Many insurance companies have developed package policies for small business owners that combine property and liability coverage into what is commonly called a business owner's policy (BOP). The BOP allows you to obtain broad coverage with affordable premiums. The BOP is designed to meet the insurance needs of small offices, stores, apartment houses, and certain types of small services and processing businesses.

The key to whether a business owner is eligible for the BOP is the size of the premises, the limits of liability required, the type of commercial operation it is, and the extent of its off-premises servicing and processing activities.

The BOP includes property insurance for buildings and their contents. The package policy may also cover loss of business income and extra expense resulting from a fire or similar insured peril. The liability section of the BOP includes coverage for bodily injury or property damage that a business may be liable for.