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 ?
A few weeks ago, we all read the news that Berkshire Hathaway has created their new type of business owner's policy. You probably also remember that our friends at Lemonade announced last year that they were interested in making policy language simpler using their Policy 2.0.
However, additional coverage normally provided with the business owner's policy include business-personal property temporarily off premises, property in transit, newly acquired buildings or business personal property, debris removal.
Take a business owner's policy, which we have on our automated underwriting platform.
Option #3: Choose a BOP or business owner's policy. It covers business equipment, loss of income, ongoing expenses and liability.
The business consists of the three primary lines of business underwritten by Foremost Insurance Group: business owner's policy for property, general liability and umbrella; commercial auto; and workers' compensation.
* Business Owner's Policy (BOP): 3.65%, down from 4.11% the month prior.
According to the company, qualified small businesses in Oklahoma will be able to get coverage recommendations and a rate quote, and purchase a business owner's policy in as little as five minutes, with immediate access to a certificate of insurance.
For Nuovo Pasta, an award-winning pasta company in Stratford, Conn., 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.
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.
* Business Owner's Policy (BOP): 4.02%, up from 3.86% the month prior.
The Hartford's Small Commercial segment offers the Spectrum business owner's policy, workers' compensation, and commercial auto and has more than one million policies in force.
Coverage options include Chubb Business Owner's Policy (BOP), umbrella, workers' compensation, commercial auto, management and professional liability, and cyber enterprise risk management.

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