Business auto policy (BAP)

{
  "id": "MLC-T-INS-000642",
  "term": "Business auto policy (BAP)",
  "field": "Insurance and risk management",
  "definition": "A standardized insurance contract that provides liability and physical damage coverage for vehicles owned, leased, hired, or borrowed by a business. It covers accidents involving company vehicles and protects the business from financial losses due to property damage or bodily injury to others. The BAP can be tailored with endorsements to meet specific business needs, such as coverage for employees using their own cars for business.",
  "abbreviation": "BAP",
  "subject": "Commercial Auto",
  "url": "https://mlchart.com/terminology/insurance/business-auto-policy-bap/"
}