Commercial Insurance Randy McCoy

Business Owners (BOP)

Commercial insurance is a necessity for business owners. This coverage protects business owners against potential losses which may arise from interruption of normal business, an injured employee, property damage, accident, theft or liability.

 

Every business is unique, so commercial policies must be equally diverse. Many businesses choose Business Owner’s Policy, which combines several different coverage options within one convenient package. The benefit of BOPs is the assistance received in covering damages and fees, which the business owner is generally responsible for. Policy options may include real property coverage, general liability protection for operations and premises, business interruption, medical expenses, off-premise equipment, and employee dishonesty. The greatest benefit of a BOP is packaged pricing best suited for small, single location businesses.

 

Although BOPs are great, they may not cover every need. Our agents are able to help determine whether you need protection in the event an of crime, commercial auto, inland marine, errors and omissions, flood, equipment breakdown, liquor liability, product and completed operations, directors and officers, and employment-related practices.

 

General Liability

Might be needed depending on how company vehicles are used—business only, or combined with personal use; vehicle ownership; type of driving; and whether employees drive the company or personal vehicle during business-related transit. Your agent can help determine the best coverage based on this information.

 

Workman’s Compensation Insurance

Offers protection for both employer and employee in the event of injury or illnesses that are job-related. Generally, business owners are required, legally, to carry workman’s compensation insurance. While every contingency may be considered to provide a safe work environment, accidents and work-related illnesses must be anticipated as inevitable. Workman’s Compensation is yet another layer of protection, necessary for optimal planning to assist with medical expenses and lost wages.

This coverage also helps with accidental death benefits paid to spouses and dependents left behind after events ending in fatalities. While Workman’s Compensation is a valuable asset to the business owner, it does come as an individual commercial policy and is always purchased separately from General Liability.

Your agent understands the many variables involved with commercial insurance and is ready to work closely with you to determine the coverage most suitable for you. We look forward to reviewing all your options and develop a comprehensive plan for your business. Our commitment to you is to work diligently to help protect all that you have worked to build.

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