Business Owners Insurance

Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the businessowners policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.

BOPs Include:

Property insurance for buildings and contents owned by the company — there are two different forms, standard and special, which provides more comprehensive coverage.

Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.

Liability protection, which covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.

BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.

 

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Announcement Regarding Covid-19 Emergency

To our valued customers:

Governor Cuomo has announced emergency measures giving New York residents and New York small businesses experiencing financial hardship due to COVID-19 a grace period of 60 days to defer payments for various kinds of insurance including auto, homeowners, renters, workers compensation and business policies. (Note: the deferral is 90 days for life insurance payments.)

The grace period applies to (i) individuals and (ii) small businesses with less than 100 employees, who have been hurt by the current emergency. If you have premium due in the next 60-90 days that you are unable to pay right now because of the COVID 19 emergency, please contact your insurance company and ask about alternative payment arrangements.
As an essential business, we are still working and are standing by, ready to help you with all your insurance needs.

Below is a link to the NYSDFS announcement if you would like more information.

https://www.dfs.ny.gov/press_releases/pr202003301