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Business Owners Policy (B.O.P)

Also known as a BOP insurance policy, this includes general liability and business equipment coverage as standard.

General Liability Insurance covers third-party claims arising from bodily injury, as well as the associated medical bills. It also covers liability claims linked to damage of a third party’s property and more? Business equipment Insurance covers all your business furniture and equipment at up to Five different office locations which includes accidental damage as standard.

You should consider a business owners policy if you:

  • Need general liability coverage.
  • Have business equipment such as computers, printers and furniture.
  • Own the building at which you work and need to insure the property.
  • Own and work with large amounts of data on a regular basis.
  • Have employees that could act dishonestly or steal clients’ property.

Business Interruption Insurance

Business interruption insurance insures against loss or damage to the cash flow and profit of a business caused by the business being unable to operate because of interruption.

The easiest example is to think about a critical piece of machinery being struck by lightning. The repairs to the machine may be covered by other coverage such as property or casualty insurance. But, if you can’t make widgets for three months, then there is no replacement of that income without this coverage.

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Employee Benefits and Health Insurance

Contact us today about our Employee Benefits, and Employee Health Insurance products

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Builder’s Risk Insurance

Builder’s risk insurance covers buildings while they are being constructed.

For example, a Builder’s risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.

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Commercial Auto

Your personal automobile policy does NOT cover vehicles used by your business.

If your business uses vehicles or anything that is required to be titled by your state, then you need a commercial auto policy. Commercial auto coverage insures against property damage to vehicles and damage caused to others by those vehicles.

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Commercial Bonds

Contract bonds, used heavily in the construction industry, are a guarantee from a Surety to a project’s owner (Obligee) that a general contractor (Principal) will adhere to the provisions of a contract.

Included in this category are: bid bonds (guarantee that a contractor will enter into a contract if awarded the bid), performance bonds (guarantee that a contractor will perform the work as specified by the contract), payment bonds (guarantee that a contractor will pay for services and materials), and maintenance bonds (guarantee that a contractor will provide facility repair and upkeep for a specified period of time). There are also miscellaneous contract bonds that do not fall within the categories above, the most common of which are subdivision and supply bonds.

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Errors and Omissions Insurance

Errors and omissions (“E & O”) insurance covers inadvertent mistakes or failures that cause injury to a third party.

The act must actually be an inadvertent error, and not merely poor judgment or intentional acts. For example, an E & O policy would cover damages arising from an insurance agent failing to file policy applications, or a notary forgetting to fill out notarizations properly.

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General Liability Insurance

Liability insurance insures against liability legally imposed upon your business because of the negligence of the business or its employees. Put another way, it protects your business when the business is sued for negligence.

Umbrella Liability Insurance

Umbrella liability insurance protects you when accidents happen and your existing liability insurance policies cannot cover all expenses. Standard business liability coverage will take care of you in most situations, but when serious situations arise, umbrella liability insurance will help ensure that your business is protected. While no one wants accidents to happen, they do – and people sue.

Here are a few possibilities:

  • Your company holiday party gets out of hand resulting in various injuries and damages
  • Your building has a carbon monoxide leak that results in multiple injuries and/or deaths
  • Your business fails to render the appropriate professional services

Umbrella liability insurance for small businesses, is also known as excess liability insurance or commercial umbrella insurance, provides additional protection when your business exceeds insurance limits on an underlying policy.

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Directors’ and Officers’ Liability Insurance

This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.

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Professional Liability / Malpractice Insurance

Malpractice insurance, or professional liability insurance, pays for losses resulting from injuries to third parties when a professional’s conduct falls below the profession’s standard of care.

For example, if a doctor makes a mistake that other doctors of his specialty would not have made, his patient might sue him. A malpractice policy will pay his defense costs and any judgment or settlement. Malpractice insurance is available for doctors, dentists, accountants, real estate agents, architects, and other professionals.

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Health Insurance

To be competitive, most businesses need to offer their workers’ health insurance.

This insurance offers a health coverage benefit to your employees (and you).

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Life and Disability

Life and disability insurance protects the business against the death or disability of key employees.

For example, one partner carries a life insurance policy naming the partnership as a beneficiary. If that partner dies, and the business has planned properly, the proceeds of the policy can be used by the business to buy out the share of the decedent’s partnership interest from the estate.

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Inland Marine Insurance / Floater

Inland marine insurance covers property in transit and other people’s property on your premises and also covers Tools and Equipment

For example, this insurance would cover fire-damage to customers’ clothing from a fire at your dry cleaning business.

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Workers’ Compensationand State Specific Insurance for Employee Injuries (e.g., Stop-Gap)

You will need to insure your employees against on-the-job injuries. Every state is different. But, most states have put into place some form of workers’ compensation system.

Workers’ compensation is a system where the employee is not allowed by statute to sue their employer for on-the-job injuries; but, in return, the employer must participate in a system that provides nearly automatic payment to the employee in case of injury for medical bills and damages. There are many options for workers’ compensation coverage.? Ask you broker for more details.

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