Insurance Agency and Brokerage
Serving Pennsylvania & New Jersey
Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the businessowners policy (BOP).
Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.
Property insurance for buildings and contents owned by the company -- there are two different forms, standard and special, which provides more comprehensive coverage.
Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
Liability protection, which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
BOPs do NOT
cover professional liability, auto
insurance, worker's compensation or health and
disability insurance. You'll need separate
insurance policies to cover professional
services, vehicles and your employees.
What would happen if a fire or other disaster destroyed your property, making it impossible for you to get back to business right away? Would you remember what property had been destroyed? One way is by taking a complete inventory of all your personal business property, determining its value, and deciding what's worth insuring. Having an up-to-date business inventory will help you get your insurance claim settled faster, verify losses for your business' income tax return and help you purchase the correct amount of insurance.
Start by making a list of personal business
property, describing each item and noting where
you bought it and its make and model. Clip to
your list any sales receipts, purchase
contracts, and appraisals you
WHAT'S THE RIGHT COVERAGE FOR YOU?
Then there's the question of what types of
coverages you'll need. Aside from personal
business property, there is liability insurance,
business income, insurance for the building,
boiler and machinery, human failure, employee
protection and management protection, among
others. The type of coverage you need depends on
a number of factors including what kind of
business you operate.
BUSINESS OWNERS INSURANCE CHECKLIST
Click here to download the "Business Owners Insurance Checklist"