Business Owners Policy

Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the businessowners policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.

BOP’s include:

1. Property insurance for buildings and contents owned by the company – there are two different forms, standard and special, which provides more comprehensive coverage.

2. Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.

3. Liability protection, which covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.

BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.

two men shaking hands

RSS Insurance Journal

  • Iowa Beef Plant Fine After Coronavirus Outbreak: $957 September 25, 2020
    Iowa regulators have issued their first citation to a meatpacking plant with a large coronavirus outbreak that sickened its workforce — a $957 fine for a minor record-keeping violation. The outbreak at the Iowa Premium Beef Plant in Tama in …
  • Suit Filed in California Says Scooters Rented by Uber, Segway Don’t Have Turn Signals September 25, 2020
    A class action lawsuit has been filed against several scooter rental companies, including Uber and Segway, because the scooters don’t have turn signals and the makers don’t warn consumers about that danger. The suit was filed on Thursday on behalf …
  • Tiger King’s Carole Baskin Sued in Florida for Defamation by Former Assistant September 25, 2020
    Carole Baskin, who became a pop culture sensation due to Netflix’s docuseries “Tiger King,” is being sued for defamation by a former assistant. As part of the lawsuit, the daughters of Baskin’s former husband are seeking more information about what …
  • Hauser Pleads Guilty in College Admission Plot September 25, 2020
    A California businessman with ties to an Ohio-based insurance agency who is said to have steered “Full House” star Lori Loughlin and her fashion designer husband, Mossimo Giannulli, to the ringleader of the college admissions bribery scheme on Sept. 21 …