The business owner's policy (BOP) and the commercial package policy (CPP) are both bundled commercial insurance products — but they are designed for very different clients. Placing a client in the wrong product type can mean missing coverage or leaving money on the table.
A business owner's policy (BOP) is a pre-packaged commercial insurance product that combines:
• Commercial general liability • Commercial property (building and/or business personal property) • Business income
BOPs are designed for small businesses that fit within specific eligibility guidelines — typically smaller square footage, limited revenue, a limited list of acceptable business types, and no unusual hazards.
A commercial package policy (CPP) is a more flexible, customizable product. It starts with a common policy declarations and allows agents to add whatever lines of coverage the client needs — GL, property, crime, inland marine, equipment breakdown, and others — each with their own coverage forms.
CPPs are typically used for mid-size to larger accounts, accounts that don't qualify for a BOP, and accounts that need coverages not available in a standard BOP.
BOP eligibility varies by carrier, but typical BOP criteria include:
• Annual revenue under $5M to $10M • Building value under $5M to $10M • 100 or fewer employees • Operations that fit within the carrier's approved BOP class list (usually retail, offices, restaurants, light manufacturing)
Contractors, manufacturers with significant completed operations exposure, and businesses with unusual hazards typically don't qualify for a BOP.
A BOP is usually less expensive than placing each coverage separately through a CPP — because the carrier packages the risk and realizes efficiency in underwriting and administration. The trade-off is less flexibility. For small standard accounts, the BOP is almost always the right choice. For larger or more complex accounts, a CPP provides the customization needed.
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