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10 Good Things to Ask About Business Owner's Policies

1.
 Is a BOP right for my business?
Not every small business qualifies for a BOP. Factors such as the type of business and annual revenue affect eligibility. If your business is not eligible, your insurance representative will assist you with alternatives.
2.
 In addition to the basic BOP, what other
coverages do I need?
A basic BOP provides coverage for property insurance and general liability. Ask about additional coverages available that can meet the unique needs of your business.
3.
 How do I purchase any additional coverages I need?
In most cases, additional coverages may be added to the BOP through a process known as “endorsing” the policy. Look for an insurance company that gives you the flexibility to purchase optional coverages separately or in cost-effective packages.
4.
 What types of things are not covered by a BOP?
It’s important to know what your policy doesn’t cover. For example, unlike a workers’ compensation plan, a BOP does not cover your employees for work-related accidents or illnesses. Ask your insurance representative to explain what’s not covered and to suggest additional coverages you may need.
5.
 What should I look for to help protect me from possible risks to my business?
Look for an insurance company that offers you coverage solutions to help proactively minimize risk to your business like Data Breach coverage.
6.
 How can I help ensure that my policy will change as my business needs change?
Your insurance company should offer coverage options that are flexible enough to meet your evolving business needs. Keep your insurance representative up to date on changes to your business (e.g.: adding/eliminating a location, new equipment purchase, change in the type of services, products you offer) as they occur, but at a minimum, annually. This will help ensure your business stays fully protected.
7.
 What factors determine how much I pay for my BOP?
Everything from square footage to coverage limits can affect your rates. Your insurance representative will help you select an insurance program that’s just right for you.
8.
 What can I expect if I have a claim?
Find out how the insurance carrier handles claims and what’s expected of you. Knowing process details can help you recover more quickly and aid the claims process.
9.
 What online service options are available?
Look for an insurance company that demonstrates respect for your time by offering convenient online services solutions like online bill pay.
10.
 What online service options are available?
Do they have a long history? Do they know your business? Are they A-rated? Ask your insurance representative, or go online to research for yourself. Look for a reputable, financially secure company with a demonstrated track record of stability and trust.

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Content provided courtesy of The Hartford.
“The Hartford” is The Hartford Financial Services Group and all of its subsidiaries. Copyright © 2012 The Hartford Financial Services Group, Inc. All rights reserved.

The information contained herein represents the products and services available through only one of the business groups of Automatic Data Processing Insurance Agency, Inc. (ADPIA).
ADPIA services mid and large size clients with various insurance products and services through its other business groups.

All insurance products will be offered and sold only through Automatic Data Processing Insurance Agency, Inc., its licensed agents or its licensed insurance partners; 1 ADP Blvd. Roseland, NJ 07068.
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This information is general and not intended as tax or legal advice. If you have questions on how this may apply to your specific situation, please consult your tax or legal advisor.
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