Business Owner’s Insurance

Your business is your livelihood. Because of this, two critical forms of business insurance (property and liability) are often bundled together in a Business Owner’s Policy, or BOP.

1. Business Property Protection The property portion of the policy covers your business’s physical assets and can also provide funding for rent, salaries and supplies if your business is forced to close for a short time.
1. Protecting Your Business’s Physical Assets. This portion of your BOP policy covers business-related property such as your building, personal property, property of others, as well as smoke, fire, lightning, explosion and windstorm and hail damage. It also covers equipment breakdowns, glass, property in the open and outdoor property, spoilage, sprinkler leakage, vandalism and malicious mischief.
2. Equipment Failure coverage and Business Interruption insurance also can be a part of your Business Property Protection in your BOP.
3. Business Coverage Inland Marine is a fancy name insurance companies give to insurance for goods related to your business while they are in transit (on a truck or train, for example). It also covers things like your computers, communication towers and equipment, leased property, builders’ risk and rigger’s liability, motor truck cargo and contractors’ equipment among a wide variety of items. Marcum and Associates is prepared to help you understand the types of coverage this entails and to evaluate its value to your specific business.
4. Crime insurance protects your business from losses as a result of crime, including employee dishonesty, computer fraud, theft, loss of guests’ property (safe deposit box) on the premises.
5. Business Interruption Coverage helps provide cash to cover bills that continue during a brief period of business interruption when an accident or natural disaster keeps your business closed. This insurance helps pay for salaries, rent or mortgage, suppliers and taxes until you are able to get your business back up and running.
2. Business Liability Protection The liability portion of the BOP covers expenses if an employee or client sues your business, or claims to have been injured at your place of business.
1. Professional Liability Protection. Even though you are an expert in your profession, it is possible that you might unknowingly make an error or omission that can affect an individual client or customer. This insurance protects you against this type of claim.
2. Business Umbrella This all-encompassing policy provides additional liability coverage after the limits of the original BOP are reached. This important form of insurance is traditionally a value because it covers unexpected events, and could potentially save your business

By state law, as soon as you hire your first employee, your business requires worker’s compensation insurance. With this policy, workers injured on the job are provided state-mandated benefits regardless who is at fault. Because the benefit specifics vary from state-to-state, your Marcum & Associates Agent is specially trained to make certain your worker’s compensation policy provides the appropriate protection and coverage.

It is important to note that any vehicle involved in an accident while engaged in company business may not be covered by personal auto insurance. Your Marcum & Associates Agent can help you select the proper coverage based on your fleet size, “non-owned” or rental vehicles.

Marcum & Associates is proud to offer specialized packages for certain types of small businesses as well as optional coverage for certain types of risks. Your qualified Agent will help you determine which, if any, additional commercial coverage may be needed.