Business Owners Policy Flashcards
How is the premium paid for the business owners policy?
As one indivisible premium.
A business owners policy is mostly similar to what other insurance form?
Homeowners
What is included in coverage territory in business owners policies?
U.S.A. and it’s territories and possessions, Puerto Rico, and Canada.
What coverages are provided by a business liability coverage form?
Business liability coverage covers;
Bodily injury, property damage, personal injury, advertising injury, and medical expenses.
A business owners policy is sold as a package. What does that mean?
Coverage includes both property and liability.
When can an insured cancel a business owners policy?
At any time by mailing a written notice of cancellation.
What type of policy is a business owners policy?
Prepackaged, stand-alone policy.
What are some of the types of businesses that are excluded from coverage under a business owners policy?
Auto sales and servicing, Large banks, Bars and grills, Places of amusement, Manufacturers
What businesses qualify for coverage under a business owners policy?
Small to medium size businesses.
The business owners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period?
1 year.
