In lieu of the complexity and variety of insurance as defined by your type of business insurance needs, we offer a number of different applications which can be completed at our homepage. Just click on the business insurance button and complete an application for the line of business you would like quoted.

Regardless of the type of insurance required you must provide information concerning what is being insured, the value (property) and general liability rating basis (gross sales, payroll, or square footage).
For workers compensation, the number of employees, type of work performed, and group annual payroll by class of work performed must be completed.

Any relevant loss history over the past three years, type of business (SIC code) and Tax I.D. numbers will be needed for quotation.

II. Selecting the Best Program

As with Homeowner’s Insurance, we favor standardized forms as the basis for comparison. The form which provides the small to medium sized businesses the best combination of coverage and most competitive cost is referred to as a Business Owner’s Policy (BOP).

BOP’s are specially designed to provide a customized set of insurance coverages by the type of business to be insured. Besides reducing overall cost, package policies minimize the risk of potential coverage gaps and costly duplications.

As constructed, the BOP policy provides both property and general liability insurance. Additionally, there are a set of coverages specially designed for the type of business being insured. Also, there are several specialized coverages provided on a limited basis to all Premier/Special type BOP policy holders (i.e. crime, employee dishonesty, money and securities).
When comparing the BOP policy to other insurance programs, the most significant ancillary benefit is the business income coverage. Most other insurance programs charge an additional premium for a lesser type of coverage involving monthly limitations or co-insurance penalties.

For example, the BOP Business Income coverage is provided for up to 12 months on actual loss sustained basis. Having the proper amount of business income coverage is critically important for location oriented type businesses which include retailers, restaurants, building owners, auto repair, printers, wholesalers/distributors and manufacturers.

Two optional coverages we strongly recommend regardless of the program used, are the hired/non-owned auto and employee benefit liability. Besides being reasonably priced, practically every business has these two exposures. Other optional property coverages you should consider include (depending on your type of business) manufacturer/stock selling price, building ordinance, customer goods (bailee), pollution/contamination, mechanical breakdown, transit, glass, and sewer/drain back up.

When reviewing the other coverages included, be sure the amount of valuable records/papers, computer, transit, employee dishonesty, money and securities are adequate. Also, review the specialized coverages as they pertain to your business; then enhance coverage to your individual business requirements.

Finally, there are several other coverages that are available as endorsements or sometimes only on separate policies. These include worker’s compensation, scheduled business automobiles, pollution, flood, earthquake, liquor liability and employment practices liability.

III. General Recommendations:

(1) Obtain the services of a professional insurance advisor who is both licensed and certified. Be sure the advisor has specialized experience concerning your type of business. You should require the advisor to provide references and contact the references to verify quality of service and level of expertise.

(2) Determine if your type of business is eligible for a BOP, and use the set of coverages as your basis for comparison. If not available, the assistance of a business insurance specialist is imperative.

(3) While reviewing what is covered, it is equally important to determine what is not covered or subject to limitations (i.e. earthquake/flood.)

(4) Depending on the type of business you own, you will need specialized coverages. If your business is location oriented, pay particular attention to your business income/extra expense coverage. Be especially careful if you are under a coinsurance type form as you may be subject to underinsurance penalties.

(5) If you are not a location oriented type business such as artisan (trades) or service type contractor, the Premier/Special type BOP usually provides specific coverage for contractor tools, installation, machinery and equipment breakdown. It is vital to review the individual limits and adjust them according to your needs.

(6) As stated earlier, two optional coverages you should add are hired/non-owned auto and employment benefit liability. They are inexpensive and practically every business has this exposure.

(7) Consider the purchase of an umbrella policy which provides both excess and drop down coverage in conjunction with your primary policy coverages (i.e. general and automobile liability).

Warning: Please note, completion of a form is not an offer to bind. Rather, an offer to bind involves an agreed premium, acceptance by a specific insurance carrier, and the payment of premium on a specified date.
If you are unclear concerning the purchase of insurance through us, please contact our agency manager Delilah Vaughan.