1. Business Owners Policy -Designed for small business owners

2. What is it? • BOP is a packaged policy designed for small and mid-sized businesses.  • Having a BOP will protect you from having to pay out of your pockets from property damage to loss of business content. • BOP combines general liability insurance, commercial property insurance, and business interruption insurance.

3. Types of Policy- Coverage Options  • Named perils: The perils explicitly mentioned in the insurance policy like fire, and lighting are named perils.​ • Open perils: The perils that cover all the physical losses and damages unless specifically excluded are known as open perils. ​

4. Limits for Policies in BOP • General liability insurance limit is separated into “per-occurrence- each individual loss throughout the year” and “per year- combined loss during the policy year” limit. • The commercial property insurance limit is determined by the value of the property that your business owns and wants to secure. • Business income insurance limit is determined by adding the net profit and any fixed expenses over the amount of time your business would reopen after an accident.

5. What does a business owners policy cover? • Property Damage • Bodily injury (Third party) • Lost income • Libel and slander • Theft and vandalism

6. Policies You Might Want to Consider for Your Business • Workers compensation insurance​ • Professional liability insurance​ • Commercial auto insurance​ • Employment practices liability insurance​ • Inland marine insurance​ • Commercial umbrella insurance​ • Event insurance​ • Cyber liability insurance

7. Common Endorsements to Business Owners Policy • Computer equipment • Account Receivable • Hired/non-owned auto • Medical and dental office endorsement • Increased fine arts coverage • Earthquake protection

8. Common Exclusions from Business Owners Policy • Specific claims that arise from the services you provide • Damage to the client because of the advice you provide • Professional errors • Employee injury • Employee discrimination lawsuits  • Bodily injury to employees • Vehicles used for business • Failure to protect sensitive information • Crime coverage • Any loss due to earthquake • Disability insurance

9. Factors that Determine the Cost of Business Owners Policy • Coverage limit • Claims history • Industry • Size of business • Value and type of property • Business location • Replacement cost VS actual cash value