### **Checklist: Information Needed to Apply for a Business Owner’s Policy (BOP)** A Business Owner
Business Operations
- Outline primary services or products offered.
- Include target market and customer demographics.
- Mention any unique selling propositions.
- Describe any relevant industry certifications or licenses.
- Provide total revenue for the last fiscal year.
- Estimate revenue projections for upcoming year.
- Include any seasonal fluctuations in revenue.
- Break down revenue sources if applicable.
- Specify typical operating days (e.g., Monday-Friday).
- Indicate opening and closing times.
- Note any extended hours during peak seasons.
- Mention any holidays or special hours.
- Provide total revenue for the last fiscal year.
- Estimate revenue projections for upcoming year.
- Include any seasonal fluctuations in revenue.
- Break down revenue sources if applicable.
- Specify typical operating days (e.g., Monday-Friday).
- Indicate opening and closing times.
- Note any extended hours during peak seasons.
- Mention any holidays or special hours.
- State the full address of the business location.
- Specify if the property is owned or leased.
- Include lease terms if applicable.
- Mention any additional locations if relevant.
- List total number of employees.
- Provide job titles and responsibilities.
- Identify management versus non-management roles.
- Include any part-time or seasonal workers.
- Specify the legal structure of the business.
- Include date of formation.
- Mention any partnerships involved.
- Explain any changes in structure over time.
- List all subcontractors engaged.
- Describe services provided by each vendor.
- Include any contractual agreements in place.
- Mention vendor reliability and history.
Property Information
- List all equipment used in operations.
- Include details of inventory on hand.
- Describe furniture and fixtures in the business.
- Provide age and condition of major assets.
- Specify any unique or specialized assets.
- Estimate the current market value of assets.
- Include purchase prices for each item.
- Consider depreciation for older assets.
- Document any appraisals or valuations.
- Summarize total value in a clear format.
- Provide copies of lease agreements for rented spaces.
- Include mortgage documents if applicable.
- Specify ownership structure (e.g., sole proprietorship, LLC).
- List any liens or encumbrances on property.
- Document any agreements with property owners.
Liability Information
- List all services provided by the business.
- Include details on products sold, if applicable.
- Specify any unique features of the services.
- Mention target market and customer demographics.
- Identify common risks in your industry.
- Consider environmental, operational, and legal risks.
- Assess risks related to employees and clients.
- Include any potential hazards specific to your location.
- Document any previous claims filed.
- Include details of lawsuits and outcomes.
- Provide dates and amounts involved in claims.
- Mention any adjustments made to operations post-claims.
- List all existing liability insurance policies.
- Include coverage limits and deductibles.
- Specify any endorsements or additional coverage.
- Indicate the insurance provider and policy period.
Coverage Needs
- Assess total value of business property.
- Determine potential liability exposure based on industry.
- Consult with a financial advisor for appropriate limits.
- Review historical claims data for reference.
- Consider future growth and expansion in coverage limits.
- Identify critical operations that may require interruption coverage.
- Evaluate equipment age and replacement costs for breakdown coverage.
- Research industry-specific risks that may need additional coverages.
- Consult with insurance agents for customizable options.
- Review business continuity plans to assess coverage needs.
- List unique business risks that may require endorsements.
- Consider geographic risks (e.g., floods, earthquakes) for riders.
- Evaluate any existing policies for necessary updates.
- Consult with legal advisors for compliance-related endorsements.
- Discuss with insurer about potential endorsements that fit business.
Insurance History
- List all previous insurers.
- Provide policy numbers and coverage types.
- Include start and end dates for each policy.
- Note any gaps in coverage.
- Summarize overall experience with previous insurers.
- Gather details of all claims made.
- Include dates of each claim.
- Describe the nature of each claim.
- Note the outcomes and amounts paid.
- Summarize frequency and severity of claims.
- Clarify motivations for seeking new coverage.
- Identify any changes in business operations.
- Consider cost differences or coverage enhancements.
- Assess changes in risk factors.
- Explain any dissatisfaction with previous policies.
Use in Manifestly