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Business Owners Package Policy

A business owners policy, often called a BOP, combines property and general liability insurance coverage on a single discounted contract. There are several benefits to this policy but it is intended for smaller, less risky commercial accounts. Here is a list of some coverages that may or may not be included in a BOP policy:

  • Damage or destruction to your office equipment or inventory
  • Loss of income in case you have to close-up shop temporarily because of a covered property loss
  • Certain business related liability exposures such as bodily injury or property damage caused by your negligence as well as libel, slander and even certain offenses arising out of your business's advertising
  • Risks to your cargo while in transit or storage
  • Theft or loss of tools and equipment
  • Crime coverage including robbery, burglary, even employee dishonesty

Property Insurance

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Property insurance protects the physical assets of a business from covered causes of loss (i.e. fire, vandalism, smoke, windstorm, lightning, etc). Physical assets of a business include buildings, personal property such as inventory and furniture & equipment as well as computers and cash.
There are numerous consequences that a business could incur if their property is damaged. These property loss consequences include:

  • Reduction in value
  • Extra cost to replace
  • Cost of debris removal
  • Business Interruption (loss of income)
  • Extra cost to operate
  • Loss of use value in betterments and improvements

General Liability Insurance

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General liability provides coverage for your business if an individual or another business claims your company or your employee was negligent and responsible for bodily injuries, property damage, financial loss, personal injury or advertising injury. Liability insurance can pay not only for the covered damage amount but also for your defense cost.

There are several examples of how a business could be sued for negligent acts. A visitor could slip on your premises. A competitor or customer could sue you for false advertising. A client could sue you for damage to their property while in your care, custody and control. A former client could sue you for libel or slander.

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Professional Liability Insurance

Professional liability insurance is designed to pay for economic damages caused by negligent acts, errors, or omissions for which you're legally liable. This coverage protects you if, in your professional capacity, you do or fail to do something that causes a financial loss to a third party. This insurance is often called malpractice or errors & omissions insurance. It covers such professionals as doctors, lawyers, accountants, insurance agents, school board and corporate board members, consultants, teachers. It often covers situations such as: 

  • Failure to perform services as requested or designed
  • Misrepresentation
  • Failure to make recommendations, or failure of recommendations
  • Breach of client confidentiality
  • Unintentional dissemination of false or misleading information
  • Unintentional infringement of copyright

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Business Auto Insurance

Business Auto Insurance provides several optional coverages, which protect the business from financial loss due to liability incurred while driving a vehicle owned, leased, hired or borrowed by the business. Auto insurance can provide coverage for both liability exposure (bodily injury or physical damage that you cause) as well as physical damage to your vehicle. This insurance is needed regardless of whether the business is an association, corporation, partnership or sole proprietorship. Business Auto coverage may be used to insure private passenger autos and all types of trucks, trailers, semi-trailers and commercial vehicles designed for use on public roads.

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Workers Compensation Insurance

If one of your employees is accidentally injured while on the job or if some condition in your working environment causes one of your employees to become ill or contract a work-related disease, a workers' compensation policy will pay for a wide range of services to aid the injured workers' recovery and return to productive work, including:

  • Medical benefits for a covered injury or disease, including medical, hospital, surgical and other related health care costs as well as physical therapy and prosthetic devices
  • Indemnity benefits including compensation for lost wages
  • Rehabilitation benefits including services to help an injured worker return to productive work, such as vocational rehabilitation
  • Death benefits including a flat amount for burial expenses as well as partial replacement of the worker's weekly wage
  • Employer's liability coverage provides additional coverage in case the employer is ever sued for damages arising from employment-related accidents or diseases

Cyber Liability Insurance

Regardless of how large or small a business is, cyber insurance is essential so long as internet security remains in the state it is in.  The service providers that businesses utilize are not liable for their security flaws- something we all agree to in the terms and services contract when we first install a program.  Cyber insurance will cover financial losses, lost income as a result of a hack, will pay ransoms for ransomware, and help restore your systems following a breach, and will replace hardware if necessary. The insurance companies have specialized cyber forensics teams to investigate and make sure you are back up and running as soon as possible.

Cyber Liability Insurance is filling an enormous gap in coverage that not so long ago didn't exist. Being so new, the Insurance Services Office, the organization that has brought standardization to many of the forms everyone has heard of, does not offer a standardized form.  Each company is crafting their own so be very thorough in reviewing coverage. 

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Directors and Officers Liability Insurance

Individuals who serve as directors or officers of corporations are acting in a fiduciary capacity in that they are responsible for managing the affairs of the organization and must act with due diligence. In the absence of such care causes a loss for the organization or its shareholders or even its creditors, the directors and officers can be held personally responsible. D&O insurance provides coverage for the company, its directors, its managers and officers, and its employees for suits alleging that they were not prudent in their decision making causing financial harm.
Almost any day-to-day decision or action by anyone in the organization can trigger a lawsuit. The most frequent causes of action leading to D&O suits are:

  • Financial Reporting
  • Conflict of Interest
  • Loss or bankruptcy
  • Dishonesty/Fraud
  • Tender offer for your company or for another company

Many D&O policies today (especially for non-profits) include employment practices liability coverage. This coverage provides coverage for suits in the workplace from employees alleging:

  • Discrimination due to race, sex, age, national origin, religion, disability, or sexual orientation
  • Wrongful termination
  • Sexual harassment
  • Promotions and compensation  
  • Discriminative hiring decisions
  • Conflicts of interest
  • Failure to supervise employees

Employment Practices Liability Insurance

Employment practices liability insurance, or EPLI, provides coverage for claims of discrimination based on age, race, gender, disability, and other factors brought by employees or applicants. EPLI also includes employee claims of sexual harassment and wrongful termination.
Batchelder Bros. has access to several carriers that provide EPLI insurance.  Each coverage form is different and it is important that you spend time with your agent reviewing what each form does or does not cover.

Contract Bonds

Guarantees the integrity of the various stages of a business relationship: the bid, performance, and payment.

Bonds are typically distinguished between Surety Bonds, which guarantee the performance of a contract, or Fidelity Bonds, which protect against the dishonesty of employees or persons occupying positions of trust. Most all types of bonds fall into these 2 categories but often have their own names. Listed below are some commonly used bond names with a brief explanation of each.

Today's construction industry is more competitive than ever and more project owners reinsure that their contractors provide them surety bonds guaranteeing their performance of the contract and payment to certain subcontractors and suppliers.

Court & Judicial Bonds

Including plaintiff and defendant bonds, which guarantee payment of damages.

License & Permit Bonds

Governmental bodies can refuse the granting of permits until your business proves that relevant laws, regulations, or ordinances will be complied with. A license or permit bond can prove sufficient, allowing you to proceed.

Notary Public & Public Official Bonds

Guarantees faithful performance of duties according to applicable statutes.

Probate Bonds

Required of administrators, executors and guardians, probate bonds guarantee faithful performance of duties.

Commercial Umbrella Insurance

Commercial Umbrella Policy can provide you with an additional layer of liability protection over the limits set by your commercial underlying policies (including general liability, auto liability and sometimes even professional liability). This provides protection against catastrophic liability claims. Umbrella limits available are typically in $1,000,000 increments.