Business Owners Policy
(BOP) is a customized package that includes property insurance, liability insurance, crime coverage and more into a convenient package for small businesses.
A Basic Business Owners Policy typically includes three or four key coverage:
- Commercial Property Insurance, which protects your building, equipment and inventory.
- General Liability Insurance, which helps cover any medical expenses and bodily injury or property damages you and your employees are legally responsible for.
- Business Income, which helps you pay bills and employees if your business must temporarily close.
- Crime Insurance, which helps protect your business from fraud, theft and forgery.
Additional Business Owners Policy coverage options include:
- Accounts receivable, which protects against losses from unpaid invoices.
- Cyber liability, which covers attacks and damages to computer systems or electronic data.
- Equipment breakdown, which covers your equipment, including computers.
- Personal and advertising injury, which covers copyright infringement, libel and slander.
- Rented vehicles, which provides liability coverage for vehicles you lease, hire or borrow.
- Employment Practices Liability, which covers liability of wrongful acts arising from the employment process.
- Business Liability Insurance protects you, your employees and customers if accidents happen.
- Commercial Property Insurance helps protect your inventory, building, furniture and equipment whether you own, lease or work from home.
- Business Auto covers injuries and damages that you or employees may cause to other people and their property while driving.
- Crime Insurance protects your business from fraud, theft, and forgery.
- Business Interruption Insurance helps keep capital flowing if your business is disrupted.
- Business Income Insurance helps you pay the bills and your employees if you must close temporarily to recover from a loss.
- Accounts Receivable Insurance protects against losses caused by the inability to collect from a customer.
- Workers Compensation protects the people who work for you.
Surety Bonds are designed to guarantee a principal’s integrity and honesty, performance, and financial responsibility, as well as compliance with a law or contract. Nationwide is a respected surety bond company, providing quality surety bonding services for over 50 years. Our portfolio of surety bonds, including contract bonds, commercial bonds, court bonds and fidelity bonds has the flexibility to meet your business needs.
- Contract Surety Bonds guarantee that a contractor will stick to the terms of a construction contract.
- Commercial Surety Bonds protect ensure contractors follow governmental rules and regulations.
- Court Surety Bonds guarantee that parties are protected from losses stemming from a court decision.
- Fidelity Bonds protect against employee theft, whether from you or one of your customers.
Commercial Umbrella Insurance - Standard business liability coverage will take care of you in most situations, but when serious situations arise, commercial umbrella insurance will help ensure that your business is protected. Learn what an umbrella policy is and how it works. Umbrella liability insurance protects you when accidents happen, and your existing liability insurance policies cannot cover all the expenses. Essentially, it picks up where your business auto liability, general liability or other liability coverage stops, providing extra protection against bodily injury and/or property damage. A commercial umbrella policy serves two distinct purposes:
- It expands the limit that your company already has in its existing, or underlying, liability policies. If your general liability policy offers $1 million coverage per occurrence or $2 million total, you could expand those limits to $3 million per occurrence and $4 million aggregate with a $2 million umbrella policy.
- It broadens coverage for things that your underlying policies may not cover. If your auto liability policy covers accidents that might occur in a specific area, an umbrella policy could expand the coverage territory.
Customize your Umbrella Policy to fit your business. We can tailor commercial umbrella policies to the needs of different businesses. Owners of an auto body shop might need an umbrella policy to offer expanded coverage for garage liability, but a law practice that entertains clients might need expanded liquor liability limits. When you talk with an agent to discuss umbrella insurance policies, you can request a quote that is customized to meet the specific needs of your business. Here’s what you need to provide to get a customized umbrella policy quote:
- The financial and operational details of your business.
- A copy of the declaration page of your current general liability and business auto insurance policy (if you have them).
- Any prior losses your company has experienced. Keep in mind that a loss doesn’t necessarily mean your premium will be higher.
- A list of the company’s officers, their positions, and experience if they are different from the owners of record. Typically, the longer and more successful the company’s overall record, the better the risk for the insurer and the lower the premiums.
- Annual payroll and a breakdown of employees who are full-time, part-time, subcontractors or consultants. Be sure to mention whether you carry professional liability, errors or omissions liability, liquor liability, employee benefits liability or employment practices liability insurance.
Cyber Liability Insurance offers coverage for computer attacks and damage to electronic data and computer systems. Your customers trust you with their personal information and have confidence you will keep it safe. However, 55% of small businesses in the U.S. have experienced at least one data breach, and 53% have experienced multiple breaches. Cyber attacks are also becoming more frequent. In 2012, 29% of all U.S. small businesses had a cyber attack, and 72% were not fully able to restore their company’s computer data. With the growing chance that a business like yours will suffer a data breach or computer attack, you need protection to help offset the devastating effects it can have on your business from a financial and reputation standpoint.
Cyber Risk Solutions We have partnered with Hartford Steam Boiler (HSB), a highly-rated specialty insurance company, to provide small and mid-sized businesses with unrivaled comprehensive data security coverages and services that offer:
- Help with notifying customers of a data breach.
- Services from top professionals to help restore personal identities.
- Help with recovering related costs, including any legal expenses.
- Protection from damage to electronic data and computer systems from computer attacks.
Three coverages and services can help you retain your clients’ and employees’ trust.
- Data compromise protection covers employee and customer information in the event of a hacking, physical theft of electronic data or hard copy files, procedural errors or fraud Data compromise coverage also includes:
- Legal reviews
- Forensic information technology services to assist in determining the nature and extent of an electronic breach.
- Personal services for those affected, including a helpline, credit monitoring and case managers for victims of identity fraud.
- Services provided by a professional public relations firm to review and respond to the potential impact of the data compromise.
- Costs of legal defense.
Identity recovery protection helps identity fraud victims restore their credit history and identity records to pre-theft status. Coverage and services extend to key owners, their employees, and resident family members.Also includes:
- An identity theft helpline staffed by counselors and specialized case managers.
- Services to correct victims’ records to pre-theft status, such as writing letters to credit bureaus and other institutions and preparing communications to send to government agencies.
- Expense reimbursement for lost wages, various legal fees, and more.
CyberOne protection protects your business against damage to electronic data and computer systems from a virus or other computer attack. It also protects your business’s liability to third parties that may have suffered damage due to security weaknesses in the business’s computer system.
CyberOne also helps with the cost of:
- Restoring and recreating data.
- Restoring a computer system to its pre-attack level.
- Lost business and extra expenses.
- Public relations services, to communicate with outside parties concerning a computer attack and the insured’s response.
DISCLAIMER: Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in your individual insurance contracts, policies, and/or declaration pages from Nationwide-affiliated underwriting companies, which are controlling. Such products, coverages, terms, and discounts may vary by state and exclusions may apply.