Insurance coverage for businesses of all sizes.
Business owners insurance provided by Horwath & Druck Insurance LLC.
A Business Owners Policy (BOP) combines business property and business liability insurance into one convenient policy. We’ll work with you to design coverage that protects your business from a variety of risks, unique to your industry.
Why does your business need business owners insurance?
Because your business faces the unexpected on a daily basis, there are always risks involved. Whether it’s the risk of damage or loss to your property or customers, the only way to protect your business is with the right policy. With the convenience of a BOP, you can minimize the risks and focus on the future of your business.
Two coverages in one policy.
A business owners insurance policy is known as BOP for short. This is appropriate, since it offers a one-two punch. It’s a combination policy bringing together two types of coverages.
Includes property insurance.
The first type is property insurance. Property insurance covers risks associated with your business’ premises, equipment and vehicles. In addition, it often includes any associated loss of business. This is an essential coverage because it ensures your business, assets, and income are protected. For instance, here are a few of the coverages to consider in your business owners policy:
- Accidental Damage
- Loss of Income
- Loss/Damage of Property
Click it. Read it. Cover it.
- Click on the hotspots.
- Discover your risks.
- Get the right coverage.
As a business owner, you've worked hard to build a solid business. But what happens when the unexpected happens? Are you covered?
A business owners policy is uniquely designed to protect your most important assets, including your business, its continuation, your employees, and your way of life. Discuss the details of this coverage with your agent and ensure that you're protected.
If you perform services for others, you are at risk of not doing the work correctly (errors) or not doing it at all (omissions). Lawsuits can arise claiming the error or omission harmed your client and caused them a financial loss.
Errors and omissions liability insurance protects any business that gives advice, makes educated recommendations, designs solutions, or represents the needs of others. Ensure you have this important coverage if you perform services for clients.
Directors and officers (such as board members) are exposed to increased risk factors and are held accountable for acts that claim negligence in the performance of their duties. Any resulting lawsuits are typically expensive to defend, resulting in potentially large settlements.
Obtain comprehensive coverage to protect senior individuals of your company. Directors and officers liability insurance provides coverage for the legal costs to defend a covered lawsuit and provides the money necessary for any settlement beyond the defense costs.
What happens when your business faces a large liability loss that exceeds the basic limit of your standard policy?
A commercial umbrella policy provides high limits of insurance, typically between $2,000,000 and $10,000,000. Coverage is extended over your general liability insurance, workers' compensation, business auto, as well as directors and officers liability coverage. It provides a great safety net and helps ensure your business is well protected.
Businesses are susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more.
General liability insurance is an absolute necessity for any business. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action regardless of its merit.
What will you do if one of your trusted employees is found guilty of doing something dishonest?
Crime and fidelity coverage is designed to provide coverage for employee dishonesty, forgery and depository, theft, destruction and disappearance, and more. Discuss the details of this coverage with your agent to learn more.
Could your business cause damage to the environment? If so, are you covered?
Environmental insurance provides protection if an environmental catastrophe occurs.
With technology performing many tasks in today's world, a breakdown can cause a significant financial burden, including the cost to repair the equipment, the interruption of your business, as well as any lost income and extra expenses.
Comprehensive coverage provides protection against equipment mechanical breakdown. Discuss the details of what's covered with your insurance agent.
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law, so be sure that you understand your obligations.
An auto accident can cause bodily injury or property damage to others for which you are responsible, potentially putting your business in financial jeopardy.
Business auto insurance provides coverage for vehicles owned or leased by a commercial enterprise and provides coverage for bodily injury, property damage, and other coverages, and includes both comprehensive and collision coverage.
On average, it's estimated that three out of five businesses will be sued by their employees. While there is nothing you can do to prevent someone from filing a lawsuit, there is something you can do to limit the costs of defending a legal claim.
Obtain employment practices liability insurance to protect your business and its directors, officers, and employees from alleged employment-related acts such as wrongful termination, failure to promote, discrimination, and sexual harassment.
The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small businesses alike. But with these benefits also come challenges, including protection of privacy, data, and financial information of your customers.
Cyber liability coverage covers unauthorized access to electronic data or software within your network. It also provides coverage for spreading a virus, computer theft, extortion, or any unintentional act, mistake, error, or omission made by an employee. This coverage is quickly becoming more and more important as you embrace technology to help run your businesses.
What would you do if a fire impacted the operation of your business? Or what if a pipe leak caused a system outage or extended downtime? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.
Business income insurance compensates you for lost income if the business cannot operate as normal due to damage that is covered under your commercial property insurance policy, such as fire or water damage. Business interruption insurance covers the revenue you would have earned, based on your financial records, had the incident not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
Your business property is a significant financial investment. What if something happens to it?
Commercial property insurance can help protect the property your business owns or leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
Also includes liability insurance coverage.
The second type is liability insurance. Liability insurance covers damage to people you deal with and their property. However, it’s important to note that liability insurance usually doesn’t cover risks related to professional services–meaning damages that result from you giving clients inaccurate advice, for instance. The liability coverage included in your business owners policy is a necessity, especially if:
- You meet your clients at your business or theirs.
- You have physical access to your clients’ equipment.
- There is a risk of damage to people or business.
Customized coverage for your business.
Getting a business owners policy (BOP) means covering all these risks in one go, which significantly reduces stress and brings you peace of mind. Polices are typically custom made to cover your specific needs, and pricing varies depending on your business. But, it’s normally cheaper than buying separate policies for each element.
Understanding your unique business needs.
Designing a business owners policy that works best for you and your business is what we do best. We are focused on understanding your business so we can develop the right policy to protect your business, income, and assets. Most importantly, we want your business to be successful. Finding the right BOP coverage to meet your needs is the best place to start.
So, no matter what kind of business your run, consider the benefits of business owners insurance. From startups to established businesses, we will develop a custom plan for you. Contact us today to get started!
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