Property Coverage - BOPs protect buildings as well as the following:
- building additions (completed or being built)
- indoor and outdoor fixtures
- Clothes Dryers
- machinery and equipment
- landlord furnishings, mowers, ladder, snow blowers, and similar maintenance property
- outdoor furniture
- floor coverings
- Refrigerating appliances
- ventilating appliances
- Cooking appliances
- Dishwashing/Drying appliances
- Clothes washers
- materials, equipment, and supplies
- temporary structures located near the insured premises
The policy's protection for business personal property (such as office equipment, copiers, desks, etc.) applies whether the property is located inside or immediately outside the covered buildings. The category also includes property you own, lease or control (i.e., borrow or control) as long as the property is used by the business.
Liability Coverage - A BOP’s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation's products or services.
Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.
Enhancing Coverage - A BOP may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. Liability coverage can be expanded to handle additional business interests, limited vehicle liability, losses related to personnel situations, liquor liability and injuries to leased employees.
A BOP may be the answer to your company's coverage needs and it may be worthwhile to get more information on the BOP from one of our insurance professionals.