floyd arthur ppt a business owners policy coverage guide
TRANSCRIPT
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A Business Owner's Policy Coverage Guide By Floyd Arthur
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If you a business owner, you most likely have commercial liability and property and
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casualty insurance to protect your firm. You may not know, however, that many
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insurers offer bundled coverage known as a business owner's policy that includes
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both types of coverage, usually at a lower cost. Typically available only to small and
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medium-sized businesses, these policies are designed to protect firms that, in general, face the same degree of risk.
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What Does Business Owner's Policy Coverage Include?
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A business owner's policy typically includes:
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* Property insurance, which covers buildings and any contents, such as office
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equipment and furnishings. This coverage applies to property owned by the
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business, personal property of the business owner, and property that belongs to
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others that was left in the care of the business (for example, a computer left for
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repair).There are two forms of coverage: standard, which covers perils such as
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fire, wind and theft, and special, which covers all risks, except those that the
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policy specifically excludes, such as earthquakes or floods. Many standard
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policies also cover incidental damages, such as fire department service charges,
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debris removal, removal of pollutants and damage caused by water used to extinguish a fire.
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* Liability insurance, which covers the business in the event that you or your
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employee causes harm to others or their property. This typically includes
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coverage for defective products and services as well as medical payments and
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other damages resulting from bodily injuries to others that occur on your
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property. Most policies also cover advertising injury and personal injury, such
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as slander, libel and intentional infliction of emotional distress, as well as
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litigation costs and court-awarded damages.
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* Business interruption insurance, which covers your lost income in the
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event your business is forced to shut down due to a fire or other catastrophe.
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Some policies also cover the cost of doing business at a temporary location,
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including payroll and operating expenses.
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For an additional premium, you may be able to add additional coverages, such as
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coverage for personal property kept off the premises, valuable papers and records, and
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property stored outdoors. Some insurers also offer additions that cover losses due to
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the mechanical breakdown of equipment and broken glass or sign repair.
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What Does Business Owner's Policy Coverage Exclude?
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As a rule, business owner's policies do not cover:
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* Professional liability (also known as errors and omissions coverage) which is a
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separate form of coverage that protects business owners who provide a
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professional or personal service, such as accountants, real estate professionals,
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insurance agents, consultants, attorneys and physicians.
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* Medical payments or lost wages for an employee who is injured on the job
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* Injuries caused intentionally by you or an employee
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* Business automobiles
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* Liquor liability, which is a specific form of coverage for businesses that manufacture or sell alcohol.
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What Types of Businesses Qualify for Business Owner's Policy?
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Although standards vary according to the insurer, a business generally must meet
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certain criteria to qualify for a business owner's policy. For example, in most cases the business must:
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* Have fewer than 100 employees
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* Not operate in a large-scale office environment.
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* Not be involved in a high risk industry
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* Not require business interruption insurance for greater than six months
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Additionally, the cost of a business insurance policy is higher for businesses that fall
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into certain categories, such as those that:
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* Have a higher number of employees
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* Have been turned down for insurance in the past
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* Have filed a property of liability insurance claim in the past
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* Perform physically challenging or risk-prone jobs
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* Work off the business premises or travel for work
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* Work with dangerous chemicals or power tools.
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If you are the owner of a small business and would like to learn more about whether
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a business owner's policy is right for you, contact one of our business insurance
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experts to discuss your needs. We are available at 516-292-3780 Monday through
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Friday from 9 a.m. to 6.pm. to take your call. Or, if you prefer, request a free
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consultation online and we will get back to you within one business day.
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Get your Free 30-Minute Consultation at http://www.CarmoonGroup.com/contact-us/
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http://floydarthur.info * http://carmoongroup.com * http://floyd-arthur.com