BOP stands for Business Owners Policy. This is when an insurance company sells insurance to a business. There are many times businesses are damaged in some way. This can happen when a natural disaster strikes the building that houses the building or another type problem that damages the property of the business.
This insurance policy protects the business’s their property. There are certain things that Business Owners Policy do not cover and that includes automobile insurance related to the business, worker issues and benefits for the employees.
For any insurance policy, there is almost always a deductible that must be paid before the insurance company pays out money. In this case, the standard deductible for the BOP property coverage is $500.