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Insurance companies and their professional agents often combine coverage from a number of policies into a package sold as a single contract. One of these is the BOP, an acronym for Business Owners Policy. This policy is used primarily for covering small to medium sized businesses.
A Business Owners Policy is a single insurance policy for businesses that is used to cover property and liability from risks. One of the additional risks covered by the BOP include business interruption insurance that covers the income loss in the event of a disaster. Business Owners Insurance Policies typically incorporate dozens more additional coverages in order to offer small to medium businesses the best insurance value and protection.
The basic BOP however does not cover all the risks that can be incurred by a business owner. This means that you will need additional coverage in the event of other risks. Some of these risks may include extra expenses and risks associated with the use of electronic commerce as well as the loss of income in the event of a hacker or malware attack. Data loss recovery expenses also have to be covered in the additional coverage.
BOP is not an insurance policy for all manner of businesses. factors include the size of your business, the type of business that you have as well as operating territory.