Disaster strikes when you least expect it. In times of catastrophe having the proper insurance coverage can, at times, mean the difference in your companies solvency. Liability looms for all types of organizations, from a medical office, manufacturing plant, or retail store. Each type of risk is met with it is own unique form of commercial insurance coverage.




This coverage differs from personal policies (automobile, life insurance) because it will name your organization as the policy holder, provide coverage for your entity, your employees, and the assets of your organization. Two of the most common risks associated with a business are property policies and Business Owners Policies (or BOP). Each provide the coverage you need; however, there are some differences along the way.

Building property polices really boil down to two main options, “all risk” and “named perils”. Understanding these two policy types you will need to know that insurance companies consider a “peril” anything that could lead to a loss (earthquake, flood, fire, explosion). These two types of policies are aptly named and differentiate by what is and what is not covered under a standard policy. With “all risk” policies all the perils listed on the policy are covered. You will basically be covered for all risks that you as a property owner could face. There are; however, situations that your policy will provide you with “all risk” coverage, while specifically excluding a certain peril. For instance, you may be able to get an all risk policy for your business in San Francisco; however, it will specifically exclude damage done by earthquake. Since the scope of this coverage is broader the cost associated is often higher. Conversely, a “named peril” policy will specifically outline on the policy what perils are covered, all else will be excluded. An example would be a business owner in New York getting specific coverage for terrorist attacks, while excluding earthquake coverage. Given the paired down nature of this coverage the policies are often more reasonably priced.

A broad scope policy that encompasses many aspects of coverage is the Business Owners Policy (or BOP). The BOP policy packages together multiple lines of insurance into a comprehensive “package” policy that address the majority of a business owners liability. Typically this coverage includes general liability insurance, property coverage, and employers liability coverage. The benefit to this type of coverage is that the policies are often inexpensive while still providing the coverage you would need. The down side to such coverage is that, should you find your business to be a little more complicated than the norm, a BOP may not address all areas of liability you may be exposed to.

Obtaining a quote for your small business is as easy as calling us. Once we get your information we will send it to several companies and hopefully get back with you with a competitive quote.
Mike Fleitz 502-935-5970 or mike@fleitzinsurance.com.  thanks

Posted 9:14 AM

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