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This year, hurricane season struck in full force. Homeowner’s in many states are beginning the long process of rebuilding after the effects of hurricanes Harvey and Irma. For many, this is the first time filing a claim for flood insurance. Often, after a flood homeowners are surprised to find they lack sufficient insurance coverage. Flood insurance is separate from home yet in some Gulf states, only 20% of homes have flood insurance protection.

For homeowners protected by flood insurance, there may yet be gaps in coverage. Protection through the FEMA-controlled National Flood Insurance Program is limited, leaving some homeowner’s holding the bill. Under the National Flood Insurance Program homeowner’s balance coverage and gaps.

Insurance Coverage Under the National Flood Insurance Plan

  • Life Essentials. Systems such as electrical and plumbing, HVAC, sump pumps and similar. This includes covering water and fuel supplies, and solar energy.
  • Home appliances. Integrated appliances such as refrigerators, stoves, and dishwashers are protected, as well as portable AC and refrigeration.
  • Carpeting and window coverings. Installed carpeting, blinds, and drapes are generally covered.
  • Permanently installed additions. Installed cabinets, bookcases, and wall paneling are covered.
  • Foundation support. Walls which anchor the home in place, and structural staircases.
  • Separate garages. Up to 10% of coverage can be directed toward the garage, leaving 90% for the home.
  • Personal effects. Clothing, furniture, and electronics stored above ground. Additional protection for valuables, up to $2500.

Mudslides and other water damage may be covered, depending on the cause. The program covers above-ground pool leaks and burst pipes, yet neglects other damages such as sewage-backups.

Gaps in the National Flood Insurance Program

Gaps in the program mean some things slip through the insurance safety net. Covered areas on the previous list, when underground, in a crawlspace, or in any other excluded area will be left unprotected. The National Flood Insurance Program caps coverage at $250,000 per house. Prepare for different deductible rates for the home and the possessions within.

Obtaining Flood Insurance

Flood insurance policies take effect 30 days after purchase. The same carries for plans through the government or through an insurance agency. Rates for the FEMA program are set by the government, regardless of location. This means homeowner’s in low-risk areas may be paying geographically above-average rates.

A local flood insurance agent will explain the differences in FEMA and private insurance protection as they apply to your area and home. Home elevation, local weather, proximity to water, home age and more all matter when designing a flood insurance policy.

The Right Comprehensive Flood Insurance

More homeowners are turning to private flood insurance through a local agency. Private flood insurance generally has higher coverage amounts with rates matched to the local area. Often, flood insurance comes as a rider with homeowner’s insurance. Depending on location, private flood insurance may be more affordable than insurance through FEMA. Private plans often cover more than government policies, including damage estimation costs and living expenses, during the claims process.

To learn more about flood insurance protection and the policy options available, contact a local agent. Compare all the options based on your specific needs to find the right flood insurance policy fit. 30-day activation periods mean planning ahead makes all the difference. Protect home and property today with flood insurance.

Have a question about flood insurance, or another insurance topic? Contact an agent for more information. Please send in any article topics you’d like to see featured!

Entrepreneurs spin a lot of plates. Gathering licenses, building inventory, and engaging potential vendors are several of many things involved with launching. A large number of responsibilities involved with starting a company leaves it unsurprising many entrepreneurs overlook securing effective commercial insurance policies. A grasp on specific risks helps tailor the right commercial insurance policy.

Mike Barton, with Commercial Insurance of Allstate, says the right policy changes for each company. Daycare-center operators and at-home caregivers carry different levels of risk. Policies tailored for meeting specific risks head-on limit liability. Kevin Haward of State Farm recommends general liability insurance coverage as a starting point to build upon. For home-based entrepreneurs, general liability policies cover gaps homeowner’s insurance policies may leave, such as guests attending at-home sales parties.

Commercial Insurance: The Options

Insurance requirements vary based on company size, industry, location and more. General liability protection creates a starting-point for coverage. Add extra coverage for increased protection. These additional commercial insurance coverage policy inclusions are available through a broker:

  • Commercial Property Insurance. The artwork in the office, computers, machinery and more gain protection through commercial property coverage.
  • Lost-Income Insurance. This policy compensates for revenue lost due to an insurable event, rendering the company unable to operate. Weather the storm with the right insurance protection.
  • Omission/Error Insurance. Dealing with small details is challenging; the occasional oversight may occur. This policy protects lawyers, doctors, and other professionals against damages due to unintentional data omission.
  • Compromised-Data Insurance. Corporate espionage is alive and well. Protect customer information, company secrets, and other sensitive information with a data compromise inclusion.
  • Cyber insurance protects companies using Cloud, internet, and other connected platforms for sharing data. Any entrepreneur with an internet connection is at risk, ransom-ware targets companies of all sizes.

Tips for Success

The experts recommend several tips for securing the right commercial insurance policy coverage:

1. Properly Value Property. Often, entrepreneurs underestimate the value of personal effects employed for company purposes or rely on a homeowner’s policy for protection. Protect these effects using commercial property coverage.

2. Ask Around. Many resources exist online for researching insurance policies and protection before buying. Other local entrepreneurs are an additional source of information. They can give advice coverage options, share knowledge about risks, and recommend an agent.

3. Get Help. According to Barton, small operations account for nearly one-third of the American labor force. At smaller companies staff often adapts, performing multiple roles to keep operations running. Sales, accounting, and customer service take time. An agent can shoulder the task of finding and activating the right policy.

4. Find the Right Agent. The right insurance agent understands the industry, location, and objective of the company. Commercial policies differ by state, agency, and by the agent. A local agent remains attentive to needs ensuring continuous and comprehensive coverage. Gain the right coverage for the right price using a local agent.

Researching ahead of time can help save later. To learn more about commercial insurance protection contact an agent today. Protection is available for companies of all sizes. Reduce risk, limit liability, and protect property with commercial insurance.

Contact an agent for any questions about commercial insurance, or with any other questions about insurance protection. Have a great article topic to share? We’d love to hear it!

Car accidents happen to new and old drivers alike. Knowing the steps to take following an accident can ease the insurance process and protect drivers from liability. The correct immediate actions can save insurance and personal worries later. These are the steps to take following an auto accident:

1. Be Safe

Before anything, secure the scene. Safety is the top priority. Exiting vehicles, placing flares or cones, or moving off the roadway may be necessary. Exercise judgment. Remain on the shoulder and away from traffic.

2. Assess for Injuries

Following an auto accident, people may be in shock, unaware of injuries. Check the persons involved. Persons with suspected back injuries should remain in place. For those comfortable doing so, apply first aid where necessary. Any medical staff present may be able to assist.

3. Call 911

As soon as possible, call 911. If performing first aid, direct another person to call emergency services. This is also true for car accidents without any injury, as police records may be important. If alone, call 911 quickly.

4. Gather Information

After completing the preliminary steps, gather information for later insurance purposes later. Collect driver information including insurance carriers. Take photos of the scene, vehicles involved, and license plates. Any information regarding first responders may help. These experiences are harrowing; important details may be lost to memory. Write all information down.

5. Cooperate

Accidents may trigger intense emotional responses. Working together with first responders and other drivers helps accomplish more. Medical personnel train for this.

6: Remain Neutral

Discussing the accident, the time period leading up to it, or personal involvement would be a poor decision. The moments immediately following may be the worst time for discussion. Inform police a statement will be available at a later time. For drivers concerned about involvement, a lawyer may be helpful.

7. Stay Silent on Social Media

The urge for talking about a car accident on social media may be strong, yet this is strongly inadvisable. Detectives and lawyers count on this, scouring social media accounts for incriminating information.

Once things settle, contact an insurance agent. The unexpected happens. Prepare with a plan and comprehensive auto insurance. Always a source for great information about auto insurance and other insurance-related topics, contact an agent for insurance questions.

This year, hurricane season is in full effect. Businesses in the paths of Harvey and Irma dealt with significant impacts. Most small business owners are occupied running their business. Plan for natural disasters is a distant thought. According to the Federal Emergency Management Agency, 40% of local entrepreneurs close following a disaster. The lessons learned from this year’s hurricane season distill to one: a disaster plan is essential for commercial survival.

Recent findings from CNBC demonstrate owners are thinking about other things when it comes to disasters. A paltry 8% of respondents said the environment is a top concern when planning business matters. That number drops to 6% in the Southwest, and 5% in the hurricane-plagued south. Job creation, healthcare, immigration, and the “other” category all ranked higher for attention.

Plans can help businesses survive and recover faster. Here are 5 ways entrepreneurs can prepare for natural disasters:

1. Use Online Backup

There may be little notice before disaster strikes. thumb drives, Cloud services, and external hard drives can all store important records. Things such as:

  • Invoices and contracts
  • Agreements
  • Employee documents
  • Accounting and tax papers
  • Insurance paperwork

Rebuilding will be easier if these are protected and safe.

2. Create Plans for Employees, Vendors, and Customers

A business can prepare for a disaster, but customers, employees, and vendors are essential for survival. Insurance policies may cover business losses, but planning for customers and staff can help prepare. Businesses should share information with customers and staff early about possible supply or sales delays.

  • Customers: Helping customers by sharing information can aid preparations. Staying in touch with regular and important customers helps strengthen relationships. Open lines of communication with customers will let them know when the business is back open.
  • Employees: Help employees prepare by outlining clear instructions for pay and leave during a disaster. Keep and update employee contact information for updates during and after a storm or event.
  • Vendors: Vendors and distributors are a vital part of the commerce. Disaster-related delays may force them to shop elsewhere unless they’ve been informed.

Promptly address customers, employees, and vendors when disaster strikes. It may be a regional event or one specific to a single business. Sharing information with others can help a business survive a disaster.

3. Create a Continuity Plan

A continuity plan enables businesses to keep doing business following a disaster. Label key operations and assign employees to specific roles. Some staff may require cross-training for disaster relief purposes.

The government recommends the following components exist in a disaster plan:

  • Find the most-important company operations.
  • Develop techniques for filling emergency supply and staffing gaps
  • Test the plan for areas to improve on
  • Educate staff members

Continuing operations can generate much-needed revenue following a disaster. Businesses able to operate quickly following a disaster are more likely to survive.

4. Evaluate Risks

There are many risks to consider when crafting an emergency plan for a business. There are events common to all businesses, and some which may be specific to an industry or area. An insurance agent can help determine areas of risk specific for an individual business preparedness plan. An agent will ask questions to help determine possible areas to prepare for, such as:

  • Is the business in an area prone to extreme weather?
  • Is there a history of flooding in the area?
  • Is the company in a city at risk of terrorism?
  • Does the business produce volatile products?

Risks common to an industry or location can help determine adequate insurance coverage for protection.

5. Practice

Drills help staff learn disaster plans for better implementation if needed. Businesses that drill for disaster plans are more likely to have those drills work during a crisis.

Insurance agents are knowledgeable resources for information about potential disasters and preparing for them. The world can be dynamic but with the right insurance coverage a business can survive a disaster and come out successful. A disaster plan may never be necessary but if so, it can mean closing for a storm and closing forever.

Our agents are always looking for insurance related topics for better health and better savings. For any insurance-related questions please contact us for answers.

Drive it like a rental, right? Only if you have insurance coverage! Renting a car the question comes always up: buy extra insurance with a rental car or pass? Adding insurance to rental cars adds up – up to over $200.00 a week on top of other costs.

Rental car companies are charging for rental damages and repairs using complex agreements. The good news is: you may already have rental car insurance coverage. Before renting a car, check insurance coverage using these three steps:

1. Read Insurance Policy Documents

Owned insurance coverage is the first place to start. Auto insurance policies may include basic coverage for rental car damage. Even without one, short-term policies are available.

When reading an existing auto policy, ask the following questions:

  • Is there rental car coverage? The first thing to know before moving on.
  • What is my deductible? Often the same as your personal vehicle, but good check.
  • Does my policy cover accidents, fire, theft, and vandalism? Agencies typically require this coverage.
  • Does my policy include rental cars for business travel? If you’re at work or on vacation matters – make sure you’re covered. Your company policy may cover you in event of business travel.
  • Does my auto policy cover extra fees and charges by the rental agency? Towing costs, mileage, decreased value and others add up!
  • Does my car insurance plan pay for the actual value of a rental car? There’s coverage and there’s adequate coverage. Make sure you aren’t going to be left holding a bill.

After reviewing your policy you may find you’re covered, or you might still have gaps to fill. Oftentimes, credit card companies include rental coverage with cardholder benefits. The next place to check for rental car coverage is a credit card issuer.

2. Check Your Credit Card Benefits

Major credit card issuers cover rental car insurance costs within benefits programs. Coverage varies depending on the issuing agency. Some cover varies expenses and fees issued by the rental car company.

Before checking this box, confirm with the credit card company. The largest issuing companies are available using the following toll-free numbers:

  • American Express: 800-338-1670
  • Discover: 800-347-2683;
  • MasterCard: 800-622-7747
  • Visa: 800-847-2911

Rental car insurance coverage through a credit card agency works along with auto insurance coverage, covering the leftovers. The credit card must be used to pay for the rental, for benefits to be available. The cardholder must be the person driving the rental. Credit card companies do not cover all losses, and exotic or luxury rental cars are usually excluded.

After reviewing options through credit card agencies the process is near complete. Before accepting or declining the rental agency insurance, the last step is to read the fine print.

3. Review the Car Rental Agreement

Rental car companies train their staff to make their auto insurance coverage feel mandatory. When reviewing your agreement, take the time to review the fine print. The agreement will state your liability, and where the company takes responsibility. States require rental agencies to provide coverage of differing levels. If using a credit card to rent your vehicle you may already have adequate coverage.

If planning on taking a rental across any state or international borders, be sure to check coverage. State requirements mean coverage changes when crossing over. Personal coverage is not valid in Mexico or other countries (except Canada, usually).

All this considered coverage may leave gaps. Unlicensed drivers, driving on unpaved roads or off-road, racing, DUI and more can all complicate car rental insurance coverage. Vacation is supposed to be fun. Take the worry away with affordable insurance coverage. Contact an agent today about car rental insurance for the next road trip!

Always on the lookout for great information about insurance topics that may impact health and wallet! For any insurance-related questions be sure to call.

Recent studies many small businesses have inadequate insurance coverage. Often, business owners don’t find out until they need to make a claim. The ins and out of business insurance can difficult to navigate for small business owners who simply don’t know enough about coverage. Knowing the types of coverage needed will help you ensure you have the right insurance protection for your small business.

There are 3 ways you can prepare before speaking to an insurance agent. This can help you ensure you get adequate coverage for your own unique operating situation. When shopping for insurance it can be helpful to:

1: Know your risks

Understanding the risks specific to your business will help you determine what level of insurance coverage you need. Your business may face any number of operating risks, such as:

  • Customer traffic
  • Public advertising
  • Transportation of goods or people
  • Property agreements
  • Food service and more

Approaching risk head-on with proactive business insurance coverage will help you avoid headaches and costs later on.

2: Determine your own concerns

No one knows the daily operation of your business better than you. If there’s something you think you may need coverage for, ask. Your insurance provider will tell you if coverage is necessary and what policies may be available.

3: Do the research

Try to find out what types of coverage are required for businesses like yours. Do you serve alcohol? Rent property? Certain businesses have additional coverage required by law. A web search can help you determine the levels of coverage required for your own business.

Shopping for Business Insurance

There is no set of rules stating the order of operations when opening a business. This leaves many business owners wondering when to begin or change their insurance coverage. Listed below are the most common reasons to begin or change a business insurance policy:

  • Starting a company. Business insurance is part of starting a small business. Small businesses – even home-based ones – need equipment, tools, and/or retail product to thrive. These items can be costly to replace if stolen, damaged, or lost. Additionally, businesses interacting with the public either face-to-face or through advertising will want insurance coverage before opening their doors. For many business owners, a Business Owner’s Package plan (BOP) is a good place to start. These policies generally bundle property, service responsibility, and company disruption policies into single plans.
  • Renting Office, Storage, or Retail Space. When you lease any physical location or building you must generally provide evidence of business insurance coverage. You can avoid a lot of extra work by obtaining coverage before shopping locations. When looking at spaces ensure your policy coverage is appropriate for the location.
  • Hiring New Staff. If you have employees you’ll need additional unemployment, salary, and (for many businesses) disability insurance. You may also wish to consider including extra coverage (such as a medical insurance plan) for your employees.
  • Introducing New Products or Services. When developing a new product, check with your broker to ensure your policy sufficiently covers any risks. For small businesses providing services, insurance coverage can help protect against employee errors or omissions. Insurance coverage can help shield you from customers perceiving injury or loss due to your products or services.
  • Raising Capital. Growth is great, but an increase in size means an increase in risk. Companies raising capital through the sale of shares may want increased coverage. In fact, any company operating with a board should consider Directors and Officers (D&O) insurance. Directors and Officers insurance protects board members from business legal matters. Candidates may request this be in place before accepting the position.

Knowing your risks and the coverage you need can help you find the right insurance policy for your small business. Protect yourself from the start by finding the right plan to cover your risks. Small businesses are unique – your own business may require extra coverage built into your plan. Businesses in areas prone to natural disasters are highly encouraged to check their own policy for protection. After a disaster occurs, it’s too late.

Finding and managing business insurance doesn’t have to be difficult. Plan ahead, ask questions and compare plans before buying. Keeping your insurance documents accessible will ensure you have them if, and when, you need them.

We’re always on the lookout for great information about insurance topics that can impact your health and your wallet. If you have any insurance-related questions, please reach out to us for answers.

 

Nearly every homeowner insures their home against fire, burglary, and the usual risks. The catch? Often, their insurance only covers completed structures. Home construction and remodels aren’t typically covered under standard home insurance policies. If you’re planning to build or renovate on your property, consider builders risk insurance.

What is builders risk insurance

Builders risk insurance policies extend property insurance coverage to include renovations and new builds. Builders risk policies are available for both commercial and residential insurance customers. Your new build faces many of the same risks as your home or business. Insuring against physical loss protects your investment.

What it covers

Builders risk plan coverage ranges depending on the business or home. Typical plans include protection against weather damage, vandalism, and theft. Plans general include all protections but can be tailored to provide specific types of coverage. Faulty workmanship by a licensed contractor may be an example of extra insurance coverage desired.

Why you need it

If you’re planning to build on your property you may need builders risk insurance. Oftentimes city and county codes require you obtain coverage prior to construction. Contractors will not always foot the bill. Homeowners can suffer delays if contractors do not carry builders risk. In many cases, construction cannot begin until the project is insured. Homeowners may wish to carry their own policy regardless to exercise more control over any potential claims.

What you need to know

In some situations, builders insurance may be your only protection. In Texas, for example, builders are not forced to back their work financially – but insurance will. In areas prone to flooding, earthquakes, or other natural disasters ensure contractors are familiar local FEMA regulations.

Protect your property

Construction authorization is required in most Texas cities. The Texas floodplain includes areas unfit for construction. It is imperative contractors check FEMA maps before construction permits are sought. It is recommended homeowners and business owners check maps as well. The best guarantee is always seeking the services of a reputable contractor. No agreement is strong enough to fix poor work.

Contact an agent

Discover whether your construction project has insurance coverage. Plans can be created for to cover many aspects of your build – including loan payback. Talk to your insurance provider today to learn more.

We love information on insurance topics and ideas with a bearing on your health and finances. Please share any topics you find interesting. Contact us for all matters related to general, personal, business and home insurance. We will be more than happy to assist you.

It may be hard to believe but pollution insurance not only exists – it could also save you a lot of money. Most business owners have to pick and choose where to spend their money. Few companies operate with an unlimited overhead. If you aren’t dumping waste or pollutants into the ecosystem, you might you are exempt. The truth is, almost all business owners need pollution insurance. Even if you think you aren’t causing environmental pollution, you could be held liable for damages caused your home or business.

What Is Pollution Insurance?

Environmental Impairment Liability (EIL) came into existence in 1978. Known also as pollution insurance, EILs protect against costs resulting due to pollution. Before this, standard insurance packages did not cover pollution damage. This led to heavy costs and painful headaches for many businesses. In extreme cases, such as ecological disasters, damages may fall into the millions and up.

EIL covers the costs of a cleanup in the event of contamination. Some policies extend coverage to associated legal fees and costs. Companies that do not have pollution insurance may face crippling costs and legal battles following a disaster. Pollution insurance applies to more than large firms with an obvious environmental impact. Smaller businesses and homeowners can all enjoy peace of mind with pollution insurance inclusion

What Does EIL Cover?

At the basic level, Environmental Impairment Liability policies fall into two categories:

1: Premises Insurance. Firms and homeowners may be culpable for contamination that emanating from the property. Most pollution originates service areas, storage facilities and within apartment complexes. An EIL plan should cover the damages others suffer due to pollution caused by your property. It does not cover the damage to the property, damage which would fall under property insurance.

2: Contractor’s Insurance. Contractors and other professionals often risk damage while working on site. They may unintentionally pollute a commercial or residential space. Contamination may result:

  • Mold
  • Leaks
  • Spills
  • Air pollutants, and more

Contractors take very real risks but insurance protection is available.

Getting Pollution Insurance

Pollution damage can be costly but proper insurance protection can save your business and home. EIL plans are custom-built around your business and your needs. An experienced insurance agent will help you understand the options available so you have the protection you need. Contact us today to learn more about Environmental Impairment Liability insurance and for other ways to protect your home and business. Be sure to reach out to us with any insurance questions you have.

There are many insurance ideas that influence our finances, health, and general well-being. We welcome your topics!

Many homeowners are making extra income renting their homes out short-term. Most don’t know the increased insurance risks this carries – until it’s too late. If you’re planning to rent out your home, make sure you know you don’t risk a lawsuit.

More than 60% of homeowners do not know if their insurance covers renters. This is the claim made by Assurant, surveying over 1000 New York homeowners on their home insurance coverage. This survey also found a whopping 40% of homeowners were not sure if they would liable should a visitor injure themselves on their property.

Homeowners, this may come as a shock: You are likely liable if someone hurts themselves on your property. Most home insurance policies exclude claims made by guests on your property. Vice President of Technology at Assurant, Kunal Malhotra, said minor problems (like breaking a television) and large problems (such as falling off a deck) are very different from an insurance standpoint.

Limited Coverage for Rentals

Before you decide to rent your home short-term, make sure you’re actually allowed to. Many properties and home-owners associations bar short-term rentals. Some providers allow policyholders to rent out their house for short stays (a week, for example) when informed ahead of time. You may need to add a rider or extra coverage to your current plan, covering any losses or liability that may occur from renters.

For homeowners renting out their homes often, a policy update may be necessary. If you find your rental is popular, you may want to consider hotel insurance coverage. Conventional homeowner policies do not cover business activities, such as operating a rental. Renting to a single guest for long periods of time requires a landlord plan be included.

Increasing Your Coverage

No one wants to pay the high costs of a lawsuit. Contact your insurance provider to see which policy options best suit your needs.
Some short-term rental websites provide insurance coverage to homeowners. For example, homeowners listing with Airbnb have access to coverage up to $1 million per rental.

Vacasa is another holiday rental website that will provide up to $1 million in home liability coverage, and also up to $10,000 in property insurance if you have coverage with Assurant. You must have the right coverage to avoid paying high costs in case of a lawsuit.

If you plan on renting out your home, make sure you have the insurance coverage you need. Homeowners insurance policy coverage varies – you may not be covered for vacation rentals. Talk to an agent today to see what options will suit you best.

Have a topic you think we should look into? We are always looking for ways to help your health and your wallet. If you have any insurance-related questions contact us today.

There are many uncertainties in business life resulting in unforeseen challenges. Disasters happen all the time caused by from nature, equipment failures, and accidents. Usually, 90% of the costs incurred by these disasters falls on the business owner. The proprietors foot the bills when they thought their insurance would.

It doesn’t need to be this way. Savvy business owners look for commercial insurance coverage called Business Owner Policy (BOP). BOP cushions firms and their owners against the high costs of damage to property, and injuries to people. BOP is a necessary protective measure for business owners who want personal protection.

1: What is BOP?

BOP is a commercial insurance plan tailored into a package best-suited for the individual business owner. Business Owner Policy accounts for the standard protection requirements of all small-medium size companies, then forms them into one complete package. BOP packages allow for extra coverage options as well, depending on your business needs. Stop wading through the sea of business insurance policy options. BOP is the inexpensive, convenient, and complete package.

According to Investopedia, a BOP is often the less-expensive option compared to creating the same plan from scratch. BOP packages meet the needs and address the concerns of individual business owners through customization. BOP packages are flexible because not all businesses share the same types and levels of risk. It’s common for commercial insurance brokers to meet with business owners first, determining their specific requirements, before crafting a package. Packages vary based on:

  • Professional services provided
  • Customer exposure
  • Regional hazards

A professional broker can help you create a complete insurance package for your business.

2: What’s Does BOP Include?

  • BOP packages apply to both residential and commercial property. Policy coverage can be standard or unique. Unique options offer extra advantages through increased and specific protection. At the basic level, BOP provides the following coverage:
  • BOP includes both liability and property insurance for all company-owned building and their contents. Property insurance is available in standard and special options, offering increased levels of coverage for those who need it.
  • BOP supplies interruption coverage, protecting owners against losses incurred due to disaster.
  • BOP liability protection protects the company for the actions of its employees and owners. Also covered are workplace liability incidents, defective products, faulty services and more.
  • BOP does not cover auto insurance costs, disability settlements, and workers compensation. Separate policies will be necessary to include coverage for those concerns.

3: How Much Does it Cost?

Insurance Noodle contends there is no one true figure for the cost of BOP. Cost for BOP is dependent on a variety of factors that differ from business to business. Client base, business size, annual revenue, customer traffic, risk… These all factor into your BOP needs and cost. Business owners should consider all their needs when shopping for a BOP. What BOPs have in common is helping keep costs low, and helping protect business owners.

Providers use different systems when crafting BOP plans for business owners. There are many pre-packaged options available, and customized packages are available to meet your specific needs. Add-ons like industrial car insurance, flood insurance coverage and earthquake insurance may be worth considering, depending on your circumstances. Always investigate your market before settling on your BOP

Have some information or ideas on insurance topics you think might be relevant to your health or finances? Feel free to share with us! Don’t hesitate to contact us for any of your insurance-related questions.

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