What is BOP (Business Owners Policy)?
Many insurance companies have bundled property and liability coverage into what’s commonly called a business owners policy (BOP). It allows you to obtain broad coverage with affordable premiums. Even if you have a BOP, you’ll want to consider adding coverages that might not otherwise be included. Property insurance can be tailored to fit your needs since no two businesses are the same. For example, a restaurant has different needs than a furniture store; a retail business with a lot of customer interaction and builders who are contractually obligated to, say erect an office building, may face a greater amount of liability than, say, a two-person accounting office. Therefore, liability above and beyond a BOP package should be considered.
Related Questions
- Most business owners carry a Business Office Policy (BOP) with Comprehensive General Liability (CGL) Coverage. Doesn that cover employment-related cases?
- My Business Owners Policy (BOP) has the Blanket Additional Endorsement G123127B. Do I need to contact my broker to add on additional insured?
- What does a Business Owners Policy (BOP) cover?
