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 ?
Certainly, this business has exposures that many insurance policies, including the small business-focused business owners' policy (BOP), simply don't anticipate.
According to the company, this enhancement also lets agents simultaneously quote multiple coverages - including the CNA Connect business owners' policy and Umbrella Liability - to provide clients with a comprehensive insurance cover.
Endorsements are added to packages and policies that these small businesses already buy, such as their business owners' policy (BOP) or commercial property policy.
Commercial Property, Business Owners' Policy, Workers' Compensation, D&O and EPLI were all up 1% in June.
A small life sciences company can buy a business owners' policy for less than $5,000.
Society Insurance Company provided coverage for the insured under a business owners' policy. The insurer argued that the complaint did not trigger a duty to defend because the claims did not arise out of an occurrence because the doormen's actions in refusing the men entry to the nightclub were not accidental.
One package purchased by small- and mid-sized businesses is the business owners' policy (BOP), which has been created for businesses that generally face the same kind and degree of risk.
The business owners' policy includes business interruption, equipment breakdown and employment practices liability and a package of industry-tailored protection covering computers and media, employee dishonesty and property of others in custody and transit.
The two components support all of Penn National Insurance's commercial lines: business owners' policy, commercial auto, commercial property, commercial umbrella, general liability and workers' compensation.
This is the $500 business owners' policy that quickly becomes a $5,000 all-lines account.
While Business Owners' Policy (BOP), Auto and Workers' Comp are at the core of small business coverage, changing exposures create additional needs, says Steve Tombarelli, vice president of the SIAA agency network, which offers members a "Business Insurance Advantage" program targeting small commercial lines business: "We work to provide education around increased limits of EPLI, Cyber Liability and other coverages like Business Interruption/Income, Umbrella, and Professional Liability."
Trying to fit cyber or privacy risk onto a traditional general liability policy, business owners' policy or property policy is like trying to fit a round peg into a square hole.

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