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 ?
For example, consider the supposedly simple, "commoditized" businessowners' policy, fondly known as the BOP (it even sounds musical).
InsuranceNoodle's current line of commercial products includes property, general liability, package, businessowners' policy (BOP), directors' and officers' liability, commercial auto, umbrella liability, workers' compensation, employment practices liability (EPLI), professional liability and surety bonds.