Business Insurance Archives - Page 2 of 4

Q: What is a Business Owner's Policy?

A BOP, or Business Owner’s Policy, is a commercial insurance policy that is more standardized that a traditional Commercial Package Policy, or CPP. Insurance companies look at certain industries or types of businesses and are able to determine that there are some homogenous qualities about that marketplace. Similar to how most homeowners have the same basic risk exposures present in their homes (i.e. fire, wind, lightning, water damage from ruptured pipes, etc.), businesses that are eligible to be insured on a BOP product have enough similarities, across the board, that an insurance company can essentially create a pre-fabricated insurance policy for them. This is based on their calculations of the coverage needs and common risk factors associated within a given industry, type, or size of business. For this reason, BOPs can be some of the most convenient, and best-priced, insurance policies to buy, as they eliminate much of the cumbersome coverage selection process that can occur during the initial purchase of a policy.

3 Factors That Affect the Cost of Commercial Insurance Policies

June 18, 2020

Several factors affect insurance costs. Here are a few of the main factors that affect the cost of commercial insurance policies:

3 Risks of Having the Wrong Commercial Property Coverage

June 11, 2020

The wrong insurance or not having enough are risks to your business. Here are a few risks of having the wrong commercial property coverage:

stack of folders with one labeled insurance

General Liability vs Professional Liability – What Type of Insurance Do You Need?

April 30, 2020

When it comes to General Liability vs Professional Liability, here’s what you need to know to figure out the coverage you might need:

hard hats, blueprints, and designs on a table

How to Manage Multiple Contractors in the Workplace

February 27, 2020

These communication & coordination steps are essential to manage multiple contractors in the workplace & to ensure safe working environments:

engineering and construction items on a table

3 Insurance Considerations for Contractors in the Workplace

January 23, 2020

Here are a few insurance considerations for contractors in the workplace to help keep your next maintenance free of unforeseen claims costs:

businesswoman reviewing clipboard of papers and using laptop

What to Consider During Your Business’s New Year Insurance Review

November 28, 2019

Here are a few things to consider during your business’s New Year insurance review to ensure that you are covered for the next coverage year:

3 Types of Worker’s Compensation Benefits

November 7, 2019

Here’s what you need to know about the types of worker’s compensation benefits & penalties for being uninsured:

people reviewing papers with data and charts

Understanding Workers Comp E-Mods

September 26, 2019

An Experience Modification Factor or “E-Mod” can affect your insurance. Here are some basics to know for understanding workers comp e-mods:

What is Product Liability Insurance?

September 12, 2019

Product Liability Insurance is often overlooked by business owners, but it is often necessary. Here’s what you need to know:

4 Ways to Insure Your Seasonal or Recreational Property

August 29, 2019

The best way to insure a seasonal property depends on your situation. Here are a few ways to insure your seasonal or recreational property:

binary code fading into a blur on a screen

3 Reasons Why Startups Need Cyber Liability Coverage

August 15, 2019

Cyber Liability is often overlooked, which leaves your business at risk. Here are a few reasons why startups need Cyber Liability Coverage:

desk covered with reports, graphs, and sticky notes

5 Common Risk Exposures for Startup Businesses

August 8, 2019

It’s important to properly define your business’s risk exposure. Here are a few common risk exposures for startup businesses to consider:

What is a Business Owner’s Policy?

July 11, 2019

What is a Business Owner’s Policy? Here are some key features of a BOP that help make it one of the best “deals” in the world of insurance: