By combining Property Insurance and General Liability Insurance into one plan, Business Owner's Policies (or BOP) usually offer a discount on premiums to qualifying small-business owners. Your business may qualify for this discount if…
- Insurance companies judge your business to be "low-risk."
- Your business does not work at large premises.
- Your business does not need Business Interruption Coverage for more than 12 months.
If you meet these criteria, you may be eligible for the BOP discount on your bundled Property Insurance and General Liability Insurance.
Find out if Your Business Qualifies: Online Insurance for Medical Billing, Notaries Public, Pet Groomers, Truckers, and Other Specialty Businesses
Fill out our simple, online insurance application, and usually within minutes our agents will be able to determine if you qualify for a BOP's discount or other savings.
Property Insurance and General Liability Insurance are two of the most common business insurance plans. When you purchase these two policies together, in addition to getting a discount, you will cover a lot of your business's basic liabilities.
What Property Insurance Covers: Policies for Lawyers, Authors, Translators, and Specialty Service Professionals
When fire, theft, vandalism, or covered weather events occur, Property Insurance covers your business's leased or owned property, including…
- Office space.
In other words, Property Insurance protects your property. Sounds a bit obvious. But there are some interesting scenarios in which Property Insurance can also help out…
- Your business causes a fire and it spreads to adjacent offices. Property Insurance can also help pay for damages to other businesses' property.
- A nearby office causes a fire that spreads to yours. This is the reverse of the situation above, but property insurance will also help you recover your damaged or lost property.
- A covered weather event damages your office and you have to move. When this happens, if you have Business Interruption Coverage in your policy, Property Insurance can help pay for the cost of moving your business to a temporary location. These policies can also pay for the lost income you suffer from having to relocate or suspend your business temporarily.
Actual Cash Value Vs. Replacement Value Property Insurance: A Choice for Truckers, Pet Groomers, Medical Billing Companies, and Other Small Businesses
Before you insure your property, you'll have to choose between insurance that pays for brand new replacements of your equipment, supplies, and other property, and an insurance policy that only refunds your property's depreciated cost.
Let's say someone breaks into your offices and steals your computers. If you have a replacement value policy, you will be refunded the money to buy brand new replacement computers. On the other hand, if you have an actual cash value policy, you will only get enough money to buy used equivalents of your lost computers.
Replacement value policies naturally cost more. Depending on your situation and what kind of property you are insuring, one of these may make more sense. Our insurance agents will help you figure out the appropriate and cost-effective ways to insure your property.
General Liability Insurance for Lawyers, Employment Agencies, Notaries Public, and Other Specialty Companies
General Liability Insurance protects your company when a third party sues your business over…
- Damaged Property.
- Slander / Libel.
If one of your employees forgets to put up a Caution Wet Floor sign, you can be liable if a customer or other third party slips and falls. General Liability Insurance can help you pay for the medical bills of your customer as well as the legal costs of any lawsuit.
What Happens When Your Business Is Sued? A Case Study for General Liability Insurance
Let's say that one of your employees gets up in a meeting to go grab something. On their way out the door they trip over a client's laptop cord, pulling it to the ground. The laptop shatters and the client is furious. They've lost a lot of important files and decide to sue you.
When you are sued, you may have to pay…
- Lawyer's fees.
- Witness fees.
- Investigation costs.
- Damages (from a settlement or judgment).
- The opposing side's legal fees.
All of this on top of your normal bills. General Liability Insurance can help you pay for the overwhelming cost of a lawsuit as it occurs, which means you won't have to go bankrupt.
In addition, General Liability Insurance can also help make the whole process easier. Many policies will even cover any income you personally lose on the days you have to appear in court or work with your lawyers to prepare your case.
Talk to an Insurance Professional Today
Whether you work in legal services, medical billing, or pet care, when you contact an insureon agent, you'll talk with someone who specializes in insurance for your professional services industry. Our agents will help you figure out whether you qualify to save money through a Business Owner's Policy or other policies.