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 ?
In the beginning it will offer businessowners policies (BOP) that fulfill the general liability insurance and property insurance coverage requirements of small businesses.
This is often the case with businessowners policies and surplus lines policies.
Decision Research Corporation (DRC), announces its DecisionMaker Suite now supports businessowners Policies (BOP), providing policy administration support for this line of business.
Courts have generally found this exclusion to be unambiguous, excluding liability under businessowners policies when the insured is a tavern or bar.
In contrast, liability policies, crime policies, and employee dishonesty coverage in businessowners policies usually define their terms so as to clearly indicate that a series of acts or conditions may, under some circumstances, be considered a single occurrence for the purpose of applying limits of liability and deductibles.
Such businesses are generally insured under businessowners policies that often have a time limit (generally one year) for business income recovery, rather than a dollar limit of insurance, thereby making the worksheet unnecessary.