Local entrepreneurs often call our office with a simple question: What type of commercial insurance policy do I need as I start my own business and how much will it cost? For many of our customers in this situation, we recommend a Business Owners Policy, know commonly as a BOP. The BOP is a commercial insurance product that provides both property and liability insurance in one packaged policy. While these policies can be customized to fit your business’s particular needs, they are broadly designed to cover the traditional business coverages including your business property, inventory, computers, loss of income, and liability in the event you are responsible for a 3rd party claim of property damage or bodily injury (including defense costs). From a budget perspective, a typical BOP Policy premium can start between $500 to $1,000 annually and is offered by most commercial insurance companies.