by Downey Insurance Group | Jul 25, 2011 | Blog
The Businessowners Policy
If you own and/or run a smaller business, your small business insurance needs may be properly handled by a businessowner policy (BOP). BOPs are similar to a homeowners policy, offering both property and liability protection. Businesses such as retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) are eligible for BOP coverage. All such operations may be insured by a BOP as long as they are not larger than 25,000 square feet in total floor area or have gross annual sales greater than $3,000,000 (per location). Cooking operations, due to the higher fire and other accident exposures, have significantly more restrictive guidelines, such as being disqualified for a BOP when it square footage exceeds, typically, 7,500 s.f.
PROPERTY COVERAGE
BOPs protect buildings as well as the following:
| building additions (completed or being built); |
indoor and outdoor fixtures |
machinery and equipment |
machinery and equipment |
landlord furnishings, |
| mowers, ladder, snowblowers, and similar maintenance property |
outdoor furniture |
floor coverings |
Refrigerating appliances |
ventilating appliances |
| Cooking appliances |
Dishwashing/Drying appliances |
Clothes washing/drying appliances |
materials, equipment, and supplies |
temporary structures located near the insured premises |
LIABILITY COVERAGE
The policy’s protection for business personal property (such as office equipment, copiers, desks, etc.) applies whether the property is located inside or immediately outside the covered buildings. The category also includes property you own, lease or control (i.e., borrow or control) as long as the property is used by the business.
Businessowners liability coverage provides comprehensive protection for claims or suits made by other parties. Its liability section covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.
Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.
A BOP may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. Liability coverage can be expanded to handle additional business interests, limited vehicle liability, losses related to personnel situations, liquor liability and injuries to leased employees.
A BOP may be the answer to your company’s coverage needs and it may be worthwhile to get more information on the BOP from the nearest insurance professional.
by Downey Insurance Group | Jul 18, 2011 | Blog
Vermont governor Peter Shumlin wants to see local farms provide food for schools, food banks and other government subsidized food programs. Shumlin said he wants to replace an existing U.S. Department of Agriculture commodities program that ships bulk food into the state for distribution to schools, food pantries and other programs with a voucher system that would allow states to spend federal nutrition funds on locally grown food.
Under the current system the minimum order of food is a tractor trailer load. This food then needs to be stored in a refrigerated storage facility, sometimes up to a whole year. “It’s a system that was set up in the 1930s. It’s antiquated, it’s inefficient and it’s ineffective,” says Robert Clifford, food service director in the Essex Junction-based Chittenden Central Supervisory Union and co-chair of a statewide association of school food service chiefs.
“We will ask for direct funding, possibly through vouchers, to enable the folks in each state who are dealing directly with food programs for children to buy locally and choose the most nutritious food products that make the most sense for children in their programs,” Shumlin said.
At Downey Insurance we think this makes the most sense. Local food from local farms. This will not only benefit the recipients of the food which are often children, but it will support the local farm community. Downey Insurance is a strong supporter of our local farm community by providing protection via a broad spectrum of Vermont Farm Insurance products for mini-farms through large scale operations.
Read the full article at NECN.com
by Downey Insurance Group | Jul 15, 2011 | Blog
Are you sure you or your business is getting the best value for the $ you are spending on Massachusetts Health Insurance. Do you want to make sure you and your employees are getting the right coverage? Do you know the advantages and disadvantages to the many different types of Massachusetts Health insurance plans? At Downey Insurance we can help sort through all your health insurance questions and find the right coverage for you and your business. We have access to the major carriers though the largest broker in MA. Don’t miss out on the limited enrollment dates…
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Effective Date of Enrollment
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Complete Enrollment Materials must be received at HSA no later than:
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August 1, 2011
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July 25, 2011
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September 1, 2011
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August 15, 2011
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Who can enroll now during this Open Enrollment?
● No coverage now – Avoid the Massachusetts individual mandate penalty
● On COBRA – This is a chance to replace expensive COBRA coverage
● Currently enrolled – An Individual has coverage now and wants to shop for better rates
● Early retiree – Wants to shop for coverage
● Working Part time – Not eligible for group coverage
by Downey Insurance Group | Jul 13, 2011 | Blog
When you think summer it is hard not to think of it as all fun all the time. Many people are taking vacations or spending weekends away from home to enjoy the beautiful summer weather. While keeping your home safe while you are away may not be top of mind it certainly is not something you should ignore while you are preparing for a trip. There are many things that could go wrong while you are away that could cause a claim to your New Hampshire home insurance or at the lease cause a serious headache when you return. Here are some things we would recommend checking before you wisk away for your vacation this summer.
● Clean your house before you depart. I know this sounds tedious but it is always nice to come home to a clean house. It also will prevent pesky bugs or rodents from taking up residence while you are gone.
● Make sure all small appliances are turned off and unplugged, make sure all electrical, plumbing and gas lines are all in safe working order. Leaving any of these unchecked could be disastrous.
●Secure all entrances and exits to your home. Lock all doors and windows and don’t forget to set your home security system if you have one. Even if you don’t use it regularly while you are home, a break-in could easily happen while you are away if your home is not secure.
● Stop your mail and newspaper delivery and potentially leave on a small energy saving lamp in your home. Ask your neighbor to mow your lawn and check up on your home if you will be gone for an extended period of time. This will make your home seem occupied and may deter home invaders who are looking for an easy target.
Completing these small but important tasks will give you peace of mind while you are away from home this summer. So all you have left to do is to relax and enjoy your time away!
by Downey Insurance Group | Jul 11, 2011 | Blog
According to a study done by The Heartland Institute the Vermont Insurance Market has more choices and less regulation than any other state. Most insurance regulations are controlled at the state level with some broad Federal Regulations in place. Therefore there can be a vast difference in controls and regulations from state to state. This can affect the type of insurance products that companies can offer their clients.
The study published June 26th focused on the free market ability of the consumer and the companies insuring them across the country. It specifically examined how free consumers are to choose the property and casualty insurance products they want, and how free insurers are to provide the property and casualty insurance products consumers say they want. They also looked at the right of insurance companies to choose their own underwriting guidelines for Vermont auto insurance and other products and to set competitive policy pricing driven by the free market of that state.
Heartland is known for their mission to discover, develop, and promote free-market solutions to social and economic problems. Such solutions include parental choice in education, choice and personal responsibility in health care, market-based approaches to environmental protection, privatization of public services, and deregulation in areas where property rights and markets do a better job than government bureaucracies.
Top and Bottom Ten States for Property and Casualty Insurance Regulation
Top Ten Grade Score
Vermont A+ 24
Ohio A+ 22
Illinois A 15
Maine A 13
Wisconsin B+ 10
Arizona B+ 8
N. Dakota B+ 8
Utah B+ 8
Idaho B+ 7
S. Carolina B+ 7
Bottom Ten Grade Score
Colorado D+ -14
Tennessee D -14
Alaska D -15
Michigan D- -16
New York D- -17
Massachusetts D- -18
Hawaii F -22
Texas F -25
California F -28
Florida F -35
You can read the full article at Heartland.org
