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Business Owner’s Policy
Save money with an insurance bundle that covers common lawsuits and property damage.

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What does a business owner’s policy cover?
A business owner’s policy bundles two policies to protect against liability and property risks. General liability insurance helps pay for common lawsuits, while commercial property insurance covers your business property.

A business owner’s policy provides coverage for:
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Third-party bodily injury
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Third-party property damage
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Product liability
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Advertising injuries
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Business property damage
Third-party bodily injury
If a customer is hurt on your property, the general liability insurance portion of your BOP can help pay for medical expenses or legal expenses in the event of a lawsuit.

Example: A customer trips on an uneven front step at a restaurant and breaks her wrist. To recoup the cost of her medical expenses, she decides to sue. The restaurant's BOP covers the cost of the resulting legal battle, including attorney's fees and the court-ordered judgment over the injury.

Third-party property damage
The general liability portion of a BOP can help repair or replace damaged customer property. It can also pay legal fees if a customer sues over the damage.

Example: An employee at a lawn care business accidentally drives a riding mower into a pergola, causing $2,000 in damages. The company's BOP pays to repair the pergola. It would also cover legal costs if the homeowner decided to sue.

Product liability
Property damage or customer injuries don't have to happen on you or your client's property. If a business manufactures, distributes, or sells products, it can be sued over the harm those products cause to people or property.

Example: A janitorial services company sells cleaning products on the side. A customer accidentally gets the solution in his eye. He ends up in the emergency room and sues the cleaning company for damages. The company's product liability insurance helps cover the legal expenses and eventual settlement.

Advertising injuries
If someone sues a business owner or employee over an advertising injury such as libel, slander, or copyright infringement, the liability portion of a BOP can help pay for lawsuit expenses.

Example: An employee at a house cleaning company posts a negative comment about a competing cleaning service on the company's page. The competitor sues for defamation. The advertising injury coverage including in the cleaning company's BOP helps pay for legal defense expenses and the resulting settlement.

Business property damage
The commercial property insurance portion of a BOP can help pay for expenses to repair or replace your business property when it's damaged by fire, theft, and some weather-related events.

Example: A thief breaks into a tax preparer's office and steals laptops and other electronic equipment. Commercial property insurance can help pay to replace the stolen items and repair the broken window.

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A business owner’s policy does not cover:
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Professional errors
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Employee injuries
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Employee discrimination lawsuits
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Destroyed payment records
Professional errors
Professional liability insurance, also called errors and omissions insurance, can cover lawsuits over professional mistakes, including undelivered services and missed deadlines.

Example: A web developer misses a deadline for launching a website advertising a clothing store’s holiday campaign. The store’s owner decides to sue the developer over the revenue the website was projected to generate.

Employee injuries
Workers' compensation insurance is the policy that covers medical expenses, physical therapy, and some lost wages for employees who are injured at work.

Example: A carpenter injures his back while lifting heavy boards at a worksite. Workers’ comp can help cover his medical expenses and part of the wages lost while he recovers.

Employee discrimination lawsuits
Employment practices liability insurance (EPLI) can cover lawsuit expenses related to claims of harassment, discrimination, and wrongful termination.

Example: A real estate agent files a lawsuit claiming that her agency assigns the most valuable properties to male agents. An EPLI policy could cover legal expenses for the real estate agency.

Destroyed payment records
If a fire or other incident destroys your customer records, you could have trouble collecting outstanding payments. Commercial property insurance doesn't cover the cost of recovering these payments unless your policy has an accounts receivable endorsement.

Example: A fire at a medical office destroys the business's customer payment records. To collect missing payments, the office hires a temporary accounting professional – paid for by the accounts receivable endorsement on its BOP.

Business owner's policy exclusions
BOPs have some coverage exclusions. For example, a BOP doesn't usually pay for property damage caused by natural disasters like earthquakes, hurricanes, tornadoes, and floods. If you need coverage for these events, you'll need to add a special endorsement to your policy.

A BOP also doesn't pay legal defense costs for lawsuits involving intentional copyright infringement or willful negligence – which can be criminal offenses. Purposeful customer injury or property damage falls into the same category and isn't covered by the policy.

Incidents that involve alcohol are also excluded from a BOP. With a liquor liability endorsement, you can get coverage for these claims.

Check with an Insureon agent to make sure your insurance policy includes all the coverage you need.

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The information provided on this website does not constitute insurance advice. All content and materials are for general informational purposes only. Complete Insureon's online application and contact one of our licensed insurance professionals to obtain advice for your specific business insurance needs.

Ministered By Tanya Harris, LLD A Service Dominated Founder

09/26/2020

If you are a business owner who has decided to purchase business income coverage, you will likely face a dilemma. What limit of insurance should you buy? Answering this question can be tricky as it requires some complex calculations.

Projections Required
Business income losses are calculated based on the amount of income your company actually loses during the time your business is shut down. The most your insurer will pay for a loss is the business income limit of insurance. To choose an adequate the limit, you must make the following two projections:

The amount of income your company is expected to generate over the next twelve months. Your business income limit is calculated based on your estimate of future revenue.
The amount of time you will need to repair damaged property after a physical loss. That is, if your business is forced to shut down because property has been damaged, how much time will you need to make repairs and get your business up and running again? In business income insurance, this time period is called the period of restoration.

These projections aren't easy to make. Both are essential for determining the right amount of coverage for your company.

Understanding the Meaning of Business Income
One of the first challenges in choosing a business income limit is understanding the meaning of business income. Under many business income forms (including the standard ISO forms), this term means the sum of the following:

Net income, meaning net profit or loss before income taxes
Normal operating expenses that continue after a loss. This includes payroll.
If your business earns income by renting property to others, you can either include or exclude your rental income in your calculation of business income. When rental value is excluded in the calculation, no coverage will be provided for a loss of rental income. If your company generates all of its income from rental properties, your business income will consist of rental income only.

Calculating Your Business Income
The most accurate way to project your 12-month income is to use a business income worksheet. You can use the standard ISO worksheet or one prepared by your insurer. If you need a worksheet, ask your agent or broker to obtain one for you.

The worksheet outlines a step-by-step process for calculating your business income exposure. The first step is to determine how much income your business generated in the previous twelve-month period.

Next, you estimate your income for the future twelve months. You can make your projection by adjusting your 12-month historical figures to reflect any changes you expect over the coming year. For instance, if you expect your sales to increase by 10 percent, you can increase your income projection accordingly.

Some business owners may find a business income worksheet bewildering. If the worksheet seems too confusing, ask your accountant to complete it for you.

Projecting the Period of Restoration
Once you have completed your 12-month income projection, you need to estimate the period of restoration. To protect your business, your estimate should be based on a worst-case scenario.

For example, suppose you own a building in which you operate a warehouse. If the building is destroyed by a fire or a tornado, how much time will you need to get your business running again? Reconstructing a building involves many steps.

First, an insurance adjuster will evaluate the loss. Next, you'll need an architect to design a new building and a contractor to do the construction. Once you've considered all the steps involved in rebuilding, you can estimate how much time they will take. Your estimated period of restoration may be six months, a year, or longer.

Beware Coinsurance Penalties!
Many business income forms include a coinsurance clause. This clause imposes a penalty if the limit on your policy is less than the required amount. Coinsurance applies to your policy if a coinsurance percentage is listed in the declarations. The percentage may be anywhere from 50% to 125%. It indicates the amount of insurance you must carry to avoid a penalty.

For example, suppose that you have purchased business income coverage based on an income projection of $1 million. Your policy includes a coinsurance requirement of 80%. To avoid a penalty, you must purchase a limit of at least $800,000 (.80 X $1 million). You purchase only $700,000 as a cost-saving measure.

Three months into your policy period a fire breaks out in your warehouse. The fire damages the building, forcing you to shut down your business for several weeks. You suffer a $175,000 income loss due to the shutdown. You have under-insured your business income exposure by $100,000. Here's how your insurer calculates your loss payment:

Maximum loss payment = loss amount X (limit purchased/ the limit required)
Amount paid by your insurer pays = $175,000 X (700,000 / 800,000) or $153,125
You must pay the remaining $21,875 yourself. This amount represents the coinsurance penalty. You can avoid a penalty by purchasing the required amount of business income coverage. Another option is to avoid coinsurance altogether by purchasing business income coverage on an agreed value basis.

Premium Adjustment Endorsement
As noted above, it is important to purchase enough business income coverage to avoid a coinsurance penalty. Yet, it is also possible to purchase too much insurance. If the limit you purchase exceeds the amount required by the coinsurance clause, you will have wasted money on unused insurance. The Premium Adjustment Endorsement provides a solution to this problem.

The endorsement provides a refund if your business income limit exceeds the amount required by the coinsurance clause. You must submit two reports of your business income values to your insurer. One must be filed when your policy begins (or when the endorsement is attached).

The second must be submitted within 120 days of the date your policy ends. Your insurer will compare the limit you purchased to your required limit based on your actual values. If the limit you purchased exceeds the required limit, your insurer will return the excess premium.

09/26/2020

A businessowners policy (BOP), combines various insurance coverages – such as commercial property insurance, general liability and business income – into one convenient policy.

BOP coverage options
A basic businessowners policy typically includes three or four key coverages:

Commercial property insurance, which protects your building, equipment and inventory.
General liability insurance, which helps cover any medical expenses and bodily injury/property damages you and your employees are legally responsible for.
Business income, which helps you pay bills and employees if your business has to temporarily close.
Crime insurance, which helps protect your business from fraud, theft and forgery.
Additional BOP 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.
Ministered By Tanya Harris, LLD A Service Dominated Founder

09/08/2020

"BE PROUD OF WHO YOU ARE AND NOT ASHAMED OF HOW SOMEONE ELSE'S SEES YOU. "

08/26/2020

Cost Of General Liability Insurance

On average, publishing companies in America spend between $300-$600 per year for $1 million in general liability coverage.

Check out the chart below for a snapshot of average CGL expenditure across a variety of industries:

Several factors will determine the price of your policy. These include your:

Location

Deductible

Number of employees

Per-occurrence limit

General aggregate limit

You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner's policy (BOP) rather than as a standalone policy. A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.

08/25/2020

About General Liability Insurance
All businesses, regardless of industry, face risks that should be covered by insurance. The most common and comprehensive type of policy business owners invest in is general liability insurance (or CGL).

Some of the risks CGL insurance covers are:

Bodily injury
Property damage
Medical payments
Legal defense and judgment
Personal and advertising injury

While businesses aren't legally required to carry general liability insurance, operating without it is extremely risky. If your business is sued, you could end up facing fees totaling hundreds of thousands of dollars (or more). Having a sufficient CGL policy in place to help compensate for these damages is the only way to prevent this type of event from devastating your business.

Learn more about the risks covered by general liability insurance.
COMMON SITUATIONS THAT GENERAL LIABILITY INSURANCE WOULD COVER FOR A PUBLISHING COMPANY
Example 1: While visiting your publishing company to discuss business, an author slips on wet flooring in the restroom, breaks an arm, and decides to sue for damages. General liability insurance would pay for your legal defense and any required settlement.

Example 2: A competitor files a libel lawsuit against your business. While you disagree with the accusation, you know you need to hire an attorney right away. General liability insurance would cover your legal defense costs.

Example 3: As an employee carries a box of books in from the warehouse, he accidentally knocks over a visitor to your office. The visitor falls, breaks a wrist, and asks your company to pay for his medical treatment. General liability insurance would cover his medical expenses.

Of course, this is not an exhaustive list of perils a general liability insurance policy will cover, and some conditions may result in a particular peril not being covered. It's always best to talk to your agent in-depth about the specifics of your policy to avoid blind spots in coverage.

Cost Of General Liability Insurance
On average, publishing companies in America spend between $300-$600 per year for $1 million in general liability coverage.

Check out the chart below for a snapshot of average CGL expenditure across a variety of industries:

Graph showing average price of general liability insurance prices per industry

Several factors will determine the price of your policy. These include your:

Location
Deductible
Number of employees
Per-occurrence limit
General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner's policy (BOP) rather than as a standalone policy. A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.

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Other Types Of Coverage Publishing Companies Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some other types of insurance all publishing companies should obtain:

Product Liability Insurance
While you publish books to share stories and information with the public, there’s always a chance someone might decide your product caused them harm. In the event of a lawsuit, product liability insurance would cover your legal fees and any required settlement.

Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a workplace accident.

Types Of Coverage Some Publishing Companies May Need
In addition to the policies outlined above, there are a few other types of coverage your publishing company may require depending on certain aspects of your operations. Some of these might not apply to you, so be sure to ask your agent which policies are right for your business.

Commercial Property Insurance
You made a major investment in the equipment, supplies, furnishings, hardware, software, and real estate needed to run your business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building as well as the business materials stored there.

Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.

Additional Steps To Protect Your Business
Although it's easy (and essential) to invest in business insurance, it should not be your frontline defense. Yes, insurance will compensate for your business' financial losses after an incident occurs, but it's much better to avoid losses altogether.

With this in mind, here are three things you can do to better protect your business:

Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
Set up a limited liability company (LLC) to protect your personal assets. (Refer to our guide for step-by-step instructions on how to form an LLC in your state.)
Streamline your business' internal processes. This will remove unnecessary variables from common tasks and create a safe, consistent environment for conducting business.
Frequently Asked Questions
What is included in a business owner’s policy?
A typical business owner's policy includes general liability, business interruption, and property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company's needs.

What is the difference between business insurance and general liability insurance?
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.

Do I need insurance before I start a business?
You should invest in coverage for your business before your first interaction with a customer. Although the cost of insurance may seem high for a brand new business, it's best to be proactive when it comes to protecting your assets. After all, you can't buy insurance to cover a loss that has already occurred.

Will insurance protect my business from everything?
Not necessarily. Certain exceptions may be written directly into your policy, and some perils may be entirely uninsurable. Be sure to discuss the scope of your policy in-depth with your agent to avoid being blindsided by holes in your coverage.

08/25/2020

https://sites.google.com/view/niktalpublishing/about-the-author

08/21/2020

Ministered By

08/21/2020

When we realize that everyone else can connect to God in the same deeply meaningful way we do, it should be easy to find reasons to deeply connect with them. Our appreciation of their soul and its well-being should encourage a relationship that is significant, selfless and sacrificial. A relationship defined by mutual appreciation of the One who made us is a relationship that will endure. In those instances, it will be a relationship devoid of all the stuff that makes our world unbearable and the people we run across insufferable.

When we realize we all possess the opportunity to be God’s children, we see hope in relationships. When we realize He has time for each of us, patience for each of us and genuinely loves us the same, we should find time to reciprocate that love in return. When we value people for who they are and not what they do for us, we begin to see them as God does. When that becomes our de facto way of thinking, our simple interactions will change and our deep connections will grow exponentially. When we know the people in our lives are meant to be loved, served and valued, we begin to see how God loves, serves and values us.

Right now, God is actively seeking a relationship with you that is life changing. He wants you to know you’re special. He wants you to know you’re made in His image. He wants you to know you’re the most valuable thing in this world to Him. He wants you to know Him because He knows you.

Relationships define us. Make sure the relationship that defines you best is the one you have with God. When that’s true of you, every other relationship will be blessed by God’s presence. If He’s a part of your life, then He’s also a part of your marriage, your friendships, your random encounters with strangers and every other relationship the world uses to define you. When He’s a part of who you are, the world knows who He is.
Ministered By

08/16/2020

.
Essential beliefs of a steward
God designed men/women to be His trustees to care for the earth. There are three essential beliefs one must accept if they are to have the mind of a steward. In fact, these are essential truths of the Christian, for they recognize the relationship between God and man.

Truth #1: God created everything
The opening words of the Bible declare: “In the beginning God created the heavens and the earth” (Genesis 1:1). This verse is important because:

It assumes God’s existence;

It establishes God’s relationship to the world.

Man is part of God’s creation. God created both the male (Genesis 2:7) and the female (Genesis 2:21–22). Both the man and the woman are a result of the direct creative work of God.

Truth #2: God owns everything
Because God created everything, He has the ownership rights over His creation. “The earth is the Lord’s, and all it contains, the world, and those who dwell in it” (Psalm 24:1).

As part of God’s creation, His ownership includes:

Our intelligence (Daniel 2:21);

Our skills and abilities (Romans 12:6);

Our capacity to earn money (Deuteronomy 8:18).

Truth #3: God made man a trustee of His property
After the man and the woman were created, “God blessed them; and God said to them, “Be fruitful and multiply, and fill the earth, and subdue it; and rule over the fish of the sea and over the birds or the sky and over every living thing that moves on the earth” (Genesis 1:28). God gave man and woman the responsibility to care for His creation.

All men/women belong to God because they are part of His creation. Those men/women who have accepted Jesus Christ as Savior, Redeemer and Lord are twice bought. “You are not your own; you were bought with a price.” (1 Corinthians 6:19b–20a). The second purchase was paid for with the blood of God’s Son, Jesus Christ.

Conclusion & Challenge
All we have God gives us: money, time, abilities, skills, careers and relationships. He gives us these things to manage for Him.

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