Business Owner Policy Coverages to be Aware Of

When you receive your business owner policy it can be overwhelming to review about one hundred pages of coverage.   There are a few sections in the policy to be aware of and review in detail.

Does your policy have an additional insured endorsement?  This in the design professionals and construction industry are very important.  There will be many requests for the blanket additional insured or scheduled additional insured endorsement from your clients or landlords.

What are the limits of liability on your policy?  If you have a contract requirement that asked for specific limits of liability does your policy meet those requirements?  It is possible that your policy has an umbrella or excess limit as well.

Hired and non-owned auto endorsement in the policy.  Many times there is a requirement in contracts for automobile liability.  The hired and non-owned liability limit will meet this requirement.

If your firm has business personal property does the limit within the policy meet your needs if your firm were to have a total loss?  This is a section that can easily be changed but the best way to think about the limits is what it would cost to replace everything from paperclips to a desk.

The exclusions in the policy are important to be aware of as well.  What does the policy not cover, such as design errors and omissions?

Is all of your information such as mailing address, location and firm name all correct?  This could be a vital piece of information when a claim is reported to have accurate in the policy.

If you have questions or would like to discuss your call or email your Professional Underwriters agent.