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Old 7th January 2008, 09:53 AM   #1
bayinghound
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Default Who Carries Your Business Owners Policy?

One of our business goals this year is to set ourselves up for being larger including covering our legal bases. One aspect of this is getting a Business Owner's Insurance Policy.

Our home insurance carrier does not write these policies so we are searching for a new company to cover the business.

Who do you recommend? We are a online retail LLC with two members. Our stock is housed in our home office.

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Old 7th January 2008, 12:03 PM   #2
pete
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You should avoid the "retail" insurance guys like home, auto, life. Seek a professional business insurance broker. Best to have someone local you can sit down with and look in the eye.

For the last decade or so I've had mine with Erie Insurance, through a local broker.
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Old 11th January 2008, 09:34 AM   #3
JackieHFS
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Default Business Owners Policy

Hi worked in the group benefits/financial side of business for about 16 years until I had my 3rd baby and then moved onto working only with my husbands company we started in 2001. Anyway, we started as a sole proprietor so our insurance needs were minimal but then we moved to a S Corp and we hired employees: needed workers comp, medical, business insurance..... It was difficult to work directly with some of the carriers for the workers comp and business insurance at that time. It took alot of hours and research and at time convencing them that we were a weather company doing forecasting but not chasing tornados and hurricanes in the field. Anyway, I ended up working for a small brokerage firm for awhile and they were very helpful getting our business owners policy and workers comp set up. Try to find a brokerage firm in your area that handles small businesses and will take the time to work with you to listen to what you do (your exposure) and get the right rates. These brokers are typically paid my the insurance companies via commission so you will not have to pay them out of your pocket. Essentially, the insurance companies will pay the Broker agency commissions which are all factored into their rates/premium. That being said our business owners is with The Hartford. In fact earlier, this week I needed to increase some of our coverage due to a new contract that required higher limits and they were great getting it done and emailing me my certificate of insurance as proof to our new client. Hope this helps

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Old 23rd January 2008, 09:34 AM   #4
bayinghound
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Thanks for the advice. I still haven't found a company but as soon as I finish financials for 2007, BOP is my next priority.

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Old 21st June 2012, 11:47 AM   #5
chizcurlz
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Look for reputable ones for your business insurance. Top and widely-known insurance companies Liberty Mutual Insurance, Progressive, and AllState can give you the policy that will suit your needs and your business needs.

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Old 15th January 2013, 05:14 PM   #6
PacificReserve
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What state is your company located in? Many insurance brokers are only licensed in specific states.

I would also recommend you check with your homeowners insurance agent. They may know where you can find insurance.

Make sure you get multiple quotes so you can get a fair price.

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Old 25th March 2013, 01:01 AM   #7
mmorpgs
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Quote:
Originally Posted by JackieHFS View Post
Hi worked in the group benefits/financial side of business for about 16 years until I had my 3rd baby and then moved onto working only with my husbands company we started in 2001. Anyway, we started as a sole proprietor so our insurance needs were minimal but then we moved to a S Corp and we hired employees: needed workers comp, medical, business insurance..... It was difficult to work directly with some of the carriers for the workers comp and business insurance at that time. It took alot of hours and research and at time convencing them that we were a weather company doing forecasting but not chasing tornados and hurricanes in the field. Anyway, I ended up working for a small brokerage firm for awhile and they were very helpful getting our business owners policy and workers comp set up. Try to find a brokerage firm in your area that handles small businesses and will take the time to work with you to listen to what you do (your exposure) and get the right rates. These brokers are typically paid my the insurance companies via commission so you will not have to pay them out of your pocket. Essentially, the insurance companies will pay the Broker agency commissions which are all factored into their rates/premium. That being said our business owners is with The Hartford. In fact earlier, this week I needed to increase some of our coverage due to a new contract that required higher limits and they were great getting it done and emailing me my certificate of insurance as proof to our new client. Hope this helps
This is some great advice. As always when it comes to business, clear, easy to understand records are a must.

It's been a few years now, Bayinghound, how have things worked out now?

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Old 8th December 2015, 12:29 AM   #8
LaneKreps
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Any business, whether it is small or big, it is always at risk of anything. Business insurance is an important resource that allows company owners to protect their businesses from all such unfortunate crisis. I would like to suggest you to go for complete insurance, which covers your business in workers' compensation, property damage, product liability, etc.

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