Virtual University | Businessowners Policy

Ask an Expert May Help Clean Up a General Liability Mess

Ask an Expert helps an agent respond to what she considers an incorrect coverage denial. It’s an example of how our Ask an Expert member service can help you reasonably advocate on behalf of your client.

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Grow Your Insurance Agency Business by Discovering New Business Ventures

Many consultancies begin out of necessity. An older worker may face a layoff and be unable to quickly find new employment. Professions such as information technology, the finance industry and construction/manufacturing seem to be the most flagrant violators of age discrimination laws. Those over forty who cannot quickly find employment after a downsizing may decide to begin their own consultancy. Others begin businesses to devote more time at home to growing families. No matter the reason, many of your insureds will begin consultancies and may not realize the business exposures they face. You can grow your business by helping these fledgling entrepreneurs better protect themselves as they form and grow their businesses.

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ISO Micro-Businessowners Program Helps Overcome Barriers to a Relatively Untapped Market

The COVID-19 pandemic accelerated an already booming micro-business market, spurring a record number of non-employer and non-store retailer business applications, according to the U.S. Census Bureau, adding to the huge premium potential for insurers. Lack of or little basic insurance knowledge among many small business owners, combined with cost concerns, are contributing to significant underinsurance in the micro-business market. The ISO Micro-Businessowners program (Micro-BOP), complimentary with the ISO Businessowners program (BOP) subscription, offers simple language and ready-made coverages for micro-business needs, helping insurers overcome cost and education barriers.

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Major Coverage Enhancements Coming to the ISO Businessowners Program

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Round Out Your Accounts with a Business Owners Policy

A few recent articles highlight how many Americans, especially Millennials, supplement their income with side gigs. A side gig is work people start in addition to their main jobs. Side gigs can be full time or part time, and many people begin side gigs because they intend to transition into a full-time business. Many side-gig practitioners do not understand they face many liabilities, from customers in their homes to copyright infringement on their website. This article explores how to round out accounts by reaching out to your customers with side gigs.

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Verisk to Introduce Significant Updates to the Businessowners Policy Program

Citing “climate change, changing lifestyles and new technologies,” Verisk will update the Businessowners (BOP) program with “significant enhancements.” Read on for an overview of the expected changes.

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What is the Business Owners Policy?

The businessowners policy (BOP) is one of the most widely used commercial insurance policies designed to protect small-to-medium sized business owners. While the Insurance Services Office ISO form is readily available, many insurers develop their own BOPs, tailored to different types of businesses, from main street florists to restaurants to contracting businesses. If you’re just starting out in commercial lines, beginning with the BOP is a great way to grow your business.

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