Gary Scalzo, Steve Zogby and our Trusted Choice™ agency have specialized in business insurance in the Utica area for over 30 years. And last year we added Lisa Marchitelli and Denise Conti to our staff as Commercial Lines Account Managers, so we have the experience and expertise that businesses and non-profits appreciate when it comes to their risk management.
Since so many of our customers are small to medium sized businesses, we thought it would be a good idea to give you an overview of the most popular business package we offer: the Business Owners Policy, or BOP.
The BOP is a package that covers the typical risks of most small businesses. Think of it as a homeowners insurance policy for business. It includes coverage on the building, contents, and liability, all in one policy. This makes it easier to understand and less expensive than if you carried separate policies for each coverage.
Basic Coverages on Most Business Owners Policies
Property Insurance: The BOP includes coverages on your building and structures including completed additions, fixtures, outdoor fixtures, permanently installed machinery and equipment, and more. Your business personal property includes furniture, equipment, and inventory.
Business Interruption Insurance: It isn’t the first thing business owners usually think about, but if you suffer a severe loss to your business, such as a major fire, you may not be able to earn income. But your expenses remain. So business income insurance pays for your loss of income due to the necessary suspension of your operations during the period of restoration.
It can also pay for the extra expense you pay to avoid or minimize the suspension of business and to continue operations. For example, if you temporarily relocate to stay in business. Again, this covers you for the time your usual operations are suspended because of restoration.
Commercial Liability: If your business is sued for injuring another person or damaging their property, you have coverage for your legal liability. You may be held liable for incidents as simple as a slip and fall by one of your customers to a defective product. And from faulty installations to errors in services provided.
Coverages Not on a Business Owners Policy
A business owner’s policy is a nice package for small to medium businesses, but it does not cover everything. Call us to help you find coverage for:
• Commercial Auto
• Workers Compensation and NYS DBL
• Professional Liability Insurance
• Employee Practices Liability Insurance
• Flood and Sewer Back-up
• Cybersecurity Insurance
We also recommend you look into Excess Liability and Umbrella Insurance. These will cover you for lawsuits over your business and automobile policies.
So if you own a business here in the greater Utica area, call Gary, Steve, Lisa, or Denise and we’ll see if you qualify for a Business Owners Policy.
And we insure many larger commercial and non-profit accounts here in the Mohawk Valley. We help them manage their risk and find the right insurance at the best price.
So whether or not a BOP is the right fit for you, call us with questions or to get a quote for your business or non-profit.
Until next time,
Your SZW Team
SZW Insurance is your New Hartford area Trusted Choice™ independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. Or request a quote here.