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Business Owner Policies: Breaking Down a BOP

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Business Owner Policies: Breaking Down a BOP



A BOP, or business owner policy, is a package of insurance coverages that are commonly necessary for business owners. Many different types of businesses across multiple industries may benefit from insuring their investments with a BOP. These policies are convenient and typically easily customizable for small business owners when compared to other larger insurance plans.




A basic BOP consists of three main parts: property, general liability, and business interruption.


  1. Property

Property coverage provides protection for property owned, leased, or rented by a business including buildings, equipment, inventory, furniture, and fixtures as well as coverage for loss of accounts receivable and valuable papers and records. Most BOPs also cover business-owned items and items owned by a third party but kept temporarily in the care, custody, or control of the business or business owner.


  1. General Liability

General liability covers a business's legal responsibility for the harm it may cause to others (bodily injury or property damage) as a result of the company's negligence. This includes costs related to litigation and court judgments if a customer or other third party files suit against a business or its employees.


  1. Business Interruption

Business interruption coverage helps to replace a business's lost net income that it normally would have earned should an event cause a temporary shutdown of operations. This coverage can be a critical factor in the business's ability to recover from a catastrophic event and continue operations.



For self storage business owners, it is important to work with their insurance agent to identify a BOP that includes coverages suitable to address exposures and flexibility to customize the policy as needed to meet the individual operation's needs. It is also important to identify a BOP that offers specialty coverages designed specifically for self storage operations such as customer goods legal liability and sale and disposal liability.




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