Business insurance (also referred to as commercial insurance) provides your company with protection from potential financial loss in terms of liabilities claims, property damage claims and lost income. These policies offer you peace of mind against financial hardship in case something happens that threatens their finances or their stability.
Commonly, business owner’s policies provide coverage for property, general liability and business interruption in an all-in-one package. But some companies require more granular protection; that is why we offer various options to tailor coverage precisely.
Business Owner’s Policy (BOP)
Business owner’s policies (BOPs) offer an easy and cost-effective way of consolidating property and liability coverage into one policy package, making them suitable for low-risk businesses such as retail stores, barber shops, beauty parlors and fitness centers. BOPs can also be tailored specifically for each of these industries by adding endorsements or additional coverages as needed.
BOP packages may be less costly than purchasing two separate policies, while providing the convenience of dealing with one adjuster or agent when filing claims – something which can expedite approval processes and payout of payouts more quickly.
As well as protecting property and business interruption, BOPs usually include general liability coverage to defend your company against claims from third-parties of bodily injury or damage to property arising from operations conducted by your company. For instance, should one of your customers slip and fall on uneven flooring in your business, general liability may help cover their medical costs as well as legal fees resulting from such an accident.
Though BOPs may make your coverage process simpler, they don’t cover essential safeguards like worker’s comp and commercial auto coverage – which could be essential for protecting specific industry risks. Instead, for greater flexibility you could opt for purchasing a commercial package policy (CPP). It would include these specialized coverages.
General Liability
No matter if your business is a salon, restaurant, accountant office or retail shop – any organization is vulnerable to property damage, lawsuits and lost income. A suitable commercial insurance policy can protect both you and your assets against financial ramifications from an unexpected disaster or event.
Dependent upon an industry and business’ needs, different forms of coverages may be included in an insurance policy. For example, general business liability policies provide coverage against claims related to bodily harm or property damage caused by company operations, while they also may cover expenses associated with cleaning up after hazardous materials incidents.
Understanding all the coverage options available is essential to having a secure business. Your broker-agent can discuss with you limits, exposure bases, business classifications, exclusions and endorsements that provide adequate protection for your organization as well as reviewing existing policies to identify any gaps.
Businesses requiring more specific coverage, such as medical or dental practices, will typically need additional specialty policies. Customers or vendors may request proof of your liability insurance before agreeing to work with you – often known as a certificate of insurance. Purchasing multiple coverages through your Business Owner Policy (BOP) could save money overall than purchasing individual policies individually.
Commercial Auto Insurance
Many businesses require vehicles and drivers to travel between clients or job sites. Commercial auto insurance offers essential protection to these vehicles, drivers, and the business in case of an accident; additionally it provides liability protection if an employee causes an incident.
The type of business insurance a company needs depends on its industry and number of employees; for instance, photographer needs will vary significantly from those of car mechanics. Furthermore, each coverage option must also take account of industry specific considerations in order to protect a business effectively.
Broker-agents can help a business identify any gaps in its coverage or suggest new policies as needed, including limits, exposure bases, classifications and exclusions to ensure full protection for their business.
Business owners looking to save both time and money can often benefit from purchasing a Business Package Policy (BOP), which combines several forms of coverage into one convenient policy. A BOP typically comprises business property, general liability and business interruption insurance; agents can then customize this BOP specifically to the needs of each individual business, freeing them up to focus on running their company rather than worrying about having all necessary coverage in place – as well as reviewing any existing policies to make sure each risk has the necessary protections in place.
Business Interruption Insurance
Business interruption insurance (often called business income insurance) helps restore lost revenues when an event forces your business to close due to an unforeseen disaster, while also covering extra expenses like renting temporary space, paying employees who cannot work due to injury or illness and maintaining inventory storage facilities.
As an add-on or rider to a property or commercial general liability policy, business interruption coverage can provide your business with financial protection in the event of a disaster that halts its operations for an extended period. It should be noted, however, that this coverage only works when physical damage that causes business disruption is linked directly with one of the perils covered by that underlying policy.
Some common perils that qualify for BI include:
As part of any comprehensive business insurance policy review, it is crucial that you carefully understand what constitutes covered perils and losses under your current policies in order to understand what an emergency could mean for your organization. A risk professional can help guide sound decision making – they will assess current situations as well as possible perils/loss scenarios before helping develop strategies tailored specifically for your business.
