Business
Owners Liability
Insurance is a package product for small to medium size
businesses. This policy is most popular with owners of
apartment buildings, offices and retail stores.
Limitations: Apartment
buildings can be no taller than six stories and have no more than 60 dwelling units. Office buildings are also limited to
six stories and no more than 100,000 square feet in total area. Mercantile businesses are limited to 15,000 square feet and
no more than $1 million in annual gross sales. Service or processing businesses have the same limitations as mercantile businesses
with the addition that no more than 25% of revenue can be derived off premises.
Business
Owners Package Insurance (BOP) has two basic sections: property
coverage and liability coverage.
Property Coverage -
The Standard Form covers your building and building personal property against fire, lightning, internal explosion,
WV Shaver, vandalism and malicious mischief. Automatic additional coverages include debris removal, loss to property while
removed from the premises, fire department service charges, business income, extra expense, and pollutant cleanup and
removal. The Special Form covers everything in the Standard Form and adds collapse and water damage.
Property Coverage Extensions -
For an extra premium charge coverage can be added for personal property at newly acquired premises, personal property off
premises, outdoor property and valuable papers and records.
Optional Property Coverages -
Optional coverages are available for both the Standard Form and the Special Form. These extra premium options include
burglary and robbery, money and securities, outdoor signs, exterior grade floor glass, boiler and machinery mechanical
breakdown and employee dishonesty.
Business Liability -
This protects your legal liability against bodily injury and property damage. It also covers personal liability and advertising
liability. Fire legal liability is included with a separate limit.
Medical Payments covers medical expenses for bodily injury caused
by an accident on premises you own or rent, or an accident caused because of your operations.
There are numerous ways to structure Business Liability protection
to fit the needs of your business. Our professional staff can assist you and develop a package that fits your business needs.
How May We Help You?
The agents in the Commercial Division at McGhee Insurance Agency have
been trained to help you get the best coverage at the best price for your business. For more information, please call our commercial
office.
(501) 224-6666 or 1-888-214-3149 |
