Property and liability insurance are combined into a single insurance policy known as a business owner's policy (BOP). BOP insurance is frequently a smart option for small and medium-sized enterprises, including restaurants, wholesalers, and retail stores, as it helps cover claims of property damage or physical injury.
Property and liability insurance are combined into a single insurance policy known as a business owner’s policy (BOP). BOP insurance is frequently a smart option for small and medium-sized enterprises, including restaurants, wholesalers, and retail stores, as it helps cover claims of property damage or physical injury.
Liability: A BOP's applicable liability coverages are identical to those found in a general liability policy. This covers defense against legal responsibilities such as claims pertaining to products, property damage and injury to customers, and injury from advertisements.
Property: Commercial structures and business personal property—movable assets owned and utilized by the company—are covered by this coverage. As part of a covered loss, it can also cover additional expenses including pollution remediation, lost income, and debris removal. You should be aware of the coverage exclusions associated with a BOP policy, just like you would with most other policies. Policy endorsements may be offered to extend coverage if you require protection for something that isn't covered.
For instance, an earthquake’s damage is usually not covered by a BOP. If you reside in an earthquake-prone area, you may want to think about enhancing your policy’s coverage by adding an endorsement. When obtaining your quote, inquire about endorsement possibilities.
You own a small business such as:
Auto service & repair
Commercial building & property owners
Professional offices
Retail store & services
