{"id":1512,"date":"2020-01-15T13:50:22","date_gmt":"2020-01-15T19:50:22","guid":{"rendered":"https:\/\/www.insuringky.com\/blog\/?p=1512"},"modified":"2020-06-08T16:33:26","modified_gmt":"2020-06-08T22:33:26","slug":"the-businessowners-policy","status":"publish","type":"post","link":"https:\/\/www.insuringky.com\/blog\/the-businessowners-policy\/","title":{"rendered":"The Businessowners Policy"},"content":{"rendered":"\n
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Do you shop with uninsured Merchants?<\/figcaption><\/figure><\/div>\n\n\n\n

If you own and\/or run a smaller business, your insurance needs may be properly handled by a business owners policy (BOP). A BOP is a single form that offers both property and liability protection. Retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) are eligible for BOP coverage. All such operations may be insured by a BOP as long as they do not exceed the square foot or annual sales limits established for the program. Cooking operations, due to the higher fire and other accident exposures, have significantly more restrictive guidelines.<\/p>\n\n\n\n

Property Coverage – <\/strong>BOPs protect buildings as well as the following:<\/p>\n\n\n\n

The policy’s protection for business personal property (such as\noffice equipment, copiers, desks, etc.) applies whether the property is located\ninside or immediately outside the covered buildings. The category also includes\nproperty you own, lease or control (i.e., borrow or control) as long as the\nproperty is used by the business.<\/p>\n\n\n\n

One item of importance, the BOP does NOT provide coverage for loss\nof use of damaged or destroyed property, nor for loss created by an actual or\nperceived loss in value of goods after a loss takes place.<\/p>\n\n\n\n

Liability Coverage – <\/strong>A BOP\u2019s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.<\/p>\n\n\n\n

Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.<\/p>\n\n\n\n

\n building additions\n (completed or being built)\n <\/td>\n indoor\n and outdoor fixtures\n <\/td>\n Clothes\n Dryers\n <\/td>\n machinery\n and equipment\n <\/td>\n landlord\n furnishings,\n <\/td><\/tr>
mowers, ladder, snowblowers, and similar maintenance property <\/td>\n outdoor\n furniture\n <\/td>\n floor\n coverings\n <\/td>\n Refrigerating\n appliances\n <\/td>\n ventilating\n appliances\n <\/td><\/tr>
\n Cooking\n appliances\n <\/td>\n Dishwashing\/Drying\n appliances\n <\/td>\n Clothes\n washers\n <\/td>\n materials,\n equipment, and supplies\n <\/td>\n temporary\n structures located near the insured premises\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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Need help find the coverage that’s right for you?<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Enhancing Coverage<\/strong> – A BOP may be supplemented to provide additional\nprotection. Property coverage options include adding insurance for accounts\nreceivable, valuable papers and records, earthquake, spoilage, etc. Liability\ncoverage can be expanded to handle additional business interests, limited\nvehicle liability, losses related to personnel situations, liquor liability and\ninjuries to leased employees.<\/p>\n\n\n\n

A BOP may be the answer to your company’s coverage needs and it may be worthwhile to get more information on the BOP from the nearest insurance professional.<\/p>\n\n\n\n

The BOP provides other coverage than the\nprotection mentioned in part 1. The following protection can be selected under\nthe BOP.<\/p>\n\n\n\n

Optional Coverages<\/strong><\/p>\n\n\n\n

Outdoor Signs\u2013<\/strong>Payment is available for\ndirect physical loss or damage to outdoor signs at the described premises.\nEligible signs may be owned by the named insured or owned by others but be in\nthe named insured\u2019s care, custody, or control.<\/p>\n\n\n\n

Money and Securities\u2013<\/strong>Coverage applies to loss\nof only the named insured’s money and securities used in its business while\nthat property is at banks or savings institutions, inside the named insured’s\nliving quarters, inside the living quarters of a partner or employee, at the\ndescribed premises or while in transit between the places referenced.<\/p>\n\n\n\n

Employee Dishonesty\u2013The\npolicy<\/strong>\npays for direct loss of business personal property and money and securities due\nto dishonest acts its employees commit, whether they act alone or collude with\nothers to do so.<\/p>\n\n\n\n

Equipment Breakdown\nProtection Coverage\u2013Coverage is available <\/strong>for loss or damage directly caused by or\nthat results from electrical failure or mechanical breakdown to covered\nproperty. Covered property is electrical, mechanical, or pressure machinery and\nequipment<\/strong><\/p>\n\n\n\n

Liability Coverage – <\/strong>A BOP\u2019s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.<\/p>\n\n\n\n

Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.<\/p>\n\n\n\n

Enhancing Coverage<\/strong> – A BOP may be supplemented to provide additional\nprotection. Property coverage options include adding insurance for accounts\nreceivable, valuable papers and records, earthquake, spoilage, etc. Liability\ncoverage can be expanded to handle additional business interests, limited\nvehicle liability, losses related to personnel situations, liquor liability and\ninjuries to leased employees.<\/p>\n\n\n\n

A BOP may be the answer to your company’s coverage needs and it\nmay be worthwhile to get more information on the BOP from the nearest insurance\nprofessional.<\/p>\n\n\n\n

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COPYRIGHT: Insurance Publishing Plus, Inc. 2017<\/p>\n\n\n\n

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you own and\/or run a smaller business, your insurance needs may be properly handled by a business owners policy (BOP). A BOP is a single form that offers both property and liability protection. Retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) are eligible for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,1],"tags":[3140,3139,3134,3144,2210,1908,1897,1906,3148,3149,3146,1930,27,1920,1924,1910,1916,1926,1919,493,1917,1915,1922,1914,1912,1913,1909,1921,1927,1911,1918,1923,1925,1907,1160,1905,1929,264,892,3143,3142,1931,3141,3145,3138,3136,3137,1928,3135,1932,1933,2212,1904,3147],"class_list":["post-1512","post","type-post","status-publish","format-standard","hentry","category-commercial-insurance","category-insurance","tag-bloomingdale-ga-small-business-insuance","tag-bloomington-ga-small-business-insurance","tag-business-owner-policy","tag-fisherville-ky-small-business-insurance","tag-ga-small-business-insurance","tag-georgia-bop","tag-georgia-business-insurance","tag-georgia-small-business-insurance","tag-hardeeville-sc-small-business-insurance","tag-hilton-head-sc-small-business-insurance","tag-hinesville-ga-small-business-insurance","tag-in-business-insurance","tag-insurance","tag-insurance-for-georgia-contractors","tag-insurance-for-georgia-restaurants","tag-insurance-for-georgia-retailers","tag-insurance-for-georgia-wholesalers","tag-insurance-for-indiana-restaurants","tag-insurance-for-kentucky-contractors","tag-insurance-for-kentucky-restaurants","tag-insurance-for-kentucky-wholesalers","tag-insurance-for-lexington-ky-retailers","tag-insurance-for-louisville-contractors","tag-insurance-for-louisville-retailers","tag-insurance-for-pooler","tag-insurance-for-pooler-ga-retailers","tag-insurance-for-retailers","tag-insurance-for-savannah-contractors","tag-insurance-for-savannah-restaurants","tag-insurance-for-savannah-retailers","tag-insurance-for-savannah-wholesalers","tag-insurance-for-south-carolina-contractors","tag-insurance-for-south-carolina-restaurants","tag-kentucky-bop","tag-kentucky-business-insurance","tag-kentucky-small-business-insurance","tag-ky-business-insuance","tag-ky-business-insurance","tag-ky-small-business-insurance","tag-lawrenceburg-ky-small-business-insurance","tag-lexington-ky-small-business-insuance","tag-louisville-ky-business-insurance","tag-louisville-ky-small-business-insuance","tag-mt-washington-ky-small-business-insurance","tag-pooler-ga-small-business-insurance","tag-richmond-hill-ga-small-business-insurance","tag-rincon-ga-small-business-insurance","tag-savannah-ga-business-insurance","tag-savannah-small-business-insurance","tag-sc-business-insuance","tag-sc-business-insurance","tag-sc-small-business-insurance","tag-small-business-insurance","tag-tybee-beach-ga-small-business-insurance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t