Businessowners Policy


Also found in: Dictionary, Thesaurus, Medical.

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 ?
The 2006 edition of the ISO businessowners policy maintained the same eligibility criteria as the 2002 edition.
The 2010 edition of the ISO businessowners policy has further expanded eligibility by raising total floor square footage from 25,000 to 35,000 and increasing annual gross sales from $3,000,000 to $6,000,000 per location.
Even though the damage to the property is insured on the businessowners policy, the lost-opportunity cost of not being able to use the premises would not be added to the amount paid.
The War or Terrorism Exclusion (BP 05 13) endorsement may be added to the businessowners policy to eliminate bodily injury, property damage, and personal and advertising injury arising out of terrorism.
In other words, collapse coverage applies only if caused by specified causes of loss as defined in the property definitions section of the businessowners policy.
Great Central, through an exclusive agreement with IWA, offers its specialized fabricare Businessowners Policy along with Commercial Automobile, Umbrella and a Safety Group Workers Compensation dividend program to association members.
That was really the need [during] Sandy, and it was a surprise to us because of the product we provide in our Spectrum Businessowners policy," said Sprague.
The possibility of this occurring may seem fairly remote since the businessowners policy coverage territory is limited to the United States, Puerto Rico, and Canada.
Topics examined in the Guide videos include general liability, businessowners policy, farm coverage and builder's risk, with more set to be released.
announces the release of the latest addition to its NexGen products offering--NexGen BOP--which supports the full policy lifecycle of ISO's Businessowners Policy (BOP) line of business.
The businessowners policy contains several limits that require the payment of a premium and several automatic increases in the limits of insurance that are provided in the policy at no additional premium.
Since the businessowners policy provides business income and extra expense coverage, an insured may not delay the resumption of business operations.