What is BOP Full Form in Insurance?
The BOP full form in Insurance is the business owner’s policy. A business owner’s policy provides coverage for all major property and liability risks in a single insurance package. This form of policy combines the fundamental coverage required by a business owner into one package; nevertheless, it is typically sold at a lower price than the total cost of the separate coverage.
How does BOP protect a business?
The business owner policy will combine commercial property insurance and general liability to protect the business against lawsuits and damages. The BOP also offers financial support when an incident damages the building or the commercial property. The policy generally covers damages from fire, vandalism, theft, and some weather-relevant conditions.
Who will require a business owner’s policy?
Any small business owner who wishes to protect their investments should obtain a business owner’s policy coverage. Those with limited funds should also consider obtaining one, as they are typically less expensive than getting separate general liability and commercial property insurance policies. Insurance companies will offer BOP to a small business that operates in a low-risk industry, has fewer than 100 employees, does business primarily on-site, and has a relatively small commercial space.