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Business Owner Policy
A Business Owner Policy is a specialized type of commercial insurance designed for small and medium-sized business.
Insurance companies that sell small business insurance often times offer packages that combine coverage from all major property and casualty risks (coverages can also be purchased separately). This package is generally referred to as a business owner’s policy (a.k.a BOP) and It is usually sold at a premium that is less than the total cost of the individual coverages.
Types of Coverage Included
Although coverage included in a BOP between among insurance providers and your type of business, most policies require businesses to meet certain eligibility criteria to qualify. A typical BOP policy includes:
Liability Coverage – the insurer would cover third party bodily injury or property damage claims as well as advertising injury or damages to premises you rent. This damage would have to be a result of things done in the normal course of business operations.
Property Insurance – The property insurance portion of a BOP is usually available as named-peril coverage, which provides coverage only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.). Open peril policies may be available for your business dependent on carrier.
Business Interruption Coverage – The carrier covers the loss of income resulting from a fire or other peril that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
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