What it does
BP 00 04 is the coverage form of ISO's Micro-Businessowners program, a separate, simplified BOP for very small businesses. Its 04 20 edition is the only edition in current forms lists. It is completed by class endorsements: BP 20 01 (Micro-Businessowners Retail) adds a stock limit and theft coverage, and BP 20 02 (Micro-Businessowners Service) adds theft coverage for service businesses' property.
Who needs it
Owner-operated shops, consultants, personal-service and similar very small accounts where a carrier offers the ISO Micro-BOP rather than the full BP 00 03 program.
Key provisions
- The program has its own exclusion endorsements: abuse or molestation (BP 21 01), employment-related practices (BP 21 02) and professional services (BP 21 03).
- Professional liability for the micro-business can be added by BP 22 02, which is claims-made and reported with defense inside the limit.
Quoting and selling notes
- Confirm which class endorsement (retail or service) attaches, the stock limit for retailers and the theft deductible shown in BP 20 01.
- Compare against a full BOP on BP 00 03 when the client needs endorsements that exist only in the main program (hired/non-owned auto, liquor, EPL, contract-driven additional insureds).
Related forms
BP 20 01, BP 20 02, BP 21 01, BP 21 02, BP 21 03, BP 22 02; full program form BP 00 03.
