Building a business is a tough job. It takes money, resources, time, and dedication. It’s important to keep all that hard work protected. Every year, over 627,000 businesses open their doors for the first time and over half that number close every year. One of the biggest reasons is a lack of money to stay afloat. When starting a business, the last thing you need is more financial pressure. Give your business the best protection with a business owners policy.
If you have a business or are looking into starting one, it is important to have insurance to protect it. What is even more important is taking careful consideration as to which insurance is best for you. REMCO Insurance Services offer a range of insurances for business owners, and we want to help you succeed with the right policy.
A business owners policy covers major property and liability risk. A business owner’s policy (BOP) can be best understood as a combined policy for business liability and business property. Business owners policy insurance is formed by considering both business property insurance and business liability insurance. This means that BOP insurance supports you in claims relating to theft, fire, and many other disasters. BOP insurance also covers property damage and bodily injury. Additionally, you can expect BOP insurance to cover personal and advertising injuries.
A business owners policy typically includes the following:
This is one of the most important insurances to have for small business, as it protects against lawsuits that may relate to property damage or personal injury. Proof of this type of insurance may be required when signing a contract or applying for a loan.
This insurance provides coverage in case of perils such as fire, explosions, storms, theft, vandalism, and storms.
In the event of disaster, this kind of insurance covers your business’ loss of income and may help cover the rebuilding process.
BOP does not include workers compensation, professional liability, flood, earthquake insurance, employment practice liability, or commercial auto policy.
A business owners policy typically covers smaller business, in other words those who make less than $5 million a year and employ less than 100 employees. The business has a physical location and owns items (even electronically) that could be damaged or stolen. Get a quote for your business today by calling 215.357.7878 or filling out our online quote form.
These two policies are very similar in that they bundle insurance for a usually cheaper rate. The difference is that a commercial package policy isn’t as limited as BOP. Most commercial package policies include:
Usually small businesses utilize BOP while larger companies of varying degrees choose a commercial package policy because of its more extensive coverage. Neither of these policies typically cover directors and officers liability, health and disability, life insurance, or workers compensation.
For a business, BOP is essential since a business owner can customize the policy to fit all industry-specific needs. BOP Insurance Philadelphia is useful for companies of all sizes, though it is particularly beneficial for smaller enterprises. There are consistencies among the various package policies available since BOP is specially built for businesses that face similar risks. Business owners should therefore customize their BOP insurance as a first step when insuring their businesses. All possible and expected risks should be covered so that your BOP insurance offers the highest protection against potential damages and losses from day one.
If needed, a business can tailor their BOP to meet the unique needs related to their business.
They can achieve this by adding optional coverage such as:
A business owners policy typically includes the following:
Remco Insurance Services can help in getting appropriate health insurance, life, auto and other types of insurances.
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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.
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.
Could your business cause damage to the environment? If so, are you covered?
Environmental insurance provides protection if an environmental catastrophe occurs.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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