3 Tips for Business Insurance

Posted by: Curt B.

Does your new office lease require a clause for General Liability Insurance or Commercial Property Insurance?  Sometimes referred to as a BOP or Business Owner Policy, these policies are comprehensive providing coverage for Liability--Bodily Injury to persons, property coverage, employee coverage.

Know what you are buying, not all BOP Policies are the same:

There are two commercial general liability coverage forms, the occurrence form and the claims-made form. The difference between them lies in the way claims are handled under the two forms. While the occurrence form covers bodily injury or property damage claims that occur during the policy term, the claims-made policy form only covers claims made against the insured during the policy term.

Deductible: We write many policies for new small business owners for as low as $350 to $500 year, if a lap top is missing with critical information, you can receive replacement cost/new laptop with a low deductible.  As the deductible goes up, the rate or premium will go down, compare rates and be informed on how much you are prepared to pay out of pocket or "self-insure" for a loss.  Don't let a loss put you out of business.

Liability coverage is provided for injury or damages arising out of goods or products made or sold by you, the insured, if you are in a consulting type business or a service business you may need specific Errors and Omission Insurance or Officers and Directors Liability Insurance.  Do not assume that the "general liability clause" in the policy will cover everything you do in the course of your business.

Last updated: 10.29.2010 05:12 PM