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Q: What are the three forms of property insurance plans and how do they differ?



  • Basic form, which includes losses resulting from a fire, lightning, windstorm, hail and explosion, plus the cost of removing property to protect it from further damage.

  • Broad form, which includes basic plus extended coverage for other types of perils, such as a roof collapse (e.g. caused by snow or ice), riot and civil commotion, etc.

  • Special form, which includes basic and broad, and covers all direct physical losses except conditions specifically excluded as listed in the policy.

Q: As a small business owner do I really need property insurance?

A:  Yes!  Property insurance protects small business owners from losses a due to damage to physical space or equipment and as a result of theft. For insurance purposes, a business’ property includes the physical building in which it resides, as well as its other business personal property assets.

Q: What does BOP stand for?

A:  BOP is the acronym for a Business Owners Policy. A BOP combines both the general liability and business property insurance and can include business interruption, crime insurance, and host of other endorsements can also be added to the package.  It does not cover autos(except by endorsement), bars or banks.  They sre specifically designed to meet the insurance needs of small businesses like offices, stores or apartment houses.