Insurance Glossary

Business Owners Policy

Business

Definition

A bundled insurance package (BOP) that combines commercial property insurance, general liability coverage, and business interruption insurance at a discounted rate for small to medium-sized businesses.

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Related Terms

Commercial General Liability
Insurance that protects businesses against claims of bodily injury, property damage, personal injury, and advertising injury that occur during normal business operations.
Commercial Property Insurance
Insurance that covers buildings, equipment, inventory, and other physical assets owned or used by a business against damage from fire, theft, vandalism, and other covered perils.
Business Interruption Insurance
Coverage that compensates a business for lost income during periods when operations are suspended due to covered perils such as fire, natural disaster, or other insured events.
Policy
The written contract between the insurer and insured that outlines the terms, conditions, coverage, and exclusions of the insurance agreement.
Umbrella Policy
Additional liability insurance that provides coverage beyond the limits of your standard policies.
Workers' Compensation Insurance
Required insurance that provides medical benefits and wage replacement to employees who are injured or become ill in the course of employment.
Professional Liability Insurance
Also known as Errors and Omissions (E&O) insurance, this coverage protects professionals against claims of negligence, mistakes, or failure to perform professional duties.
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