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 ?
having a Business Owner's Policy with a Business Income Extension for Off-Premises Utility Services from The Hartford in place meant a bump in the road rather than a catastrophe when Storm Sandy hit in October 2012.
Option #3: Choose a BOP or business owner's policy.
Business Owner's Policy (BOP) lines experienced the highest renewal rates among property and casualty insurance products in April, according to the new, monthly, premium renewal rate report produced by IVANS, a division of Applied Systems.
The Hartford announces improvements to its online quoting and new business system for agents, New ICON, for its Spectrum business owner's policy.

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