needs to be protected. Their policies cover commercial property, general liability, business income, and equipment breakdown, making them comprehensive policies for most small businesses. It is a good policy for LLC businesses.
Hiscox designs policies with small and micro business owners in mind, with costs as low as $42 per month for a BOP. They make it easy for you to get an online quote or speak with an agent on the phone to answer questions. Hiscox only offers business insurance, so you will get a small business specialist every time you speak with someone. Policies start with general liability and property coverage but can be customized with endorsements for business interruption, electronic data loss, non-owned vehicle liability insurance, and terrorist acts.
When choosing a BOP for your business, you want to compare policies and coverage options. Some providers give you more for a lower premium, while others will offer more comprehensive coverage as endorsements. Ask the agent about exclusions and limits to the policy so you aren’t caught off-guard in a claim and can get the right policies in place. Take the time to look at customer reviews to ensure that you will get the service you deserve from the carrier.
It’s time to secure your business’s assets with a BOP that protects you against some of the most common losses. Complete our assessment to find out what carrier is the best option for your company, and get started today.
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