Business Liability Insurance
HSA Insurance Services appreciates your interest in the Business Owners Package Insurance coverage we offer. Business Owners insurance is designed to protect your business for the liability of bodily injury and property damage to others.; Coverage for your business property and materials is included in the policy. Typically, policies of this type do not provide any Professional Liability or Errors and Omissions coverage.
There are three types of insurance available to protect your business: property, liability and workers' compensation. Workers' compensation insurance is required by law in all 50 states. Property and liability insurance are not always mandatory; it makes sense, however, to protect all of your company assets with this type of insurance.Many times, your company may be required to have this type of insurance because of the contracts you have signed or negotiated with other companies you are doing business with.
Business owner's policies (BOPs) are insurance policies that are packaged to provide both the property and liability coverage at one affordable premium. These packaged policies are available to most small- and medium-size companies and can be a good alternative to purchasing separate policies for liability and property insurance.
What does a BOP cover?
Coverage includes property protection for the building and its contents as well as other people’s property. Typically, BOPs cover standard perils, including fire and theft. Although certain perils are excluded, such as damage caused by floods and earthquakes. This coverage would be purchased by separate insurance, if necessary.
Under the liability portion of the BOP, the business owner would select the amount of liability coverage desired, based on its assets. Liability coverage pays for the cost of defending the business in a lawsuit and pays damages if the business is sued for injury or property damage. The liability policy also pays the medical expenses of those injured, other than employees, as a result of business operations.
Keep in mind, Business Owners Insurance or BOPs are not designed to provide coverage for professional services of certain business. That coverage would be provided by Professional Liability or Errors and Omissions Insurance.
Please complete the Business Owners Insurance Premium Indication Questionnaire in full so that we may provide you with a business owner’s premium indication. To help with this please review the tips below.
Contact Information – Please make sure all information is completed and legible.
Business Activities – The “description of business services” refers to what your business does, for example, Real Estate Agency, Accountant, Title Agency, Mortgage Brokerage, Insurance Agency, etc. The “Annual Gross Receipts” can be a close approximation. If your business is new, please estimate what your gross receipts will be for the first year in business.
Property Information – This refers to the office space or building you occupy, including your home if you use it for work. If you are renting office space, a close approximation of the total building space is sufficient, as is the year the building was built.
Coverage Information – If you do not carry this type of coverage, please put N/A in the “Previous Carrier” line and your requested effective date for coverage in the “Expiration Date” line. The “Business Personal Property Limit” refers to your office and the business equipment that you want covered, while “Liability Limit” refers to how much protection you require for claims for bodily injury and/or property damage to others. Typical choices range from $250,000 per claim/$250,000 annual aggregate coverage to $1,000,000 per claim/$1,000,000 annual aggregate coverage.If you are not sure how much coverage you need, consider what you need to protect. A sole proprietor, for example, would want to consider the highest limit that is affordable so that personal assets are protected. Please contact us if you have any questions about your options for this coverage.
If you require assistance or have any questions, please contact our office at 866-443-4309.