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Business Owners Policy (BOP Insurance) in New Mexico, Utah, and Texas

Small businesses in New Mexico make up 99% of all the commercial activity in the state and employ around 55% of all the workforce. Small businesses in New Mexico are classified as all the companies that have fewer than 500 employees. These businesses need an insurance policy that offers maximum coverage at affordable premiums to safeguard the business operations and protect the rights and financial statures of all the stakeholders. 


There are several kinds of coverage plans that small businesses can apply for in order to protect their businesses, employees and clients from unforeseen events that can be financially draining for the company.


It is to be noted that in the State of New Mexico, all small businesses must have basic coverage plans to insure their commercial properties and vehicles, and it is mandatory for all business owners to have their employees insured through the workers compensation policy. 


Business Owners Policy Insurance Application

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Which Businesses Need a Business Owner’s Policy?


A business owner’s policy (BOP) is a bundle coverage plan that combines general liability insurance along with commercial property insurance. By purchasing the business owner’s policy in New Mexico for your small business, you can reduce the cost of premiums that you would have to pay separately for two coverage plans. 


All small businesses in New Mexico that operate from physical locations and have either rented or own commercial property can benefit from the business owner’s policy. This coverage plan protects the businesses from financial losses in case the commercial property gets damaged as a result of a fire, a burglary or acts of vandalism. However, it is to be noted that the business owner’s policy is offered to low-risk businesses that directly deal with the public and operate from a physical space.


Hence, small workshops or jewelry stores will not be eligible for this insurance coverage because, at the workshop, there is always a threat of some sort of damage from fire, heavy tools and machinery, etc. Whereas, at a jewelry store, the risk of burglaries increases two-fold. However, commercial properties like daycare centers can benefit from this bundle coverage plan because their business is low-risk. 

Eligibility & Benefits for Business Owner’s Policy (BOP)

In order for your business to qualify for this cost-saving, bundle insurance plan, your business must meet the following eligibility criteria:


  • Your business operations must be classified as low-risk
  • You must have fewer than 100 employees
  • The annual revenue for your business must be less than $1 million
  • Your business operations must be conducted from a small commercial space


The main advantage of applying for a business owner’s policy coverage for your small business is that you can reap the benefits of two different insurance plans at the price of one. Unlike standard commercial property insurance, the business owner’s policy (BOP) plan also covers the properties of home-based business owners and freelancers. 


  • Benefits for home-based businesses, freelancers and small businesses include:
  • Liability Protection
  • Advertising Injury Protection
  • Business Property Protection

Kaitlyn is an excellent insurance agent, very responsive and willing to go above and beyond when needed.

Dean Graves

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On average, business owner’s policy premiums cost around $53 per month, but if you would like to get a complete quotation for your business owner’s policy fill out this form!

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