How much is BOP insurance in Pennsylvania?

Q: What is the average cost of a business owner's policy?

The average BOP cost in the U.S. is $684 per year , or about $57 per month , according to data from small business insurance broker Insureon .

Average BOP insurance costs in Pennsylvania

The average insurance premium for a business owner's policy in Pennsylvania is $743 per year or around $62 per month. However, rates differ based on business type and industry.

Here are the average BOP insurance premiums for different businesses, according to Insureon.

Building design: $648
Cleaning services: $907
Construction: $1,173
Food and beverage: $1,770
Healthcare professionals: $841
IT/technology: $550
Landscaping: $1,130
Media and advertising: $670
Photo and video: $570
Professional services: $566
Retail: $1,136
Sports and fitness: $800

Average BOP insurance cost by insurance provider

Insurance companies charge different rates for BOP insurance. Here are the average annual BOP insurance premiums from several national insurance companies:

The Hartford: $1,019
Progressive: $1,351
Huckleberry: $864
Thimble: $725

Most commercial insurance companies require business owners to call an agent to get a BOP quote. You can also use a quote comparison site to get BOP quotes from multiple insurance carriers.

Some top regional BOP insurance companies in Pennsylvania

When shopping for BOP insurance, you’ll need to decide whether you want to work with a national carrier or a smaller, regional one. There are advantages and disadvantages to both. While bigger carriers often have lower premiums, they sometimes don’t have the close, personal touch that smaller companies may provide.

Here are some of the top regional BOP insurance companies that serve Pennsylvania business owners:

Erie Insurance
Penn National Insurance
Donegal Mutual Insurance
Selective Insurance

Expert InsightNo matter the price of a BOP, the cost will almost certainly be cheaper than buying general liability and commercial property coverage separately.

How to estimate BOP insurance costs in Pennsylvania

As mentioned earlier, BOP insurance premiums vary. Below are some of the factors that insurance companies take into account:

Business type: The industry you're in will impact the cost of BOP insurance. Some industries are considered high-risk, such as construction, and often have higher BOP premiums than lower-risk industries such as professional services.
Revenue: Small businesses with big annual revenue often pay more for BOP than companies with lower revenue, since businesses with high revenue often need policies with generous coverage limits to adequately protect their assets.
Property value: The value of your buildings and the content inside affects BOP insurance premiums. If you own the building your business operates in, for example, that houses expensive gear or inventory inside, you'll probably pay a high premium.
Employees: The more employees you have, the riskier your business is to insure and the more you can expect to pay for BOP.
Claims: If you filed any business insurance claims in the recent past, you’ll probably pay more for BOP insurance than a company that hasn't filed any claims.

How to compare carriers to get the best BOP insurance rates in Pennsylvania

When shopping for BOP insurance, here are a few important things you need to do:

Know what’s covered: Understand what your policy covers and what it doesn't. You might need to fill in gaps with additional insurance policies, such as commercial auto insurance or umbrella insurance.
Check out your insurer: Before choosing a BOP insurance company, check its financial strength rating. Credit rating agency AM Best is a good source. And read customer reviews -- what's the company's complaint history, how well does it deal with claims, how strong is its customer service?
Get more than one quote: Insurance experts recommend getting at least three quotes. For good reason. Different insurers will charge different businesses different BOP insurance rates.

Hop to lower BOP insurance costs in Pennsylvania

Here are some tips for reducing your BOP insurance premium in Pennsylvania:

Bundle: While BOP itself is an insurance package, many insurance companies will offer a discount when you bundle BOP with another policy, such as workers’ compensation insurance, or professional liability insurance.
Pay in full: Many insurers will give you a discount if you pay your annual premium upfront and in full.
Improve workplace safety: You can sometimes get a discount for installing a security system, fire alarm, sprinkler system or other safety system
Go with a higher deductible: If you choose a high deductible, you’ll get a lower monthly premium.

What our expert says

Q: What’s the advantage of a BOP for small business?

Andy Lea Chief insurance officer at Embroker, a digital insurance company.

"BOPs are specifically designed for small businesses to be simple and integrate many coverages into one policy – coverages that larger organizations would have to buy separately."

Frequently asked questions

What is BOP insurance and what does it cover?

A BOP is an insurance package that combines general liability insurance and commercial property insurance. General liability covers claims of bodily injury and property damage while commercial property covers damage to your location as well as your inventory, equipment and other property.

What is the average cost of a business owner's policy?

The average BOP cost in the U.S. is $684 per year, or about $57 per month, according to data from small business insurance broker Insureon.

How do I get a quote for BOP insurance?

You might be able to get BOP online, depending on the insurance company. Otherwise, you'll need to turn to an agent. When you apply, you will need to provide information about your business, like its business, address, number of employees and revenue and industry. Once you get a quote, you can make a purchase or comparison shop.