A business owner’s policy or “BOP” is insurance coverage designed specifically for small or medium-sized businesses. Depending upon the insurance company, the size of business that qualifies for a business owner’s policy may be based on revenues or number of employees. A BOP combines several types of insurance coverage in a packaged format, and can be customized to suit a particular business. Generally, this type of policy includes both property and liability coverage.
Policies may also provide coverage to include:
- Property claims
- Breakdown of equipment
- Loss of income/business interruption
- Professional liability
- Copyright infringement
- Libel
- Products and completed operations
- Premises liability