Understanding Business Insurance: What is BOP?

Understanding Business Insurance: What is BOP? from Setnor Byer Insurance & Risk

By: Setnor Byer Insurance & Risk  09/04/2014
Keywords: 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 6)Equipment Breakdown 7) Sale and Disposal Liability coverage for self storage facilities For the full article please visit: http://setnorbyer.com/riskbriefs/post/Understanding-Business-Insurance-What-is-BOP.aspx#post0

Keywords: Business Insurance, Business Owners Policy, Commercial Insurance

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