Business Owner's Policy (BOP)
A type of insurance policy that combines several essential coverages for small businesses
Detailed Explanation
BOPs are often more cost-effective than purchasing each coverage separately and are designed for lower-risk businesses. They typically include property insurance, general liability insurance, and business interruption insurance.
Practical Example
A small retail store purchases a BOP that includes coverage for damage to their storefront, liability if a customer slips and falls, and lost income if they have to shut down temporarily as a result of a qualifying incident.
Frequently Asked Questions
Related Terms
Need Insurance Coverage?
Request quotes from top insurance providers and find the best coverage for your needs.
Get Free Quotes