Rather than purchasing separate property and liability coverage, many small businesses opt to lump them together in what's known as a Business Owner's Package policy (or BOP). For eligible small and medium-sized businesses, a BOP is a comprehensive package that can be a potential bargain source of insurance.

Since you can't predict when you might be hit with a natural disaster or a lawsuit, purchasing a BOP is a good way to get basic coverage when you're starting your business. No matter how remote these risks may seem, just one hurricane or one personal-injury claim can make all the difference.