What is Businessowners Policy (BOP)?
A businessowners policy (BOP), combines various insurance coverages – such as commercial property insurance, general liability and business income – into one convenient policy.
A basic businessowners policy typically includes three or four key coverages:
- Commercial property insurance, which protects your building, equipment and inventory.
- General liability insurance, which helps cover any medical expenses and bodily injury/property damages you and your employees are legally responsible for.
- Business income, which helps you pay bills and employees if your business has to temporarily close.
- Crime insurance, which helps protect your business from fraud, theft and forgery.
Additional BOP coverage options include:
Accounts receivable, which protects against losses from unpaid invoices.
Cyber liability, which covers attacks and damages to computer systems or electronic data.
Equipment breakdown, which covers your equipment, including computers.
Personal and advertising injury, which covers copyright infringement, libel and slander.
Rented vehicles, which provides liability coverage for vehicles you lease, hire or borrow.
Employment Practices Liability, which covers liability of wrongful acts arising from the employment process.