Business Owners Policy (BOP)

If you own and/or run a smaller business, your insurance needs may be properly handled by a businessowner policy or BOP. BOPs are similar to a homeowners policy, offering both property and liability protection. Businesses such as retailers, wholesalers, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) are eligible for BOP coverage.  More restrictive guidelines typically apply to businesses that include cooking operations.

The policy's protection of business personal property applies whether the property is located inside or immediately outside the covered buildings. Business personal property (such as office equipment, copiers, desks, etc.) includes property you own, lease or control (i.e., borrow or control) as long as the property is used by the business.

Businessowners liability coverage provides comprehensive protection for claims or suits made by other parties. Its liability section 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.

A BOP may be supplemented to provide additional protection such as coverage 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.

Taggart Insurance is domiciled in Colorado. Our primary focus is on serving Colorado residents and Colorado businesses. Please contact us for information regarding out-of-state coverage.

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