Offering Attractive Benefits Means Incorporating Financial Wellness

Employees want more than a job, they want financial security and well-being. Benefits are a big concern for employees and their families. Companies eager to attract the best talent need attractive benefits packages. Today’s workforce faces new challenges requiring modern benefits solutions. Tom Woods, Senior Vice President of Sales at Fidelity Investments says the answers lie in bundled benefits packages.

Student-loan debt is at an all-time high. Employers enter the workforce years behind in debt. Additionally, an increasing number of adults are sacrificing retirement savings to pay their children’s tuition. Retirement is no longer the certainty it once was. Offering benefits programs targeting modern concerns helps employees secure their own financial future. Optional benefits such as debt assistance, loan payback, and retirement are available.

Employees entering the workforce with college loans face huge financial challenges. As a solution, Woods suggests employers offer student-loan administration programs, helping employees budget their savings and payments. Companies can be creative when crafting benefits. Woods says his own company recently added a plan to help pay student debt. Beyond incredible popularity with employees, the package serves as a valuable retention tool as well.

Studies have shown workers value these types of modern programs more than traditional 401k programs. Millennials and Gen-X worry about modern AND future financial obligations. They want to make sure they can plan for comfortable retirement, taking that into account when shopping employers.

Other innovative benefits options include Health Savings Accounts (HSA’s). Fidelity, evaluating their own company, noted significant employee interest in this program. Enrollment is increasing with younger employees at the front. Fidelity also noted increased interest in managed accounts. Woods stated enrollment increased over 13% since 2016. The majority of employees interested in managed accounts were older, with high incomes.

Woods says those who need the benefits most are the ones who aren’t using them. Most employees using money management strategies and financial planning are already secure. They feel comfortable investing their money in the future because they enjoy financial security now. It is the younger, busy employees Woods expressed concern over. Young employees are generally overextended without the time, ability, or desire to plan their financial future.

The modern employee has modern financial needs. Employers who want to offer attractive packages have many things to consider. Woods says focusing on four core employee needs categories can help employers tailor their packages. These four employee needs categories are:

  • Health and Safety
  • Economic Wellness
  • Workplace Fulfillment
  • Sense of Productivity

Ultimately, the goal for any benefits program is to maximize value in all four categories. Employees want to feel valued, and they want to know they have a future. Businesses can attract top talent with employee benefits programs offering value and security. Increased employee retention means less time and money spent on training and recruiting. Talk to an expert today to see how benefits can impact your business and your family.

We are always on the lookout! Know about any insurance topics we should write about? Let us know! Feel free to contact us for all your insurance questions.

Building a Home or Remodeling Get Builders Risk!

 

Nearly every homeowner insures their home against fire, burglary, and the usual risks. The catch? Often, their insurance only covers completed structures. Home construction and remodels aren’t typically covered under standard home insurance policies. If you’re planning to build or renovate on your property, consider builders risk insurance.

What is builders risk insurance

Builders risk insurance policies extend property insurance coverage to include renovations and new builds. Builders risk policies are available for both commercial and residential insurance customers. Your new build faces many of the same risks as your home or business. Insuring against physical loss protects your investment.

What it covers

Builders risk plan coverage ranges depending on the business or home. Typical plans include protection against weather damage, vandalism, and theft. Plans general include all protections but can be tailored to provide specific types of coverage. Faulty workmanship by a licensed contractor may be an example of extra insurance coverage desired.

Why you need it

If you’re planning to build on your property you may need builders risk insurance. Oftentimes city and county codes require you obtain coverage prior to construction. Contractors will not always foot the bill. Homeowners can suffer delays if contractors do not carry builders risk. In many cases, construction cannot begin until the project is insured. Homeowners may wish to carry their own policy regardless to exercise more control over any potential claims.

What you need to know

In some situations, builders insurance may be your only protection. In Texas, for example, builders are not forced to back their work financially – but insurance will. In areas prone to flooding, earthquakes, or other natural disasters ensure contractors are familiar local FEMA regulations.

Protect your property

Construction authorization is required in most Texas cities. The Texas floodplain includes areas unfit for construction. It is imperative contractors check FEMA maps before construction permits are sought. It is recommended homeowners and business owners check maps as well. The best guarantee is always seeking the services of a reputable contractor. No agreement is strong enough to fix poor work.

Contact an agent

Discover whether your construction project has insurance coverage. Plans can be created for to cover many aspects of your build – including loan payback. Talk to your insurance provider today to learn more.

We love information on insurance topics and ideas with a bearing on your health and finances. Please share any topics you find interesting. Contact us for all matters related to general, personal, business and home insurance. We will be more than happy to assist you.

Insurance for pollution Is That a Real Thing

It may be hard to believe but pollution insurance not only exists – it could also save you a lot of money. Most business owners have to pick and choose where to spend their money. Few companies operate with an unlimited overhead. If you aren’t dumping waste or pollutants into the ecosystem, you might you are exempt. The truth is, almost all business owners need pollution insurance. Even if you think you aren’t causing environmental pollution, you could be held liable for damages caused your home or business.

What Is Pollution Insurance?

Environmental Impairment Liability (EIL) came into existence in 1978. Known also as pollution insurance, EILs protect against costs resulting due to pollution. Before this, standard insurance packages did not cover pollution damage. This led to heavy costs and painful headaches for many businesses. In extreme cases, such as ecological disasters, damages may fall into the millions and up.

EIL covers the costs of a cleanup in the event of contamination. Some policies extend coverage to associated legal fees and costs. Companies that do not have pollution insurance may face crippling costs and legal battles following a disaster. Pollution insurance applies to more than large firms with an obvious environmental impact. Smaller businesses and homeowners can all enjoy peace of mind with pollution insurance inclusion

What Does EIL Cover?

At the basic level, Environmental Impairment Liability policies fall into two categories:

1: Premises Insurance. Firms and homeowners may be culpable for contamination that emanating from the property. Most pollution originates service areas, storage facilities and within apartment complexes. An EIL plan should cover the damages others suffer due to pollution caused by your property. It does not cover the damage to the property, damage which would fall under property insurance.

2: Contractor’s Insurance. Contractors and other professionals often risk damage while working on site. They may unintentionally pollute a commercial or residential space. Contamination may result:

  • Mold
  • Leaks
  • Spills
  • Air pollutants, and more

Contractors take very real risks but insurance protection is available.

Getting Pollution Insurance

Pollution damage can be costly but proper insurance protection can save your business and home. EIL plans are custom-built around your business and your needs. An experienced insurance agent will help you understand the options available so you have the protection you need. Contact us today to learn more about Environmental Impairment Liability insurance and for other ways to protect your home and business. Be sure to reach out to us with any insurance questions you have.

There are many insurance ideas that influence our finances, health, and general well-being. We welcome your topics!

Have a Student Loan Consider Life Insurance!

Many recent graduates are usually weighed down by thousands in college loans. In fact, about 40% of students usually owe over $20,000 after graduating! That’s double the figure a decade ago. This is based on a report recently released by experts from Consumer Security Bureau. These experts calculate the number of students owing loans over $50,000 has more than tripled. That’s based on growth from 5% to 16% over that period. Students have their whole lives ahead of them – or so it seems. Sometimes, tragedy occurs and those loans are passed on to grieving family members. Plan for the future to avoid extra pain. Students should consider life insurance plans to cover their student loan expenses.

Who Pays for the Loan

Betsy Mayotte, director at the Consumer Outreach and Compliance for American Trainee Aid, says the financial obligation on the student’s loan must be upheld. This has to be the guarantor or cosigner in the event that the student passes on. Ms. Mayotte notes that unfortunately, parents and guardians of students rarely consider student loans and life insurance together. In the event a student passes on, cosigners must take charge of the loan payments. Usually, this means the entire outstanding amount of the loan. Mayotte claims spouses are also often made to pay outstanding student loans for deceased partners. This happens even when spouses did not cosign. Spouses may be called upon to meet the obligation of other loans their partner sustained throughout the relationship. This danger can be avoided.

With the right life insurance plan, you can avoid repayment of student loans for the deceased. According to John Ryan, Principal of Ryan Insurance Coverage Method Professionals, these policies are quite affordable. Ryan contends it is quite sensible to do so, even if young people are not at a high risk of death under normal circumstances. Insurance companies know there is low risk involved; policies are thus affordable. For example, a $250,000 insurance plan with a maturity period of 10 years, taken by a 25-year-old student, costs only about $100 per year.

The Right Life Insurance Policy

To determine your coverage, analyze the terms on offer. This will help you know what to expect in the event of your death. Federal student loans are usually written off in the event of student death. The same applies even to cases where the parents or guardians of the student sign for the loans. Outstanding amounts can still attract tax attention. According to Ms. Mayotte, co-signers may still have to face some level of financial obligation – whether the loans are written-off or not. Mr. Ryan contends that some, though not all, financial institutions may write off the debt if students are handicapped or die. It is you to scrutinize the terms of financing from your institution to understand exactly what will happen in case of death.

Should you determine life insurance coverage is necessary to cover the debt, find a policy covering the whole amount for the whole term. This is according to CFP Carrie Jones – an insurance expert with Life Planning Partners in Jacksonville, Florida. Jones advises a single policy, stating it’s cheaper to protect a $50,000 loan instead of splitting the amount into two separate $25,000 policies. This is true even while over time, loans diminish as students repay them. Taking a one-time policy works out to be cost-effective in the end. Some life insurance providers allow policyholders to reduce their coverage many times over the policy term. According to Ryan, it is important to ask about this while talking to insurers.

Getting Things Right

Carries Jones says the parent, guardian or otherwise co-signer of the student-loan should be named the beneficiary of the life insurance policy. This protects co-signers in the event students fail to keep up with loan payments, cancel the plan, or die. Life insurance plans can be transferred back over to the graduate, should the need occur. If the worst happens and a student passes on, co-signers should ask their insurance provider about their options for compassionate review. In some cases, this can help erase the balance of the loan. This is not guaranteed. Ms. Mayotte holds life insurance is the best way assure loan co-signers are not left in a tight spot if the student were to die.

We welcome any insurance information that relates to your health and finances. If you have any insurance topics or ideas please feel free to share with us. We are also ready to provide answers for insurance related questions. Contact us for help.

Substance Abuse in Construction on The Rise

Construction sites might not be as safe as you think! A recent Substance Abuse and Mental Wellness Services Management survey found the building and construction industry ranks high for substance abuse. The building and construction trades ranked second-highest for substance abuse disorder. This accounts for an incredible 14.3% of construction employees between 16-64. Construction workers also ranked second-highest for alcohol abuse. Although well-intended, the 25-year-old Drug-Free Workplace Act has failed as of late.

Today, Substance Abuse Disorders (SUDs) are causing increased safety and security concerns on the job site. Recreational legalization of Marijuana in many states contributes to on-site usage. Ready access to opioids and fentanyl increase risk of incident. Most businesses use drug screening but many do not continue after hiring.

Tom Jackson wrote a two-part story about this phenomenon in Tools World. He claims in the building sector it was common for 25-35% of pre-employment drug tests to ‘fail’, according to IMRI insurance and risk management. Even when employees know they’re going to undergo a drug test, 3-5% still test positive for drug use.

Jackson included prescription medications in his concerns. The Department of Labor states alcohol and drug abuse causes up to 65% of on-the-job accidents. Additionally, alcohol and drugs are responsible for up to 50% of work-comp claims. Employees abusing illegal substances are absent from work an average five days per month. They are 10 times more likely to steal from the company or other workers, use three times the average wellness advantages, and devour 300% the average medical costs.

Drug use isn’t the only concern. A 2014 investigative report in Devices Globe followed a WABC television team based out of New York City. They found a team of building and construction employees drinking during lunch breaks. This occurred at four different locations, on three separate occasions. Some workers observed were responsible for running cranes and other heavy machinery. Industry response was immediate. The construction company fired several of the employees. Across the industry, officials demand mandatory alcohol testing.

President Trump and Attorney General Sessions have declared war on opioid use in the United States. Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, testified before the US Senate Financial Committee. She worries about the rise in opioid deaths in the US, a developed nation, particularly among less-educated men. On opioid use, Fast Company recently released an article focusing on a powerful new drug: Fentanyl. The article demonstrated the damage Fentanyl causes across the United States even now.

Some may think that it’s too little and too late for the building and construction sectors. While we don’t agree, we think it’s time to address the safety concerns dedicated managers want. Stay ahead of substance abuse issues in the workplace to avoid liability and safety issues.

We are constantly on the lookout for information to better your health and your wealth. If you have any insurance-related questions contact us today.

Workplace Violence is On The Rise: What You Can Do

News of disgruntled employees seeking revenge against employers and coworkers is on the rise. More and more, employees use violence and deadly force at the workplace. News of workplace violence appears almost daily in the headlines or on social media. Based on real or perceived wrongs, employees use violence at work to settle their scores.

What We Can Do

Aggressive behavior often takes time to build. Employees becoming agitated will usually begin to show warning signs. Warning signs may include:

  • Trouble with coworkers or supervisors
  • Domestic problems spilling into the workplace
  • Substance abuse issues
  • Aggressive outbursts

Some companies use proactive methods to get to know their employees. Working to identify these issues may help avoid trouble later on. Many more companies use a wait-and-see approach, risking catastrophic consequences. Employers may fear legal culpability should intervention measures fail. If an employee became violent after company involvement, they may face accusations. Should the company overreact with an employee instead, they may face discrimination charges.

The increase in workplace violence calls for a change. Employers must abandon the wait-and-see policy in favor of proactive measures. Failure to act may result in terror and violence. No one can predict when and where violence will strike. Still, there are certain ways you can prepare. Protect yourself against workplace violence with these 5 steps:

1. Employee Training

Employee training provides the most-effective measure in the event a worker turns violent. You may also consider engaging a professional security expert. Security experts take employees through drills simulating active shooter scenarios and provide training. These experts claim two types of employee training exist for countering this threat:

  • Prevention. Train your employees to be proactive in preventing workplace violence. Employees are a ground-level resource for identifying potential indications of violence in colleagues. Employees can report suspicious activities or behavior matter to management for follow-up.
  • Protection. Train your employees on how to protect themselves if violence erupts. Employers can access The Department of Homeland Security’s “Run, Hide and Fight’’ video for training. The video details tools to best to survive an active shooter scenario. It offers practical advice on how to handle the situation, and to come out alive.

2. Be Vigilant

Many active shooters are still employees of the company when they begin shooting. It may be a snap decision due to an event at the workplace or premeditated. In both cases, certain actions or events may point to violence before it happens.

These may be aggressive habits or behaviors, threats, intimidation, or a focus on certain employees. Proper policies and procedures can help prevent violent behavior before it occurs in the workplace. Monitor terminated employees until they leave the premises.

3. Be Aware

If a staff member is in trouble with the law, take it upon yourself to find out why. It may be innocent, or it may be indicative of future workplace woes. Employees dealing with court and family matters may be more prone to acting out in the workplace.

Special considerations may be necessary to avert any issues at work. Employees suffering outside stress may need attention. In some cases, time off, counseling, or reduced workload can ease their burden.

4. Encourage Communication

Open workplace communication can help identify any risks or concerns. Openly-shared information about workplace dissatisfaction or domestic troubles can help you best respond. Keep your security team informed, and ensure you are attentive to employee needs and concerns.

5. Develop An EAP (Emergency Action Plan)

Any company with over 10 employees should develop an Emergency Activity Plan (EAP). An EAP guides users on the best procedure for dealing with an emergency. EAPs cover any number of general emergencies, and emergencies specific to your business. Your own EAP can include what to do in case of an active shooter. An active shooter EAP can outline employee actions, assembly points, and other useful material. Emergency Action Plans should include drills to familiarize employees in case of violence.

Employees need training on how to respond to active shooters now more than ever before. No single strategy or plan is perfect, but planning and training can help you avoid tragedy.

There are many insurance topics and ideas that have a bearing on our health and finances. Please get in touch with us for any questions touching on personal and business insurance matters.

Watch Out For This Before Renting Your Home

Many homeowners are making extra income renting their homes out short-term. Most don’t know the increased insurance risks this carries – until it’s too late. If you’re planning to rent out your home, make sure you know you don’t risk a lawsuit.

More than 60% of homeowners do not know if their insurance covers renters. This is the claim made by Assurant, surveying over 1000 New York homeowners on their home insurance coverage. This survey also found a whopping 40% of homeowners were not sure if they would liable should a visitor injure themselves on their property.

Homeowners, this may come as a shock: You are likely liable if someone hurts themselves on your property. Most home insurance policies exclude claims made by guests on your property. Vice President of Technology at Assurant, Kunal Malhotra, said minor problems (like breaking a television) and large problems (such as falling off a deck) are very different from an insurance standpoint.

Limited Coverage for Rentals

Before you decide to rent your home short-term, make sure you’re actually allowed to. Many properties and home-owners associations bar short-term rentals. Some providers allow policyholders to rent out their house for short stays (a week, for example) when informed ahead of time. You may need to add a rider or extra coverage to your current plan, covering any losses or liability that may occur from renters.

For homeowners renting out their homes often, a policy update may be necessary. If you find your rental is popular, you may want to consider hotel insurance coverage. Conventional homeowner policies do not cover business activities, such as operating a rental. Renting to a single guest for long periods of time requires a landlord plan be included.

Increasing Your Coverage

No one wants to pay the high costs of a lawsuit. Contact your insurance provider to see which policy options best suit your needs.
Some short-term rental websites provide insurance coverage to homeowners. For example, homeowners listing with Airbnb have access to coverage up to $1 million per rental.

Vacasa is another holiday rental website that will provide up to $1 million in home liability coverage, and also up to $10,000 in property insurance if you have coverage with Assurant. You must have the right coverage to avoid paying high costs in case of a lawsuit.

If you plan on renting out your home, make sure you have the insurance coverage you need. Homeowners insurance policy coverage varies – you may not be covered for vacation rentals. Talk to an agent today to see what options will suit you best.

Have a topic you think we should look into? We are always looking for ways to help your health and your wallet. If you have any insurance-related questions contact us today.

Watch Out For Candidates That May Abuse Benefits

Skilled employers demand top pay and benefits for their labor. The need to attract the best talent and employees means companies need to offer more than the basics. Companies must offer increasingly higher pay, and more-lucrative benefits to be competitive. This may include any number of additional benefits on top of the mandatory benefits already provided.

This may be working against them.

More job hunters are focusing on benefits now more than ever before. A March 2016 survey by LinkedIn, sampling from over 26,000 members, noted close to 55% more interested in benefits over any other aspect of the job. With so much to gain through employment benefits, more cases of employees abusing them occur. Employers need to watch for warning signs or risk losing millions.

Workers who show more interest in the benefits than the job are less likely to perform well and may be difficult to manage. They may carry or even spread negative attitudes, affecting other workers. Employers need to protect themselves. Here are 3 red flags employees may abuse benefits:

1. They Are Overly-Interested In Benefits 

It’s normal for prospects to ask questions about benefits included with the position. It’s not normal to focus solely on that. Benefits are part of a job, along with many other aspects and responsibilities. They should be discussed only after the potential employee demonstrates an interest in the rest of the job. Be aware of any prospects who show unusually high levels of interest in voluntary benefits such as:

  • Working from home
  • Paid leave
  • Overtime compensation
  • Vacation time
  • Insurance plans and coverage
  • Bonuses and incentives

These and other benefits are wonderful ways to attract top-level talent but may also attract scammers. If these topics are an issue during the interview process, that prospect may be a potential benefit abuser. It is important to flush these prospects out before they become employees. A mistake early on can be a costly error later.

Helpful interview questions include:

A: Why are you interested in this position?

B: What are you passionate about in your work?

C: How would you comment on this firm’s operating environment?

D: What improvements would you suggest for the company, if offered the job?

E: How would you combine your unique talents with the colleagues in your department?

What to do: If a candidate is showing too much interest in the benefits, tactfully steer the conversation back to job responsibilities. If the candidate continues to focus on benefits they are likely not prepared for the position, or too interested in the benefits.

2. They Are Not Passionate About The Job

We aren’t always able to spot scammers during the hiring process. Some employees manage to navigate the process without setting off alarms. Others may begin as good employees but lose interest in their position over time.

Enthusiasm as an indicator.

Employees enthusiastic about their position are easy enough to spot. They show passion and energy toward their position and advancement. Enthusiastic employees collaborate, lead projects and mentor colleagues. It’s hard to fake genuine enthusiasm.

Be wary of employees who demonstrate a cursory interest in their jobs. Look for a lack of enthusiasm about business direction and affairs and a focus on benefit-related topics. These employees often operate without much teamwork and do not show initiative.

3. They Do Not Maintain A Job For Long

Employment verification is a useful tool for protecting your company. This can help you determine if a candidate is likely to stay with the company or leave after exhausting the benefits. Individuals more interested in benefits than the job are less likely to remain in a position for very long. Employees like this exist in a perpetual state of employee dissatisfaction. They move from job to job for any number of reasons, preying on employers.

A study on United States Worker Advantages Trends (performed by Metlife) reports up to 36% of millennials between 21 and 24 would have no problem changing jobs within a year to search for better benefits.

Employees will leave positions for various reasons. Personal development, family, and school are all normal reasons for moving on. The candidates to watch are those constantly on the lookout for the next best deal. These individuals will change positions often and may give conflicting reasons for doing so.

Somewhere along the way, the idea was born employers stopped calling to verify past employment. You are absolutely encouraged to contact former employers to verify the work history for your candidate. Records that don’t match are an obvious warning sign.

 

Have insurance ideas and information affecting your health and finances? Please feel free to share with us. If you have any insurance related question, be sure to contact us.

How to Think of Exercise as Fun

The best way to ensure you meet your daily exercise goals is to want it. When we’re motivated to succeed, we’re much more likely to accomplish our goals. It’s the difference between waking up refreshed, and waking up exhausted. This applies to almost our entire lives. An enjoyable workday goes fast, but the opposite can make time stand still. Things are easier and much more rewarding when they are enjoyable.

Exercising can be an exciting addition to your day or something you spend all day dreading. How you choose to approach your workout will help determine your experience and your rewards. You’re more likely to continue working out if you enjoy it. Something you do often is more likely to become a habit. If you want to make exercise an easy and fun part of your life, find an exercise you enjoy.

Enjoy the outdoors? Find a sport or activity in your area. Many exercise options exist outside the gym, giving you a great excuse to be outdoors. If you’re an indoor enthusiast, gyms have regular and specialty equipment to attract many different types of people. Other activities such as indoor rock-climbing, yoga, and swimming can help you find something you enjoy. The ultimate goal is to find a form of exercise you enjoy. When you enjoy something it’s much easier to find the time.

When you look at the pool of exercise options to choose from, there’s nearly something for everyone. From a health perspective, activities combining strength, cardiovascular, and balancing exercises are best. Depending on your preferred exercise methods, this may require you to include multiple in your routine. A balanced combination will aid in your body’s development and capability.

Few people are professional athletes. For most of us, exercise will sometimes push us to the limit. It’s important to stay focused to develop and maintain healthy exercise habits. Trying new exercises and activities can help you stay excited about working out. Your body doesn’t know the difference between working out in a gym and working out doing something else you enjoy. What matters is that you get your body moving. How YOU think about it does matter.

When you approach exercise excited and motivated you’re more l going have the best chance to get the most out of your workout. Look at it like a chore and you’ll start to find reasons to avoid it. Enjoy it and you can easily build a habit and lifestyle incorporating exercise into your daily life.

We are always looking for great info for helping you maintain a healthy body and healthy bank account. Have any insurance-related questions? Give us a call!

What You Should Know About Business Owners Policies

There are many uncertainties in business life resulting in unforeseen challenges. Disasters happen all the time caused by from nature, equipment failures, and accidents. Usually, 90% of the costs incurred by these disasters falls on the business owner. The proprietors foot the bills when they thought their insurance would.

It doesn’t need to be this way. Savvy business owners look for commercial insurance coverage called Business Owner Policy (BOP). BOP cushions firms and their owners against the high costs of damage to property, and injuries to people. BOP is a necessary protective measure for business owners who want personal protection.

1: What is BOP?

BOP is a commercial insurance plan tailored into a package best-suited for the individual business owner. Business Owner Policy accounts for the standard protection requirements of all small-medium size companies, then forms them into one complete package. BOP packages allow for extra coverage options as well, depending on your business needs. Stop wading through the sea of business insurance policy options. BOP is the inexpensive, convenient, and complete package.

According to Investopedia, a BOP is often the less-expensive option compared to creating the same plan from scratch. BOP packages meet the needs and address the concerns of individual business owners through customization. BOP packages are flexible because not all businesses share the same types and levels of risk. It’s common for commercial insurance brokers to meet with business owners first, determining their specific requirements, before crafting a package. Packages vary based on:

  • Professional services provided
  • Customer exposure
  • Regional hazards

A professional broker can help you create a complete insurance package for your business.

2: What’s Does BOP Include?

  • BOP packages apply to both residential and commercial property. Policy coverage can be standard or unique. Unique options offer extra advantages through increased and specific protection. At the basic level, BOP provides the following coverage:
  • BOP includes both liability and property insurance for all company-owned building and their contents. Property insurance is available in standard and special options, offering increased levels of coverage for those who need it.
  • BOP supplies interruption coverage, protecting owners against losses incurred due to disaster.
  • BOP liability protection protects the company for the actions of its employees and owners. Also covered are workplace liability incidents, defective products, faulty services and more.
  • BOP does not cover auto insurance costs, disability settlements, and workers compensation. Separate policies will be necessary to include coverage for those concerns.

3: How Much Does it Cost?

Insurance Noodle contends there is no one true figure for the cost of BOP. Cost for BOP is dependent on a variety of factors that differ from business to business. Client base, business size, annual revenue, customer traffic, risk… These all factor into your BOP needs and cost. Business owners should consider all their needs when shopping for a BOP. What BOPs have in common is helping keep costs low, and helping protect business owners.

Providers use different systems when crafting BOP plans for business owners. There are many pre-packaged options available, and customized packages are available to meet your specific needs. Add-ons like industrial car insurance, flood insurance coverage and earthquake insurance may be worth considering, depending on your circumstances. Always investigate your market before settling on your BOP

Have some information or ideas on insurance topics you think might be relevant to your health or finances? Feel free to share with us! Don’t hesitate to contact us for any of your insurance-related questions.

Get Free Quotes Now

Policy Services