Business Owners Policy
A Business Owners Policy, or BOP, is the most popular type of insurance for small business owners. This is the insurance that protects your businesses property and liability. Not all BOP policies are created the same. Many offer additional coverage’s such as valuable papers coverage, money & securities coverage, business income loss coverage, employee dishonesty coverage and various other endorsements based upon the language of the policy and your specific needs.
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Business Owners Package policy, commonly called a “BOP” contains many of the insurance coverages needed by most small businesses. While these policies are not standard, there is great variation from insurance company to insurance company but there are certain common elements. The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.
Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss. BOP policies do not contain all of the coverages needed by a small business. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.