Starting a small business and trying to figure out just what type of insurance coverage you need? You may need a BOP.
I can hear you now, “Wait, what’s a BOP?” A BOP is a Businessowners Policy.
According to the IRMI Glossary, the holy grail of insurance definitions, BOPs are package policies that provide both property and liability coverage for eligible small businesses. BOPs are written on special coverage forms that are generally very similar to their monoline property and liability form counterparts, but they typically have some unique features that make them especially advantageous for businesses that qualify.
A BOP may or may not be right for you – the need is dependent on the specifics of your business or the risks you and your business may need protection from. The experts at ABD can help determine exactly what type of coverage you need for your business.
For more information check out our Entrepreneur’s Guide to Business Insurance or contact ABD today!
Source: IRMI Glossary