General liability and property coverage bundled into one lower-cost policy, built for small and medium-sized businesses.
If you own a small or medium-sized business (SMB) in New York or New Jersey and are looking for insurance, you may be confused about the myriad policy options and regulations in your state. To keep things simple and cost-effective, you can get a Business Owners Policy (BOP), which is specifically designed for SMBs — companies with fewer than one hundred employees and less than five million dollars in revenue.
BOPs combine general liability insurance and property insurance into a single policy with a single premium that's typically lower than purchasing each type of insurance separately. If your business has additional or unique coverage needs, a Commercial Package Policy (CPP) might be a better fit.
Both types of policies are "package" deals, but a BOP automatically includes the basic coverages that most businesses need, whereas a CPP can be thought of as à la carte coverage that's customizable according to your industry or other circumstances. A software company, for example, would have different liability exposures than a bicycle repair shop.
If your business is located in New York or New Jersey, call us at 718-554-3425 for a free BOP insurance quote, or request a free quote online.
A business owner contacted NYC Business Group looking for property coverage for a new piece of equipment. During our review, we discovered the business already had a separate general liability policy. By quoting a Business Owner's Policy (BOP) that combined liability and business property coverage, we were able to provide both coverages for less than the cost of the client's existing liability-only policy — while also providing access to additional protections, including business income coverage.
“What began as a request for one additional type of insurance resulted in broader coverage at a lower overall cost.”Read the Case Study →
In general, a BOP includes only property and liability insurance. Other coverages may be added if needed or desired.
Liability Insurance
This protects your business against claims of property damage, bodily injury, or a lawsuit arising from an accident that caused bodily injury. It also protects your company from claims such as libel, slander, and false advertising, even if those claims have no merit. The policy covers defense costs, as well as any damages (up to the policy limits) that must be paid if your business doesn't win the lawsuit. You're also covered for medical expenses incurred by those injured — except employees — as a result of your business activities.
Property Insurance
A comprehensive property insurance policy covers not just your building and land, but also Business Personal Property (BPP) — almost any valuable, non-real property such as office furnishings, tools, appliances, equipment, and even artwork on the walls. BPP also includes mobile equipment (like a forklift) used on the premises but not on public roads. A BOP usually insures lost or damaged property for replacement cost rather than actual cash value, where depreciation would be subtracted. Our Commercial Property Insurance page covers the difference between these valuation methods in more detail.
Inland Marine
BPP coverage applies only to items on the business premises or within a designated radius of the building. If your business requires travel off-site, equipment or inventory you bring with you won't be covered unless you have an Inland Marine provision in your BOP or CPP.
Electronic Data Processing (EDP)
EDP refers to computers, software, data, and the media on which data is stored. This coverage generally has its own limit, separate from the Business Personal Property limit, and applies both on- and off-premises. Computers, laptops, tablets, and smartphones are usually covered worldwide up to the policy limit.
Targeted Cyber Attack
If your business is specifically targeted in a cyber attack, this coverage pays for direct damage and Business Income loss up to the policy limit.
Inflation Guard
Because replacement costs tend to rise with inflation, this endorsement automatically increases your Building and Business Personal Property coverage limits according to the annual rate of inflation in your area.
Business Income and Extra Expense
If your operations are suspended due to damage to your property, Business Income insurance pays for the actual loss of income you experienced — your net income plus continuing normal operating expenses, including payroll — for up to 12 months, with an option to extend to 24 months. Extra Expense insurance covers the necessary costs of restoring operations after a covered loss, generally at a $10,000 limit with the option to increase up to $1,000,000.
Extended Business Income
Business Income and Extra Expense help rebuild physical property, but they don't account for the time it takes to win back customers after a disruption. Extended Business Income coverage helps you get back to the level of business you'd have had if the loss never occurred, starting on the date your property is actually repaired and operations resume.
Employee Dishonesty
Every business owner who hires help is vulnerable to the risk of employee dishonesty — a Kessler International study found that a significant majority of employees admit to stealing from their employers at some point. Theft of money, securities, or property is covered under Employee Dishonesty insurance, usually at a limit with the option to increase up to $1,000,000.
It's not uncommon for SMBs to pay just a few hundred dollars per year for a BOP, but every business is unique, and your premium is calculated based on the coverages you need and your company's risk profile. Underwriters typically consider:
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(718) 554-3425Tell us what you need and we’ll help you explore your options.
Instead of one carrier's quote, we compare rates across our network — so you see the best available price without doing the legwork yourself.
Every business is different. We match your policy to what your business actually does, not a one-size-fits-all package.
20+ years serving Staten Island, Brooklyn, Manhattan, Queens, the Bronx, and Nassau — we know this market because we work in it every day.
"Carmelo DeFranco and the team at NYC Business Group have been my trusted advisors for Medicare for years. Their genuine care and guidance remind me of the support you'd get from a close family member."
"NYC Business Group has consistently provided my company with competitive insurance options. Their team is attentive and responsive whenever we have inquiries or need assistance."
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