Business Owner’s Policy (or BOP cover) is an insurance offer that combine all major property and liability risks in one package. All policies offered in BOP cover are available on a standalone basis but they are much cheaper when bundled together in a BOP cover. It is suitable for SMEs that faces low and standard risks, like restaurants, offices, retail and wholesale businesses.
What does it cover?
BOP cover will usually include the following:
- Property all risks insurance. See more by reading
- Business interruption
- Public liability
- Employer’s liability
- Money insurance
Specific risks like product liability or professional indemnity are usually not covered by BOP cover.
What is the maximum cover I should have
As it is a package, you can only cover up the limits offered by the plan. Look at what is most suitable for your business size and adjust each policy limits accordingly. Do not hesitate to contact our team is you would like further to advise on that matter.
How much does it cost?
Since all policies are bundled into one offer, the price is very attractive. However, not all profession/business risks are covered by BOP. It is it, then it is a good solution for covering the key risks of your business.
Is BOP cover compulsory?
The packaged insurance solution is not compulsory though some of the coverage within the package may be (like Employer’s liability in Hong Kong). Instead of buying the compulsory insurance on a standalone basis, it is usually cheaper to buy the whole package.