eBusiness 
Accidents, natural disasters and lawsuits can wreak havoc on any enterprise of any size – which is why having adequate business insurance protection is absolutely crucial to successful operations.
No matter the size or nature of your business, we can assist in selecting the coverages necessary. From property to general liability or workers compensation policies – let us help your company achieve protection at every level!
Business Owner’s Policy (BOP)
A Business Owners Policy, or BOP, is a package policy that combines property, business interruption and liability coverage into one policy for small businesses with low risk profiles and basic coverage needs. Insurance providers assess if a company qualifies based on factors like location, size and class of business as well as revenue; most insurers exclude professional liability (liability claims arising from wrongful practice by professionals) and commercial auto policies from the BOP; therefore these may need to be purchased separately.
Property insurance policies provide coverage for commercial buildings and movable property used for business purposes – known as business personal property – such as office furniture or mobile devices used during operations. Most policies offer named-peril coverage that protects against events listed within their policies such as fire and wind damage; alternatively, some BOPs also offer open-peril policies which offer more comprehensive protection from all forms of harm unless specifically excluded by policy language.
BOPs typically include business interruption insurance to help protect against lost income when your business has to close due to an eligible claim, making this protection especially essential for restaurants, retail stores and wholesalers. Some policies also provide employment practices liability coverage in case an employee files suit alleging unlawful termination, sexual harassment or violations of workplace laws against your company.
If your business is situated in an earthquake-prone region, an endorsement to your BOP might be necessary to cover damage to its property from such natural events. As with most forms of insurance policies, however, adding more coverage will increase the premium cost significantly.
Owing to its complexity, obtaining an online business owner’s policy quote might not provide the coverage or help that an independent insurance agent could. They’re better equipped to assess risk and provide tailored recommendations on various forms of business insurance available – BOP may not always be ideal for larger enterprises due to its inflexibility in meeting complex insurance needs.
Commercial Auto Insurance
If your business depends on cars, trucks, vans or other motor vehicles to conduct business activities, commercial auto insurance should be an absolute must. Similar to personal auto policies but designed with businesses specifically in mind and including higher liability limits. Furthermore, commercial auto policies will typically cover leased or rented fleet vehicles as well.
Most states mandate business owners carry auto liability coverage as part of their general business insurance package, though many small business owners purchase additional protection through commercial auto policies to safeguard the vehicles their businesses use. Such policies can include bodily injury and property damage coverage. Some may also include uninsured/underinsured motorist coverage which helps cover medical bills should someone hit by someone without sufficient liability insurance cover them or one of your employees.
For you to qualify for a commercial auto policy, you must own or lease a vehicle used exclusively for business. This could include company cars as well as various types of trucks such as box trucks, food trucks and even tow trucks. Because your personal automobile policy typically does not cover them in case they’re involved in an accident while on duty, having extra coverage with this additional protection policy is key for business owners.
One key way you can save on commercial auto insurance premiums is hiring employees with good driving records. Drivers with multiple traffic violations typically cost more to insure and vehicles with higher repair or replacement costs can also increase premium costs significantly. Also consider adding safety features as this could bring your premium down.
If you’re seeking commercial auto coverage for your business, working with an independent insurance agent who understands your operations and vehicle use can help ensure you find an appropriate policy at a fair price. Insureon makes this easy online application available today that allows users to compare quotes from top U.S. providers quickly.
General Liability Insurance
Bodily injury is an inherent risk in any business. From clients slipping and falling at your office to employees accidentally damaging property during service calls, physical harm to customers can arise in almost every type of venture imaginable – creating potential lawsuits with expensive legal bills associated with any subsequent legal actions brought. General liability coverage helps cover these legal expenses up to your policy’s limit.
General liability policies are sold either independently, as part of a business owner’s policy (BOP), or included within a commercial package policy (CPP). Customers often require you to carry certain amount of commercial general liability coverage before engaging with you.
The top business insurance providers provide an array of general liability coverages that meet your particular business needs. Chubb’s Customarq policy, for instance, covers premises and operations liability as well as products and completed operations liability; Clear Blue Insurance and CNA/Farmers also have extensive offerings when it comes to business liability insurance coverages.
General business insurance not only protects you against accidents that occur during regular operations, but it can also defend you against claims alleging you damaged someone’s reputation or collected sensitive data without their knowledge. Furthermore, general business coverage provides some degree of coverage against claims that your advertising contained copyrighted content.
Small businesses can experience financial setbacks that threaten their future without adequate protections in place. A single claim could require selling assets or closing up shop. General liability insurance provides invaluable peace of mind and can help safeguard all the hard work you’ve invested into building up your enterprise.
As with any form of business insurance, the cost and details of general liability policies vary based on both your insurer and individual risks. It’s essential that you compare quotes from multiple insurers in order to get the most competitive pricing and coverage options. In some instances, bundle your policies together as this can save money.
Professional Liability Insurance
Your business may offer professional services or advice, making you vulnerable to liability claims. Professional liability insurance (commonly referred to as errors and omissions insurance) provides your company with protection from claims that your negligence caused physical or financial harm to clients as well as allegations of misrepresentation, breach of contract or improper business practices; in fact some contracts stipulate this coverage is mandatory.
Professional Liability Insurance covers more specific risks related to your type of business. Instead of covering bodily injuries or property damages, this policy pays damages related to professional accidents and mistakes – for instance if one of your customers slips in your office and breaks their arm, that would likely fall under general liability’s coverage; but if they allege design flaws caused financial losses for themselves as a result of using one of your plans then it likely falls within professional liability’s purview.
Not to worry though; both types of insurance tend to come at competitively affordable rates. You can easily locate one that best meets your needs by conducting side-by-side comparisons online; in addition, many insurers provide discounts when bundling policies together.
Business insurance is an essential tool for small businesses, providing them with a range of cost-effective policies to safeguard them against unexpected events or legal action. By understanding your specific risks, selecting an ideal policy with sufficient coverage at a cost that suits you is easy.
NEXT Insurance makes it easy to tailor business insurance packages to fit the unique needs of your organization. Get a free quote in minutes and start protecting your company now.
At Intact Insurance Group, when we calculate your quote we take several factors into consideration including but not limited to:
These examples are hypothetical and provided for illustration only. We cannot guarantee any specific results or savings and strongly advise completing a full quote with one of our licensed insurance agents to get accurate, personalized advice that suits your individual needs and preferences.
