What does Businessowners Policy mean? Read on to discover the definition & meaning of the term Businessowners Policy - to help you better understand the language used in insurance policies.
A package policy that provides 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. Both the American Association of Insurance Services (AAIS) and the Insurance Services Office, Inc. (ISO), offer BOP programs for use by their member insurers. Also, many insurers have their own BOP programs.
We hope the you have a better understanding of the meaning of Businessowners Policy.