Business Owners Policy (BOP)
A Business Owner’s Policy, commonly called a “BOP,” contains many of the insurance coverages needed by most small businesses. While these policies are not standard, there are certain commonalities. The basic BOP combines business property and general liability insurance in one policy. 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.
Consider a BOP if your business has a physical location, there is a possibility of you being sued, or you have capital that could be stolen or damaged.
- Property insurance for buildings and contents owned by the company.
- Business interruption insurance, which covers the loss of income resulting from a fire or other emergency that disrupts the operation of the business, as well as including the extra cost of operating out of a temporary location.
- Liability protection, which covers your company’s legal responsibility for the harm it may cause to others.
BOPs do not cover professional liability, auto insurance, worker’s compensation, or health and disability insurance.
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