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THE TEXAS BUSINESS OWNERS POLICY IS OFTEN REFERRED TO AS THE SMALL BUSINESS INSURANCE POLICY OR BOP



SPECIFIC COMPONENTS OF THE BOP

  • BUSINESS PROPERTY-This Small Business Property normally consists of Office Equipment and Office Contents.  It also includes small amounts of tools, equipment and inventory.
  • PREMISES LIABILITY-Commonly referred to as “slip and fall” coverage, it is intended to cover accidents that occur on the premises leased by the insured.
  • GENERAL LIABILITY-This coverage is underwritten on very low exposure risks.  It covers the insured for Products Liability, Contractual Liability and Personal Advertising Liability.  Examples of businesses commonly targeted as prospects for this coverage are Flower Shops, Novelty Stores, Gift Shops etc.

UNDERWRITING REQUIREMENTS

  • BUSINESS OWNER-The named insured must be the business owner or the business entity.
  • LOSS HISTORY-The carrier will assess the loss history and the length of time in business as important criteria for policy approval.
  • EXPOSURE CONTROL-This element of underwriting is not considered as critical in most BOP evaluations as it would be in a standard General Liability policy approval.

NEEDS REQUIRING A TEXAS BUSINESS OWNERS POLICY

  • ADDITIONAL INSURED REQUEST-Landlords leasing to small businesses in offices and strip centers are major drivers for the purchase of BOPs.  This is because landlords wish to remove the first level of exposure when leasing space to a business that may not protect the landlord’s interest when the insured’s business is negligent in managing it’s premises.
  • ASSET EXPOSURE-The insured is exposed as well if injury occurs to clients and visitors at the insured’s place of business, greatly exposing the insured’s business assets.
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