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Wednesday, November 13, 2019
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©2019 by the Self Storage Association (SSA). SSA and SSA Magazine are trademarks of the Self Storage Association, Inc. Opinions expressed by authors and other contributors do not necessarily reflect those of the SSA, publisher or editors, nor do they represent the policy or positions of the SSA. Information contained within articles should not be construed as the primary basis for legal or investment decisions.

11

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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