Business Owner? Think About a BOP.

Starting or operating a business is enough responsibility on its own–navigating the ins and outs of your chosen profession, pleasing customers and managing your operation–without the additional stress of figuring out the complexities of commercial insurance.

Anytime something can be streamlined, it’s worth investigating. As a business owner, you appreciate when something can be made simpler, although, to paraphrase Albert Einstein, you shouldn’t make it any simpler than necessary. There are times when complexity is warranted, but for the most part, simple is best.

Insurance is one of those things.

To make it as easy as possible, when that’s the best choice, carriers often offer a “BOP”, or Business Owner’s Policy. This is coverage that takes a few of the most needed policies for business owners and combines them into a package, which can usually be a better deal financially than orchestrating all of the policies individually.

A Business Owner’s Policy usually consists of:

  • General Liability. You need this foundational policy to protect you against situations where you might be liable for a third party’s injuries or damages.
  • Business Property Insurance. This provides coverage for leased or owned buildings, equipment, furniture, and important papers.
  • Business Interruption. If an event disrupts your ability to operate, it doesn’t mean your bills will stop. Procuring Business Interruption coverage can be a business life saver.

Your business is unique, and that means your company’s needs will be unique, too. Speaking with a professional who can help you figure out the best coverage for your particular business is important. It may be that a BOP would help your bottom line, and you may also be in a situation where you need the additional help of an Umbrella policy, or endorsements that go beyond the scope of a BOP.

Understanding basics is a good start, and will help you take a hand in the risk management of your business, but you need an experienced specialist to guide you through insurance specifics.

Call us today at 1-877-907-5267 to speak with one of our insurance professionals and get the plan that’s right for you.

Consider Umbrella Insurance…For a Rainy Day

If you’re a responsible business owner who has done their research and purchased business insurance for every aspect of their business–Workers Compensation, General Liability, Commercial Auto–you may wonder what Umbrella Insurance is, and if you need it.

Excess Liability or Umbrella Liability Insurance is a coverage that’s intended to provide for instances when the limits of your foundational policies are exceeded. In the unhappy event of a lawsuit against you, if the legal fees exceed the provision of your General Liability policy, this is the addition that would help out.

It’s possible that if there’s one thing that outstrips the frustration business owners feel at having to pay regular premiums for insurance, it’s the fear that all of that insurance might be necessary one day.

If something could surmount that concern…it would be the worry that it wouldn’t cover all of it.

This is where Umbrella Liability Insurance comes in.

Several factors come into play when considering whether Umbrella Liability Insurance is a good investment for your particular business and where it can be most beneficial in your risk management plan.

  • Average cost of damages. Different fields have different risks; investigating your segment’s typical court case can help you identify the amount of coverage you need.
  • Necessity of staff. One response to unexpected cost, when underinsured, is for businesses to cut staff or expenses. If you run close to the line every month–or can’t afford to do without any of your team–the extra cost of an Umbrella policy could be well worth it.
  • Type, location, and size of business. All three of these will affect your need for umbrella insurance, and also the cost of it.

It’s important to note that Umbrella coverage is an extension of liability insurance, but there may be instances when there are limits. Nothing replaces speaking with a professional who can answer questions about your specific business and insurance needs.

Call us today at 1-877-907-5267 for help evaluating or creating your business’s risk management plan. Don’t wait until it’s too late–have enough insurance coverage before an event occurs.

Professional Liability vs. General Liability

Going into business sometimes means navigating new strategies and encountering unfamiliar terms; the insurance aspect can be one of the most confusing, especially if it’s not a world you’ve dealt with much in the past.

Researching what you need, what’s a good idea, and what you can do without are some of the first steps in understanding what your business will require, insurance-wise. Defining terms, and learning what each type of coverage is and isn’t is a good practice to go along with that.

A common question from business owners, consultants, or freelancers is, “What’s the difference between Professional Liability and General Liability?” The natural follow up to that question is, “Do I need both? Or does one include the other?”

General Liability is a policy that insures you against claims from a third party that allege bodily/personal injury or property damage. It typically covers legal costs like settlements, defense fees, and other expenses. This is a building block for most businesses–you may hear it referred to as “Slip and Fall” insurance and if you’re a contractor, clients you work with may require it in order to do business together.

Professional Liability is also known as Errors and Omissions. This coverage generally applies to the professional who offers services and is typically concerned with financial damages that arise out of mistakes or lack of completion. It’s more specific than a General Liability policy and applies to the arenas that need “expertise”. Lawyers, IT specialists, and many types of contractors and freelancers benefit from this coverage. It may not be required by your state or professional organization, but it could be a very good idea that might save your practice/career in case of a claim.

No matter what type of business you engage in, consulting with an insurance specialist about your business insurance needs is wise and could be the most important part of your business plan. Lawsuits, even those that are unfounded or frivolous, can often end business dreams, and the surest way to ensure your future–even if you’re very good at what you do–is to be certain that you’re insured to the best of your ability.

Risk management is an art, and our business is helping you protect your business. Call us today at 1-877-907-5267 and let one of our specialists guide you in the search for finding the coverage that’s right for your business.

The Best of Both Worlds: Starting Your Own Business…In the Comfort of Your Own Home

Shot from above of a young businesswoman working on the computer late at night.
Is your home business covered?

Entrepreneurship is still at the heart of the American dream; working for yourself can answer a lot of problems, but it can also create some if the insurance for your home based business isn’t tailored to your specific situation.

Recent statistics indicate that home-based businesses number in the tens of millions, and growth is projected to continue. Whether you’re consulting, freelancing, or creating and selling, a home-based business can offer you a way to work for yourself without investing in another location, leaving you more financial room to invest in your business.

Part of that investment needs to include sufficient insurance.

Many home-based business owners may neglect insurance altogether, or make the mistake of under insuring. This may keep your costs low initially, but in the long run, you might end up paying more for events that arise, that could have been covered by paying a regular premium.

Insurance for a home based business needs to provide General Liability, especially if you are going to have clients on premises. This is a coverage that includes your liability for injuries or damages to third parties. (You may have heard it referred to as “Slip and Fall” insurance.)

If you’re using your car, or another vehicle, Commercial Auto insurance may be necessary, as well. Professional Liability applies to injury or damage caused by negligence, and you may want to consider Advertising Liability, to protect you from slander, libel, or copyright infringement.

The freedom that comes with a home-based business does have an equal responsibility, and making sure that you develop an adequate risk management strategy–that includes insurance for all the aspects of your home based business–can be the deciding factor in whether or not your enterprise is a short-lived dream or a lifelong pursuit.

Reach out to us today at 1-877-907-5267 to talk with an experienced insurance professional about insurance for your home-based business.

Insurance for Booth Renters…Don’t Get Caught Without It!

Woman wearing gloves giving a client a manicure
Is your manicurist booth covered?

As a service professional who rents booth space–whether you’re a manicurist, hair stylist or another personal service provider–you may know that you need a General Liability insurance policy to cover your obligations to your salon or spa…but insurance for booth renters should protect the booth renter, as well.

Beyond the parameters of a General Liability policy (which covers “slip and fall” accidents where a third party is injured or suffers damages and is usually required by salons) insurance for booth renters can cover a multitude of professional exposures, and it can make the difference between an occurrence being a blip on your work radar or a career-ending event.

If you are considered an independent contractor, you have the responsibility for ensuring that your livelihood is protected. Business Interruption coverage, when added to a basic policy for insurance for booth renters, will help you meet your obligations in case something temporarily halts your ability to work.

In the beauty industry, your tools are your trade. If they should be damaged or stolen, it can cost more than you may have on hand to replace them. When insurance for booth renters includes Inland Marine, instances of damage or theft may be covered.

Professional Liability encompasses damages or injuries that occur due to the services you are performing. (Make sure you only perform services that you are licensed to give.) If a client is burned or hair is damaged, this is the coverage that would apply, if it falls under the parameters outlined.

Senior woman hairdresser holding a hair setting spray and a brush at salon. Hair stylist in a happy mood while at work in salon.
Is your stylist booth covered?

Worries about cost top the list of questions that hair stylists and manicurists have about insurance for booth renters, but keep in mind that insurance is something to have in place for unexpected events–no one wants to imagine negative occurrences, but accidents happen. Unforeseen events have unforeseen costs; the regular premium you pay for insurance for booth renters is an investment in the continuing success of your business.

Call 1-877-907-5267 today to speak with an insurance professional about insurance for booth renters–find the coverage that fits your business, and your current situation, and a plan for managing your risks as your clientele grows.