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Fire insurance provides coverage against losses caused by fire and lightning. It is usually sold as part of a package policy such as commercial multiple peril.
Allied lines insurance includes property insurance that is usually bought in conjunction with a fire insurance policy. Allied lines includes coverage for wind and water damage and vandalism.
Smaller and mid-size companies often purchase a package policy known as the business owner´s policy or BOP. BOP coverage includes property insurance for buildings and contents owned by the company, and liability protection to cover a company´s legal responsibility for the harm it may cause to others. There are two different forms, standard and special, which provides more comprehensive coverage. A key option is business interruption insurance, a form of property insurance that covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. Business interruption can also include the extra expense of operating out of a temporary location. Costs due to business interruption can exceed the property damage that caused the business to shut down.
BOPs do not cover professional liability, auto insurance, workers compensation or health and disability insurance. Businesses need separate insurance policies to cover professional services, vehicles and their employees´ health/disability needs.
Most of America´s 11 million home-based businesses are vulnerable to significant financial losses because they do not have the proper business insurance coverage, according to a survey by the Independent Insurance Agents & Brokers of America. Several insurance companies have developed special package policies to address the special needs of home businesses. Home entrepreneurs have other options for coverage, including BOPs, or “incidental business endorsement”, a special form that attaches to an existing homeowners policy.
Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face. Commercial multiple peril policies, often purchased by corporations, bundle property, boiler and machinery, crime, and general liability coverage together.