A business owner's policy (BOP) is an aggregated package of insurance purchased by small and mid-sized businesses.
This policy provides help to cover defense and damages if you, your employees, your products, or your services cause
(or are alleged to have caused) bodily injury or property damage to a third party.
Property Insurance
A commercial property insurance policy insures against damages done to an organization's buildings and contents,
due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase
in expenses resulting from the damage to the property.
Workers Compensation
Workers compensation covers wage replacement and medical benefits to employees injured in the course of employment.
Workers compensation protects employers becoming insolvent as a result of high damage awards to employees.
There are many types of workers compensation insurances and many options to choose from.
Please contact us today to get the best fit for your business needs.
Commercial Auto
Commercial auto insurance, like your personal auto policy, provides coverage such as: liability, collision,
comprehensive, medical payments (or personal injury protection) and uninsured motorist coverage for your commercial vehicles.
Such insurance is mandatory and not having your work vehicles insured, can put your business in intense financial circumstances.
Contractors Insurance
Various state laws enforce general contractors, and subcontractors to carry contractor's insurance.
Example of business needing such protection could be: Construction, Electrician, Plumbing, Cleaning, Painting, Handyman etc.
This insurance helps protect your business against costly claims and lawsuits.
Errors and Omissions
This type of insurance protects you from committing an error or omission while performing your professional duties.
Such insurance protects businesses (and their workers) or individuals against claims (made by clients for inadequate work or actions)
from negligence. However, this policy does not cover liability for bodily injury and property damages.
Bonds
A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a
certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract.
The obligee is typically a government agency that requires the bond to regulate industries and reduce the likelihood of financial loss.
The surety, the insurance company, provides a line of credit in case the principal fails to fulfill the task.
* This is a service offered outside of LPL Financial.
Professional Liability
Businesses performed by homeowners, renters or condo owners need professional liability coverage to protect themselves
against the cost of covering bodily injury and property damage sustained by others; for which household business owner is legally responsible.
Some home owner insurance policies include personal liability coverage in them, so it is always a good idea to review it
before purchasing professional liability insurance.
