For owners of small to mid-size businesses, selecting the right coverage under business owner policies can be an effective way to simplify and save on essential insurance needs.

Business owner policies, sometimes referred to as BOP, offer combined business insurance coverage without the need for multiple policies. Under BOP, property coverage, lost income coverage and business liability are combined into one customized policy.

Business owner policies can be customized according to industry, and often cost less than having individual policies.

“Business owner policies or commercial plans protect your livelihood and are essential for business owners,” said Lisa Whitus, personal and commercial lines underwriting manager for Virginia Farm Bureau Mutual Insurance Co. “The coverage business owner policies provide is important to have in place when you rely on your business for your income as well as the income of your employees.”

VFBMIC revamped its business owner policies in January 2019 to replace 25-year-old products. Whitus said the new policies provide a more robust, highly customizable experience for business owners shopping for coverage.

The new products can provide coverage for businesses including hospitality, community nonprofits, corner markets, personal services, retail stores and specialty contracting services. They also offer discounts for multiple policies, claims-free businesses and loyal customers.

“BOP provides extensive coverage for today’s business needs,” Whitus said. “It’s really a comprehensive and flexible product.”

For those conducting business from their homes, business owner policies are equally important. Unendorsed homeowner policies will not automatically protect business property in the home or against business liability. Similarly, unendorsed auto policies will not cover vehicles used for business purposes.

Amid growing concerns stemming from the coronavirus, business owners can opt for additional coverages under BOP. Cyber liability coverage protects those conducting business over the internet, and employment practices liability coverage can help protect businesses from employment-related lawsuits.

“Don’t think that because you operate your business in your home, that you’re adequately covered by your homeowner policy. You’re not,” Whitus said. “You need a business policy, plain and simple.”

To discuss the insurance needs of your business, contact a Farm Bureau insurance agent today, or visit vafb.com/business-insurance for a list of BOP coverage options.