Get Great Coverage in Minutes
All it takes is a few clicks.
Quote Today
How Much Does a Business Owner’s Policy (BOP) Cost?
The average annual cost our customers paid for a Business Owner’s Policy (BOP) was $1,019, or about $85 a month.1 Remember, the cost for BOP insurance will vary because every small business is unique and has different needs. The best way to find out your BOP insurance cost is to get a quote.
Key Takeaways
- The average cost of BOP insurance is $85 per month, or $1,019 per year.1
- Factors that can affect your BOP insurance costs may include: the state your business is in, your industry, chosen policy limits, deductible amount and/or your number of employees.
- You may be able to save on BOP insurance costs by raising your deductible, bundling policies, maintaining a good credit history and managing your risks.
How Much Does a Business Owner’s Policy Cost on Average?
The average cost our customers pay for a Business Owner’s Policy (BOP) is $85 a month, or about $1,019 annually.1 However, it's important not to compare your company's insurance rates to the average price because your coverage needs may be different. What you can expect to pay may be higher or lower than the average based on your business’ unique needs.
What Factors Affect the Business Owners’ Policy Cost?
Insurance companies consider many different factors when determining your price for a Business Owner’s Policy, including:
Industry and Risks
If your business is in an industry with higher risks, you can expect to pay more for business insurance. This is because your company is exposed to more risks, so you may need to have more liability or property coverage to help protect your business.
Property Value
The value of your business property can affect the cost of your BOP policy. Insurers consider all the property your company owns to determine your coverage limits to ensure you’re fully covered.
Business Location
Companies in populated areas may face a higher risk of crime or vandalism, which can increase insurance rates. In addition, if your business is in an area that experiences extreme weather, your insurance costs can be affected.
Coverage Needs
Some companies may need additional coverage. Bundling with other coverages, like commercial auto or professional liability insurance, may help save money on insurance costs.
Number of Employees
Many insurers consider including number of employees to determine your cost for insurance. You may also need to get workers’ compensation insurance. Typically, the larger your team, the higher your insurance cost will be.
Deductible
The deductible is the amount you’ll pay out of pocket before your insurance coverage is activated. Increasing your Business Owner’s Policy deductible may help lower your total insurance costs.
How Does My Industry Affect My Business Owners’ Policy Insurance Cost?
Insurance premiums will often vary between industries because each industry faces different risks. Although costs will vary, you can learn what certain industries pay on average for a Business Owner’s Policy (BOP) with The Hartford in the table below.
| Industry | Avg. Monthly Premium for a Business Owner’s Policy1 |
|---|---|
| Business Consulting | $86 |
| Accountants | $85 |
| Engineering | $107 |
| Retail Stores | $152 |
| Restaurants | $413 |
| Manufacturers | $115 |
| Photographers | $72 |
| Beauty Salons | $113 |
| Barbershops | $110 |
What Does BOP Insurance Cost in My State?
Insurance companies consider the state your business is located in when determining your cost for a Business Owner’s Policy. Depending on your location, insurance may cost more because you could be at a higher risk of property damage from issues like severe weather. In addition, some states have laws about required insurance coverages. Your state may require you to have commercial auto insurance or workers’ compensation insurance in addition to a Business Owner’s Policy.
How To Save on Business Owner’s Policy Costs
If you’re ready to get a Business Owner’s Policy (BOP), consider these ways to save money while getting the protection you need:
- Bundle your policies
- Pay your premium up front annually
- Raise your deductible
- Manage your risks
Common Questions About BOP Insurance Costs
The average cost our customers paid for a Business Owner’s Policy was $1,019 annually, or about $85 a month.1 Remember, small business insurance costs will vary because every business has different needs. The best way to find out what you’d pay for a Business Owner’s Policy is to get a quote.
Insurance companies use several different factors to determine your cost for business insurance. What you’ll pay for BOP insurance can depend on factors, like:
- The type of insurance you need
- Your claims loss history
- What industry you’re in
- The number of employees you have
- Your payroll
- Your location
Your Business Owner’s Policy (BOP) insurance premium is the cost you’ll pay for coverage. Insurance premiums typically can be paid in full at the start of your policy period or through monthly payments. In exchange for your premium payment, your insurance company agrees to help protect your small business against covered financial losses.
Get a Quote for Small Business Insurance
The best way to find out your Business Owner’s Policy (BOP) cost is to get a quote online. Or you can get a quote through your local insurance agency.
We’re an insurance company backed by more than 200 years of experience. Our specialists have the experience and knowledge to understand the unique risks your small business faces. Whether you have questions about business insurance or need help with a claim, we’ve got your back.
Last Updated: June 4, 2024
1 Premium amounts presented are based on monthly premium paid by The Hartford's Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.
Additional disclosures below.
What Is Business Owner’s Policy Insurance?
A Business Owner’s Policy (BOP) combines business property and business liability insurance into onebusiness insurance policy. BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters. Business owner’s insurance also helps cover claims that could arise from your business operations. These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury.
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature. The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation. Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. listed in theLegal Notice. The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, CT. For additional details, please read The Hartford’s Legal Notice. * Customer reviews are collected and tabulated by The Hartford and not representative of all customers.
