Ohio Businessowner Policy Insurance Coverage

Ohio Businessowners Policy Insurance Coverage

Every business is unique, and each faces different exposures. We make it our business to become experts in your business so we can identify the key exposures you face, and then provide the best coverage solutions to address the risks of loss.

We work for you to provide the security and peace of mind you deserve so you can spend more time running your business and less time worrying about your insurance. It's a simple philosophy, but one that many Ohio businesses have come to expect from the licensed advisors at Simon Insurance Agency. We appreciate these lofty expectations, we look forward to exceeding them for our current clients, and we continually strive to help prospective clients increase their expectations of their insurance protection.

Our Business Insurance Products Include:

Bonds

Builders Risk

Business Income

Businessowners Policy (BOP)

Commercial Auto

Commercial General Liability

Commercial Package Policy

Commercial Property

Crime

Directors & Officers (D&O)

Employee Benefits Liability

Employer's Liability (Stop Gap)

Employment Practices Liability (EPLI)

Flood

Inland Marine (Contractors Equipment)

Professional Liability and E&O

Umbrella

Workers’ Compensation

Ohio Businessowner Policy Insurance

Almost everyone knows about Homeowners and Personal Auto policies. The success with these policies spurred the development of a similar package policy: the Businessowners Policy (BOP). This policy is intended for main street businesses. The BOP combines building, personal property and liability coverage with other attractive options. Every BOP package must have a set of Policy Conditions.

The Insurance Services Office (ISO) forms are as close to a standard or benchmark policy as there is in the United States. ISO also standardizes the BOP, although you may have a BOP with different provisions.

Are You Eligible for a BOP?

The two keys to BOP eligibility are type of business and square footage. General examples:

• apartment buildings
• office buildings
• buildings used primarily for mercantile, service or processing purposes
• wholesalers
• mixed use, such as stores in an apartment building

Square footage guidelines can relate to overall building space or a business's rental space. Generally, the cutoff for BOP eligibility is 25,000 square feet; however, this varies between insurance companies.

One Size Package Policy Fits All?

Fitting an insurance policy to a business depends on a number of factors. This includes which insurance companies are in the market for what types of risks and restrictions. While BOPs are fine packages of coverage, you haven't missed out if your business has a Commercial Package Policy (CPP). A CPP is the right coverage for many businesses. An insurance agent can determine whether your business is eligible for, and should have a BOP.

Business Personal Property Coverage

Business personal property coverage can include:

• a building owners' business personal property in an apartment building
• office business personal property
• business personal property for merchants, wholesalers, and service or processing organizations
• commercial condo unit owners

When you own a building, the same BOP must cover both the building and the business personal property. Otherwise business personal property can be insured alone in a BOP. This is good for businesses that lease or rent space.

Different BOP Forms

The CPP has different causes of loss forms that provide different levels of coverage. The ISO BOP has a named peril form (Standard) and a Special peril form.

The BOP named peril form will:

• have coverage for a dozen or so perils such as fire, lightning, windstorm and hail, sprinkler leakage, and vandalism
• usually cost less

The Special peril form will:

• have coverage for all risks of direct physical damage except for those specifically limited in the policy
• have broader coverage than one setting forth specific perils

Additional Coverage's

By nature, the Special form has more coverage's built in. The Standard form has approximately a dozen additional coverage's. Among these are:

• debris removal
• counterfeit money orders and paper currency
• increased cost of construction
• forgery
• exterior glass and lettering (this includes replacement and repair of items on the outside of the building, commonly advertising-related materials)
• collapse and water damage

Don't worry, we're not ignoring loss of business income and extra expenses from a direct insured loss. Frequently a loss from a fire or other insured peril goes beyond the direct damage caused by the fire. Even minor damage can close your business for a long time. This means your business has no income to maintain salaries and other expenses. Don't ignore loss of income protection!

Tip. Business interruption coverage is not a luxury.

Coverage Extensions

Extensions are an opportunity for you to have certain property covered after a loss. Extensions are controlled by:

• a limit on expendable dollar amounts
• an after-the-fact additional premium, or
• a territorial restriction

The ISO BOPs make provisions for the following:

• newly acquired property
• personal property off-premises
• outdoor property
• personal effects (non business property)
• valuable papers and records
• collapse and water damage

Coverage is limited in these areas. You may need specific insurance to cover one or more of these extension areas for your business.

Exclusions & Conditions

Exclusions and conditions are common in insurance policies. BOPs are no exception. You'll find some exclusions and conditions from policy to policy, regardless of the type of insurance. Conditions are normally procedural matters and loss adjustments. Exclusions are matters the insurance is not designed to cover.

Note. Remember an insurance policy must be read as a unit, not as independent paragraphs or sections.

A "one policy fits all" attitude will not work any more than one prescription for glasses works for every person. Our insurance needs are all different. Everyone has a different type of property, amount of property, location, ownership, and so on. Your prescription for insurance should closely reflect your risk of loss. That way you're not paying more premiums than necessary.

Request A Free Quote

Full Name

Phone

Insurance Type

Requesting a free quote is easy, straight forward and time saving!

All we need from you is some basic information to get the process started. By filling out the form to the left with a few lines of information, it will allow one of our experienced insurance agents to contact you to discuss the different options of the insurance type you requested.

We are here to work for you so that is exactly what we will do. Once we have all the information we need, we will carefully look over all the options that are available to find out the best coverage for the best rate that will fit your needs. Then we will call you back to let you know how much money you saved by switching your business to Simon Insurance Agency.

Thanks for inquiring about insurance through Simon Insurance Agency.

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