The Business Owners Package (BOP) strategy provides many of the insurance coverages essential for most small businesses. While these policies are not standardized and can vary significantly from one insurance company to another, they typically share some common elements. The standard BOP includes business property insurance, covering both the physical structure and contents, as well as liability insurance protection for the operation of your business. This liability coverage usually extends to both your business operations at its established location and any liabilities arising from your products or completed operations.

However, it's important to note that not all BOP policies are the same. Some may offer business income and extra expense protection following a covered loss, but this is not universal. Additionally, BOP policies do not encompass all the coverages a small business might need. Specifically, they typically exclude workers' compensation, professional liability, and business vehicle coverage, which must be secured separately.