Like general property insurance coverage, the property portion of the BOP offers name perils or all-risk coverage. Some policies will even include other types of property-related insurance such as extra expense policies as part of the package. The liability portion of a BOP is structured quite similarly to a stand-alone Commercial General Liability (CGL) policy.
The primary difference: A BOP gives you much less flexibility in determining your coverage limits for particular claims. It’s important, however, to note that a BOP does not include professional liability insurance, which protects you from losses or expenses resulting from claims of errors or omissions or negligence in your business. Business interruption insurance is generally included in a BOP. Business interruption insurance covers lost income and expenses incurred when a company suffers disaster-related damage. Operating expenses that continue to roll in even if business is suspended, such as payroll, are also covered.
BOPs typically provide reimbursement for up to a year of lost revenue resulting from an insured property loss.
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Contact Duncan Financial Group in Irwin, Pennsylvania at 724-863-3420. Speak with one of our experienced advisors and learn how we can help you choose the best policy for your best interest.