• A Business Owner’s Package (often called a BOP) is an insurance policy that combines protection from all major property and liability risks in one package. It typically combines all the basic coverages required by a business owner into one bundle. It is usually sold at a premium that is less than the total cost of the individual coverages. Business Owners Policies usually target small and medium-sized businesses and typically contain business interruption insurance, which provides reimbursement for up to a year of lost revenue resulting from an insured property loss.

• Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.

• Group health insurance coverage is a policy that is purchased by an employer and is offered to eligible employees of the company (and often to the employees’ family members) as a benefit of working for that company. A group health insurance plan is a major part of many employee benefits packages that employers provide for their employees.

• Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in the underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group.

• Group Disability Insurance is a type of group insurance that provides regular income replacement payments to an insured member of the group in the event of an eligible disability resulting from illness or injury. Coverage is generally offered in two types: short-term disability (STD) or long-term disability (LTD).

• Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out-of-pocket expenses that your regular insurance does not cover.

1. Property insurance for buildings and contents owned by the company — there are two different forms, standard and special, which provides more comprehensive coverage.
2. 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.
3. 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.

In most cases, 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.

Contact us to learn more about the right Business Owners’ Package Policy for your business.

• Bid Bond – Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
• Payment Bond – Ensures suppliers and subcontractors are paid for work performed under the contract.
• Performance Bond – Ensures the contract will be completed in accordance with the terms and conditions of the contract.
• Ancillary Bond – Ensures requirements integral to the contract, but not directly performance related, are performed.

Contact us to learn more about the right insurance bond for you.

General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in workers’ compensation plans, and negligence is generally not an issue in the case.

Contact us to learn more about the right workers compensation insurance for your needs.