What exactly is a business owner’s policy? It is an insurance instrument for small to medium-sized businesses. A Business Owners Policy often referred to as a "BOP" provides coverage for property, liability, and business interruption. The Insurance Shop USA can help steer you through all the events that come with obtaining coverage, understanding insurance, and all of the questions that go with incidents and accidents.
The BOP property covers products and operations, and the perils include fire, lightning, wind, hail, aircraft, riot/civil commotion, vehicle, explosion, smoke, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, and transportation.
The BOP Liability coverage includes bodily injury, property damage liability, personal injury liability and advertising injury liability. Business Interruption is the portion of the policy that protects the company from a fire or another incident that may have resulted in a loss of income or operation for the company. You can also customize BOP with additional endorsements also known as riders.
What types of Supplemental Coverages are Available?
- Accounts receivable
- Burglary and robbery
- Debris removal
- Employee dishonesty
- Interior glass
- Signage (outdoors)
- Tools and equipment
- Valuable records protection
What kind of things doesn’t a Business Owner’s Policy cover?
- Company-owned vehicles (auto accidents get covered under a General Liability policy)
- Damage to a client’s property stored or services on your property.
- Earthquakes or floods (natural disasters)
- Group health
- Life or disability insurance
- Specialized liability risks (e.g., professional liability, directors & officers, and malpractice)
- Workers’ compensation
What type of a business isn’t eligible for Business Owner’s Policy?
- Auto repair
- Banks and other financial institutions
- Camera shops
- Carnivals
- Large companies
- Service operations
Still fuzzy as to what is in a BOP or who is ineligible? You don’t have to know all the ins and outs of insurance in Idaho, but you do have to get help from a trusted agency and broker such as The Insurance Shop USA.
