A package of property and liability insurance for small and medium size businesses. Refer Shopkeepers Policy. Also refer Office Umbrella Policy.
Insurance Encyclopedia
Business owner’s policy (Liability/Property Insurance)
A policy that provides liability and property coverage for small businesses.
Business Owners Policy (BOP)
A business owners policy combines property, commercial general liability, and business interruption coverage for small- to medium-sized businesses. The combination of coverage is generally less expensive than if individual policies were purchased.
Business partner (BP)
Owner that performs an activity on behalf of another owner of the business who is not part of the workforce.
Business personal property
A term relating to contents of a commercial enterprise. It may include furniture, fixtures, machinery and equipment as well as stock, all other chattels owned by the insured, and even use interest in building improvements and betterments.
Business plan
The plan sets out a firm’s objectives and shows in a systematic way how it will approach marketing, operations, finance, management and control. It also includes details of key personnel and covers strengths, weaknesses, threats and portunities. The FSA sees syndicate business plans as central to the ability of Lloyd’s to control and monitor the activities of managing agents. Consequently the FSA monitors the way in which Lloyd’s monitors syndicate business plans. Business plans are also required from intermediaries seeking FSA authorisiation. See LLOYD’S BUSINESS PLAN; FRANCHISE; FRANCHISE BOARD. most
Business process reform
An initiative to increase the speed and efficiency with which business is transacted at Lloyd’s and also to reduce of the cost of doing business at Lloyd’s. It includes the promotion of contract certainty.
Business property and liability insurance package (Property Insurance)
Insurance for business-owned property against damage or loss by fire or vandalism. Also covers bodily injury or damage to the property of others caused by representatives of the business.
Business pursuits
Activities that involve at least two elements continuity and a goal or expectation of monetary gain. Many personal lines policies exclude coverage for loss arising from business pursuits because the primary purpose of such forms is to insure against loss arising from personal activities.
Business relationships
Person or organization that assumes some of the responsibilities of another one. This phrase has been avoided in the final Health Insurance Portability and Accountability Act (HIPAA) rules so that a more specific meaning could be used for business associate.