Rather than purchasing separate policies for property and liability coverage, many small businesses opt to lump them together in what's known as a Business Owner's Package policy (or BOP). For eligible small and medium-sized businesses, a BOP is a comprehensive package that can be a potential bargain source of insurance. Almost every small business should look into a business owner's policy for basic coverage.

Like general property insurance coverage, the property portion of the BOP offers named perils or all risk coverage. Many BOP’s include other types of property-related insurance such as Business Income and Extra Expense coverage as part of the package. The liability portion of a basic BOP is structured quite similarly to a stand-alone Commercial General Liability (CGL) policy. However, many carriers offer a variety of additional liability endorsements such as Hired & Non-Owned Auto liability or even Umbrella liability to suit your needs.

To further sweeten the deal, most carriers offer a multi-line discount to customers who combine a BOP with additional policies such as Workers Compensation or Commercial Auto Insurance. For those small and medium sized businesses that qualify, a BOP is a great way of acquiring a bundle of insurance – and savings.