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Business Insurance

Business Owners Policy (BOP) Provider

Insuring Your Business Against Common Liabilities

A Business Owners Policy (BOP)1 is an amalgamation of insurance coverage into a single package. It typically covers commercial property, general liability, business income, and equipment breakdown but can offer additional protection depending on the provider.

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BOP Insurance is Ideal for Business Owners Who:

  • Operates business at a location other than their home.
  • Have fewer than 100 employees.
  • Produce less than $5 million in sales.
  • Own property or equipment.
  • Are looking to protect investments in their business.

Through VensureHR’s workers’ compensation claim services, our team acts as a liaison between the injured employee, your company, the workers’ compensation carrier, and the medical care provider. This process ensures strong communication while reducing the potential for litigation.

Our goal is to assist the injured employee in making a complete and timely recovery so they can get back to work through careful monitoring and processing of the claim. VensureHR advocates introducing employees back into the workforce at a speed and level at which they are medically able to do so. Additionally, this approach improves your loss history, resulting in lower premium costs.

Defending Your Business from Common Liabilities

There are three common liability insurance options for businesses: general liability, errors and omissions, and industry-specific coverage. Explore the breakdown of the three and see which option might best suit your needs. 

GENERAL LIABILITY INSURANCE

General liability insurance can help cover expenses you are legally responsible for, including:

  • Lawsuits, Investigations, and Settlements
  • Medical Damages, Attorney Fees, and Injury Damages
  • Abuse Coverage for Liability

Employee injuries, automotive coverage, and intentional acts are not usually covered under general liability insurance.

ERRORS AND OMISSIONS (E&O) INSURANCE

Errors and omissions (E&O) insurance2 protects you and your business from claims of negligent acts, errors, or omissions committed during business endeavors that result in a financial loss. Policies are typically written to cover common risks and exposures to a particular type of business and cover judgments, attorney fees, court costs, and settlements up to the policy’s limits. E&O insurance is highly recommended for businesses that provide paid services, such as electricians, plumbers, HVAC installers, and sheet metal workers. These policies typically protect you (the business owner), your employees, and your subcontractors.

INDUSTRY-SPECIFIC INSURANCE

Industry-specific insurance3 is tailored to provide coverage for your unique business. For example, most industries that employ workers require workers’ compensation coverage, whereas an employer with no employees does not need workers’ compensation insurance. There are numerous considerations and requirements for industry-specific insurance, so it is important to ensure the company you choose offers the appropriate coverage your industry requires.

Introducing VensureHR, a Trusted Business Insurance Partner

VensureHR has been supporting businesses of all sizes across all HR, benefits, payroll, risk and compliance, and workers’ compensation service areas. We pride ourselves on continuously seeking technology, complementary services, and partnerships with other businesses to strengthen our service to our clients. Over the years, we have provided comprehensive insurance coverage options, including general liability, errors and omissions, industry-specific, and employment practices liability.

OUR INDUSTRY-SPECIFIC COVERAGE AND SERVICES INCLUDE, BUT ARE NOT LIMITED TO:
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We have business partners specializing in the insurance industry to help provide excellent care and services to our clients. Whatever your business requires or desires to protect against common liabilities, VensureHR is here to help.

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Business Liability Insurance Endorsement Options

Enhance a basic policy with additional commercial liability insurance options that meet the specific needs of your business.

HIRED AND NON-OWNED AUTO LIABILITY

Covers wrongful termination, wrongful refusal to employ, invasion of privacy, or defamation claims made against you by an employee.

Provides coverage if your negligence causes fire damage to premises you rent or occupy with the landlord’s permission.

UMBRELLA POLICY

Extends coverage over and above your other liability coverage. Designed to protect against unusually high losses when the policy limits of one of the underlying policies have been used up.

DIRECTORS AND OFFICERS LIABILITY

Provides coverage for situations where a poor decision was made by a company’s board of direction or officers resulting in a claim for damage. Coverage can be provided for condominium associations, golf courses, and churches.

PERSONAL AND ADVERTISING INJURY COVERAGE
Provides coverage for copyright infringement, libel, and slander.
PRODUCT AND COMPLETED OPERATIONS LIABILITY

Provides protection for bodily injury and property damage that occurs away from your premises caused by your products or work. The amount of coverage and the level of risk depends on your business type.

LIQUOR LIABILITY

Protects claims for injury for selling, serving, or furnishing any alcoholic beverages during business hours of operation.

Frequently Asked Questions

What types of business insurance do I need?

The most common insurance coverages businesses need are general liability insurance, professional liability insurance, commercial property insurance, workers’ compensation insurance, employment practices liability insurance, data breach/ cyber insurance, and commercial umbrella insurance.

What is the difference between general liability insurance and professional liability insurance?

General liability protects companies from claims that their business caused bodily injury or property damage to someone else, for example, a customer slips in your business location. Professional liability protects businesses against claims related to mistakes in the professional services they offer.

What is the cost of business insurance and how is it calculated?

The cost of these insurance coverages varies depending on the provider and the level of coverage you need. The costs are generally calculated as a monthly charge.

 

What types of incidents or risks are typically covered by business insurance?

This depends on the type of insurance. For general liability, businesses are covered for claims relating to bodily harm caused by their company. Professional liability covers companies for any professional mistakes made. Commercial property covers your building and property. Workers’ compensation provides benefits to employees after a workplace injury. Employment practices liability insurance protects against employment-related claims like harassment, discrimination, and wrongful termination. Commercial umbrella insurance extends the limits of some of the other business insurance to help cover the costs or claims. Data breach coverage helps businesses to respond to and recover from a data breach by covering the costs of notifying affected parties, providing credit monitoring services, and developing a public relations response.

How do I select the right insurance provider for my business?

First, it’s important to know the risks associated with your business and industry. You can then shop the market for different providers and obtain quotes from each to compare coverage and costs.

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