Business Owner's Insurance Policy
A Business Owner's Policy (BOP) is a type of insurance that combines several different types of coverage into a single policy. It is typically used by small to medium-sized businesses to provide comprehensive protection against a variety of risks and exposures.
A typical BOP includes several types of coverage, such as:
- Property coverage: This covers the physical loss or damage to the business's property, such as buildings, equipment, and inventory.
- Liability coverage: This covers the legal liability of the business for harm or damage caused to others, such as injury or property damage.
- Business interruption coverage: This covers the loss of income and additional expenses incurred by the business because of a covered loss, such as a fire or natural disaster.
- Crime coverage: This covers losses resulting from criminal acts, such as theft or embezzlement.
In addition to these basic types of coverage, a BOP may also include additional endorsements or riders to provide more specific types of protection. For example, a BOP may include coverage for data breaches or cyber-attacks, or it may include coverage for employee dishonesty or theft.
While a BOP is designed to provide comprehensive coverage for a variety of risks and exposures, there are certain exclusions that are typically included in these policies. Some common exclusions include:
- War or terrorism: Many BOPs exclude coverage for losses resulting from war or terrorism.
- Floods and earthquakes: These natural disasters are often excluded from BOPs, although coverage can sometimes be purchased as an endorsement or rider.
- Professional liability: Many BOPs exclude coverage for professional liability, which is the legal liability of a business for errors or omissions in the performance of professional services.
- Pollution: Many BOPs exclude coverage for losses resulting from pollution or contamination.
- Intentional acts: Many BOPs exclude coverage for losses resulting from intentional acts by the insured or its employees.
It is important for businesses to carefully review their insurance needs and consider any exclusions that may apply to ensure that they have the appropriate level of protection. Talk to one of our knowledgeable insurance advisors about your business and we can help identify any gaps in the coverage offered by a business owner’s policy and provide recommendations to eliminate those gaps.
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Insurance companies often develop custom BOP packages which include additional optional policies for specific businesses that generally face the same type and level of risk. These additional coverages may include:
- Outdoor sign coverage
- Exterior grade floor glass coverage
- Employee dishonesty coverage
- Boiler and machinery coverage
- Builders Risk coverage
- Terrorism coverage
It is important to review package policies to ensure there are no gaps and purchase standalone policies to supplement coverage as necessary for your unique business needs.
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