A Business Owner's Policy is a combination of business liability insurance and business property insurance. A BOP generally protects business owners from liabilities, property damage, perils, and business interruptions. Additional coverage can include spoilage of merchandise, data breaches, forgeries, particular crimes, vehicle coverage, and more.
Workers' compensation provides monetary and medical benefits to workers who get injured or disabled during the course of employment. Typically, if an injured employee accepts worker's compensation, they cannot sue the employer.
Commercial general liability typically provides coverage in case an injury or damage takes place on a business' property or while a business is operating. For instance, a customer could slip on the floor of your property, or an employee working at someone's home can slip and cause damage.
Business interruption insurance, also known as Business Income insurance, is a form of time-element coverage. It replaces lost income a business would have made during a specific period had no loss occurred. Coverage, however, is triggered only if there is direct physical damage to covered property by a covered cause of loss. Operating expenses can also be covered if a business needs to change locations or make loan payments. However, it often does not protect closed businesses if a pandemic occurs.
Tools and equipment insurance is a type of inland marin insurance that provides coverage if essential and expensive tools get destroyed or stolen. You can add this as a supplement to your insurance policy to typically cover heavy and rare equipment that can be difficult to replace and find.
Selecting the right types and levels of coverage for your business helps protect what you've worked hard to build.
Once we receive your quote request, we'll give you a call to review your information and suggest any additional coverage you may want to consider based on your business details.
Something many businesses don't know is that commercial insurance carriers have preferences for which types of businesses they insure.
The problem for most business owners is that they don't know which carrier is the best fit for their business, leading to high premiums or declined applications for coverage .
The 321 LaunchPad is connected to the largest network of commercial insurers available anywhere. We match your business with a qualified insurer so you get the right coverage for a fair price.