Running a small business requires more than passion and strategy. It requires protection for your space, your tools, your inventory, and your livelihood. A Business Owner’s Policy (BOP) is one of the most efficient ways to secure comprehensive coverage in a single package. It simplifies protection, meets landlord requirements, and helps small businesses operate with confidence.
This guide explains how a BOP works, what it covers, who qualifies, and why it matters for businesses in New York City, Westchester County, and Fairfield County.
What Is a Business Owner’s Policy (BOP)?
A Business Owner’s Policy bundles several core coverages into one. Instead of managing three or more separate policies, a BOP streamlines protection with one contract, one premium, and one certificate of insurance (COI).
A standard BOP typically includes:
- General Liability Insurance – covers claims of bodily injury and property damage
- Commercial Property Insurance – protects your owned or leased building
- Business Personal Property Coverage – insures contents such as equipment, tools, furniture, or inventory
For many small businesses, a BOP is the foundation of smart risk management.
What Does a BOP Cover?
General Liability
Protects your business against lawsuits if someone is injured on your premises or if you damage someone else’s property. This is often the first coverage a landlord will require before handing over keys to a space in NYC or Westchester.
Commercial Property
Applies to your owned building or leased space. It covers risks such as fire, theft, and vandalism. If you lease space in Stamford or White Plains, this coverage ensures you can repair or replace your location if disaster strikes.
Business Personal Property
Protects what you use to operate your business. This may include:
- Computers and servers
- Furniture and fixtures
- Specialized tools
- Point-of-sale systems
- Inventory and merchandise
If a Bronxville boutique experiences a fire, the BOP covers inventory, fixtures, and point-of-sale equipment in one claim.
Optional Insurance Coverages for Small Businesses
While core coverages are standard, BOPs can be customized with endorsements. Common add-ons include:
- Business Interruption Insurance – covers lost income and expenses if your business must close temporarily due to a covered event.
- Cyber Liability Insurance – essential for any business handling client data, payment cards, or online sales.
- Equipment Breakdown – covers repair or replacement of mechanical or electrical equipment failures.
- Hired and Non-Owned Auto – extends liability coverage for vehicles not owned by the business but used for work.
- Employment Practices Liability (EPLI) – protects against claims of discrimination, wrongful termination, or harassment.
These additions make a BOP flexible for industries with evolving risks.
Who Qualifies for a Business Owner’s Policy?
BOPs are designed for small and mid-sized businesses with low to moderate liability exposure. Eligibility guidelines vary by insurer, but typical qualifications include:
- A physical business location
- Business personal property (tools, equipment, computers)
- Fewer than 100 employees
- Less than $5 million in annual revenue (varies by carrier)
Industries that often qualify:
- Retail shops
- Professional service firms
- Consultants with offices
- Medical and dental practices
- Creative agencies and studios
- Restaurants and cafés
Real-World Claims Examples
Retail Store in Bronxville:
A boutique carries inventory, fixtures, and a point-of-sale system. A customer slips inside the store, resulting in medical expenses. The BOP responds with liability coverage while also protecting the store’s contents against fire or theft.
Dental Office in White Plains:
A water leak damages exam chairs and X-ray equipment. The BOP covers the replacement costs of medical equipment and helps the practice continue operating.
Restaurant in Stamford:
A kitchen fire damages the interior and halts operations. The BOP covers property damage, inventory loss, and if added business interruption expenses to keep payroll and bills paid.
What’s the Benefit of a BOP?
Business Owner’s Policies provide:
- Simplicity – one policy to manage instead of several
- Cost Savings – bundled coverage is often more affordable than separate policies
- Custom Options – endorsements for cyber, crime, or off-site equipment
- Contract Readiness – easier to produce a single COI for landlords and vendors
For landlords across New York, Westchester, and Fairfield, BOPs check the boxes for required coverage in leases and contracts.
Landlord and Contract Requirements
In many commercial leases, especially in Manhattan and Westchester County, landlords demand:
- Proof of general liability coverage
- Evidence of property damage coverage
- Additional insured status on certificates
A BOP helps meet these requirements efficiently, ensuring you can open on schedule without back-and-forth paperwork.
Step-by-Step: How to Get a BOP
At Refine Risk, we guide business owners through the process:
- Review Lease or Contract Requirements – determine minimum coverages
- Evaluate Business Assets – inventory your equipment, furniture, and space
- Assess Risks – identify exposures from clients, employees, or operations
- Customize Policy – add endorsements as needed
- Issue Certificates – prepare documentation for landlords, lenders, or vendors
With the right preparation, many businesses can secure a BOP within 1–3 business days.
FAQs: Business Owner’s Policy in New York
Do I need a BOP if I work from home?
Yes, if you store equipment, inventory, or meet clients at your residence. Homeowner’s policies usually exclude business-related losses.
How much does a BOP cost in New York?
Pricing depends on industry, location, and size. Many small businesses start between $500 and $2,000 annually. Premiums increase with endorsements and risk exposure.
Is a BOP required by law in New York?
No, but many landlords and vendors make it a condition of leases and contracts.
Can I add cyber coverage to a BOP?
Yes, most insurers offer cyber liability as an endorsement.
Does a BOP include workers compensation?
No. Workers comp must be purchased separately if you have employees.
Can I get a certificate of insurance from a BOP?
Yes, and most landlords require this. A BOP simplifies documentation by bundling coverages.
How Refine Risk Helps Business Owners
We help small business owners across New York City, Westchester, and Fairfield:
- Bundle the right coverages into a BOP
- Choose limits that fit your space and industry
- Add endorsements for unique exposures
- Prepare COIs quickly for leases and contracts
A Business Owner’s Policy is one of the most efficient and cost-effective ways to protect your space, your assets, and your work. With Refine Risk, you gain a coverage partner who understands local requirements and designs policies with intention.
Contact Refine Risk today to schedule a consultation and secure your Business Owner’s Policy.