Business income and extra expense coverage can be difficult claims to handle, and filling out the business income worksheet must be done with care. In this question, an agent asks if donations the non-profit include on their profit & loss statement covered after a loss. Our experts chime in, and this article is worth a…
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.
After taking a sharp hit at the start of the pandemic, small business formation has rebounded, giving insurers an opportunity to target new customers.The ISO Businessowners program was developed to help insurers support just such small-to-medium-sized enterprises. As part of the most significant update to the ISO Business owners program since its inception, we’re introducing…
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…
The business owners 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…
Many agents struggle to understand business interruption (BI) insurance, also called business income insurance. This important coverage protects business owners if a covered property loss, or in some cases government shutdown, causes them to close their business and reduces them income. This article covers the basics of BI coverage.
Advanced Commercial Lines
Massachusetts highest court refuses to expand coverage beyond “DBA” in named insured, resulting in no coverage for $14m consent judgment in April 2022. Read on to learn more.
Is the phrase, “…direct physical loss of or damage to…” ambiguous? Plaintiff attorneys are trying to convince courts that it is. Simply, it’s not, and this article explains why.
Plaintiff’s attorneys are looking for any and every means possible to trigger business income coverage from COVID-related shutdowns. One method is asserting that the presence of a virus on surfaces is like smoke damage and thus causes property damage. While admirable, this, too, is a fallacious article easily defeated by two loss conditions within the…
