When you contact Grillo & Associates to inquire about a business owner’s insurance quote, our professionals will learn about your specific business, and assist you to determine what policies will comprise the best Business Owner’s Policy for your needs. If you want to research policies prior to initiating a business owners insurance quote, it is important to understand more about what that type of policy can provide. A Business Owner’s Policy (BOP) is essential as it provides a level of protection necessary to protect companies against a variety of claims. These types of policies often combine two components:

The first coverage, general liability, will safeguard a business by providing protection in the event of a claim against the owner, a business stakeholder, or the business itself. An example of the type of claim that might be brought against the owner or the company would be if the business manufactured a product that caused damage to a purchaser’s property. Another common example is a lawsuit that claims a product manufactured by a policy owner’s business caused someone injury. In a digital world where reputation matters, these types of policies can additionally provide protection from libel, slander, and statements made relative to a company’s advertising.

Another essential component to every Business Owner’s Policy is property insurance. When asking for a business owner’s insurance quote, it is helpful to jot down a few talking points. These include facilities, whether leased or owned, such as office spaces, storefronts, manufacturing plants, and warehouses. It is also necessary to include what is located in each facility such as equipment, machinery, furniture, and inventory. This will help cover the cost of repair, or asset losses’ replacement costs should theft, vandalism, fire, flooding, etc. impact property including leased items such as photocopiers and even vending machines. The most important aspect to property insurance is that it will cover loss of income and covered expenses such as rent, payroll, and other financial responsibilities for the duration of the renovation or replacement after a business sustains a covered loss.

A business owner’s insurance quote can be customized to create a Business Owner’s Policy that addresses the types of risk that may be unique to that company. Optional coverages that can be included in a business owner’s insurance quote offer the following protections:

  • Owned and/or Leased Vehicles– this coverage differs from standard fleet coverage, such as when a vehicle is leased or rented for a short term. Another example is when sales staff use their personal vehicles for company business, such as visiting prospects.
  • Data Breaches/Hacks/Cyber Liability- cyber criminals target small to midsize businesses. This coverage protects businesses against the cost of data breaches, loss of clients/customers’ personal information, as well as a host of other cyber security concerns.
  • Crime- This coverage offers protection against monetary losses as well as securities theft.
  • Contractors’ Equipment- from drills to earth moving machinery, this coverage will assist in paying for repair or replacement of tools and equipment that may be lost, stolen, or damaged.

The best way to obtain the optimal Business Owner’s Policy for your needs is to speak with an advisor at Grillo & Associates. We’ll make certain your business will be safeguarded with all your coverage requirements met at a price that fits your budget. Speak with our professionals today!