Understanding Business Insurance: What is BOP?
Setnor Byer Insurance & Risk
Business Insurance, Commercial Insurance, Business Owners Policy
Many businesses take a piecemeal approach to buying insurance. One policy for property insurance, another for liability insurance, and so on. Unfortunately, this approach can be difficult and time consuming, particularly for small- and medium-sized businesses. For these businesses, a Business Owners Policy, a BOP, may be an attractive alternative.
A BOP is a pre-packaged bundle of coverages that insurance companies offer to eligible small- and medium-sized businesses. BOPs are designed to provide a number of essential insurance coverages in a convenient and cost effective manner. BOPs typically provide:
1) property insurance to cover damage to buildings and contents;
2) business income (business interruption) insurance to cover the loss of income resulting from a covered loss that disrupts business operations; and
3) liability insurance to protect against liability claims for bodily injury and property damage occurring on a business’s premises or arising out of its operations.
Depending on the insurance company, additional coverages may be included in a BOP, or added for an additional premium, such as:
1) Cyber Liability
2) Employment Practices Liability
3) Valuable Papers and Records
4) Personal and Advertising Liability
5) Liquor Liability
7) Sale and Disposal Liability coverage for self storage facilities
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, Business Owners Policy
, Commercial Insurance