What to look for when deciding on a Business Owner policy for your Design firm

business owner policyWhat to look for when deciding on a Business Owner policy for your Design firm

There are three main parts of a Business Owner policy – the property coverage, liability coverage and optional coverage’s.  What to look for when reviewing those portions of a policy/quote.

Property coverage provides coverage for your business personal property.  This covers everything from paperclips to desks.  This may also include coverage’s such as employee dishonesty, computers, business personal property of others and fine arts.  The property coverage may also have a deductible associated with the coverage, be sure you are familiar with what the deductible is on your policy.

Liability coverage is another part of the business owner policy.  Some of the coverage’s included are general liability, damage to premises rented to you, medical expense of any one person and hired and non-owned auto liability.  The liability coverage limits are typically $1,000,000 per occurrence and $2,000,000 aggregate.  Sometimes these limits are higher depending on lease requirements or other contract requirements.  Umbrella/excess limits may also be required for different contracts.

There are several optional coverages, depending on the size of your firm or the insurance company offerings.  Some of those coverage’s are interruption of computer operations, valuable papers, blanket additional insured endorsement, blanket waiver of subrogation and damages by equipment rented by your firm.  The optional coverage can range in limits and sometimes are on blanket coverage option.

Be sure you read your policy/quote and understand what coverage your policy has and it is adequate to meet your needs.  As always your PUI agent is here to help, please call or email with any questions you may have.

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