Businessowners Policy

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Businessowners Policy

An insurance policy that provides coverage in case some event causes a business to relocate or temporarily close. It also provides coverage for damage to the property owned by the business. For example, if an office floods and becomes unusable, a businessowners policy will replace the profits the company would have made during the time the company was closed and also will pay to repair the damage from the flood.
References in periodicals archive ?
It's doubtful that anyone in the insurance business will question these findings, since small businessowners' policies (BOPs) don't get much attention.
Many insurers offer Businessowners' policies (BOPs), which are "uniquely designed to serve a small business owner," explains Mike DeHetre, vice president of underwriting and product development at Travelers.