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Business Owner's Policy

Author: Morgan

May. 06, 2024

Business Owner's Policy

Why get a business owner’s policy?

Well, you can save money, for starters. A BOP can make everything a little easier to keep track of, and it can save you money because the coverages are bundled together.

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It’s also convenient to add additional coverages to a BOP for professional services, employees, and even vehicles. We’ll help you design a package to suit your needs.

Small Business Insurance Costs: 2024 Customer Prices

The first policy that most small business owners need – and also the least expensive one – is general liability insurance. In an analysis of 30,000 small businesses that purchased commercial insurance through Insureon, the average cost of a general liability policy is $42 per month or $500 per year.

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General liability coverage is often bundled with commercial property insurance at a discount in a package called business owner's policy (BOP). Many small business owners buy a BOP because it protects their bottom line from any damage or loss of their business property. The average cost of a business owner's policy is $57 per month or $684 annually.

The table below shows average monthly costs for common small business insurance policies. Our figures are sourced from the median cost of policies purchased by Insureon customers from leading insurance companies. The median offers a better estimate of what your business is likely to pay because it excludes outlier high and low premiums.

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