Business Insurance

BOP and Commercial Package Policies

Business Owners Policies (BOP) and Commercial Package policies, offer a myriad of options to meet your specific insurance needs. Some businesses may find the BOP alone to be sufficient, while others may wish to tailor the BOP by increasing key coverages, adding other options, or eliminating unnecessary coverages. A Commercial Package can combine just the coverage you need such as: Property, General Liability, Products Liability, Business Income, Equipment Breakdown, and more.

Workers Compensation

Workers' compensation insurance provides benefits to employees for work-related injuries. Coverage includes medical care and a portion of lost wages when the employee is unable to work. This insurance also provides benefits for the employee's dependents if the employee dies during work-related duty.

Automobile and Trucking 

A commercial automobile policy provides coverage for legal liability for others' bodily injury or property damage arising out of the use of your business automobiles. Physical damage coverage protects your vehicles in case of accident or damage caused by fire, hail, and other risks. You can designate coverage for owned vehicles as well as leased, hired and/or borrowed vehicles.

Commercial Umbrella / Excess Liability

With an Umbrella Liability Policy in place, there are fewer worries about depleting valuable business assets or future income to cover catastrophic liability claims. An Umbrella Liability Policy supplements your existing policy's general liability, auto liability and employers liability limits.

• Actual Cash Value (ACV): The value of an asset after depreciation is factored in. Some insurance policies only cover the actual cash value of property after a loss. For example, the value of damage to a 5-year-old car will be less than that of a brand-new car due to depreciation from time and wear-and-tear. 

• Depreciation: Wear and tear on property, like a car or equipment. Over time, these assets become less valuable because of the depreciation.

• Exclusion: A situation where your insurance policy will not cover damages.

• Named Peril Policy: An insurance policy that only covers the situations listed in the policy. Losses from anything else will not be covered.

• Peril: Something that causes a loss. Fires, hurricanes and theft are examples of perils. It’s important to understand exactly which perils your coverage covers.

• Policy Limit: The maximum amount your insurance will pay for a loss. The insurance company will not pay beyond the policy limit, even if your loss total was more than that.

• Primary Policy: If you have multiple insurance policies covering the same situation, the company holding the primary policy will generally lead the claims handling process.

• Replacement Value: The cost to replace damaged property. If a piece of equipment breaks, you likely will need to buy a brand-new one. A policy that covers replacement value will pay for this full cost, even if the actual value of your property is lower because of depreciation.

• Business Interruption Insurance: If you have to temporarily close your business, such as to make repairs after a fire, business interruption insurance covers lost income and ongoing expenses. This way, you can pay your bills during a time when you might not be earning income.

• Business Owners Policy (BOP): This covers a broad range of property and liability risks. It can help protect your business in case of things like fire (property damage), suspended operations (business income) or lawsuits (liability) resulting from bodily injury, property damage, personal injury or advertising injury.

• Commercial Auto: Insurance that covers driving a vehicle for your business. Your personal auto insurance policy may not cover losses from business use. A commercial auto policy covers physical damage and liability protection for vehicles registered to your business.

• Cyber Insurance: This can be essential in helping your company recover after a data breach. This includes costs such as the disruption of your business, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis and costs associated with legally mandated notifications.

• Liability Insurance: Liability insurance covers your legal defense costs and judgments if you are responsible (liable) for damages to someone else and could be sued.
• Premises: The location or property, building(s) or land owned by the policyholder for example, that insurance coverage will apply to.

• Professional Liability Insurance: Insurance that covers damages that come because of mistakes in your work, such as if you mishandle tax planning for a client, or poorly design a product. This is also known as errors and omissions insurance.

• Umbrella Insurance: Insurance that covers losses that are higher than the policy limits on your other insurance plans. Once your other policy has paid to its limit, the umbrella insurance could cover any remaining costs.

• Waiver of Subrogation: This prevents your business and your insurance company from seeking a share of any damages paid to a third party responsible for the loss for a paid claim.

• Workers Comp Insurance: Insurance that covers your employees in case they get hurt on the job. These policies pay employee medical bills and replace their income when they are disabled from a workplace injury. The rules vary by state.