Almost every small business should look into a business owner's policy for basic coverage. But to qualify for a BOP, you have to meet certain criteria: The company should have 100 or fewer employees, and revenues should not be more than $1 million. For companies that exceed these two limits, purchasing insurance a la carte is probably the way to go, and Commercial General Liability insurance is a good place to start.

While it is one of the most common types of insurance for small businesses, some companies may find the coverage limits of BOPs to be too low, or may not like the lack of flexibility on options like coinsurance.

Keep in mind, however, that what the policy lacks in flexibility it usually makes up for in lower premiums.

If you're ready to build up your BOP, start by clicking here.