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A framing contractor business owner’s insurance policy might be the insurance plan that’s right for your framing business. This policy, also known as a BOP, is unique because it combines all of the coverages of the stand-alone liability and property policies into one convenient and affordable package. It was created to serve the needs of the millions of small businesses and contractors in the US. The protections are tailored to the businesses.
In addition to the main coverages, the policy allows you to consider several add-on coverages (some for slightly more premium) that could just make the difference in filling all of your coverage gaps.
The major insurance protections from both the liability and property side are listed below.
All of the liability coverages available on the stand-alone GL (general liability) policy are available on the BOP. This includes bodily injury (if someone was injured while at your framing shop); property damage (if you damage another’s property), and products and completed ops (if your workmanship or the materials are found defective after the job is finished). It also provides this protection for virtually anyone who works for your business doing tasks you authorized. Most importantly, it protects you from the biggest wild card of all—lawsuits, which can be asset draining events if not addressed by good liability insurance.
The business personal property that is covered includes appliances, clothing and furniture among other items listed on the policy. Items not generally covered are jewelry, cash and guns. Replacements or repairs will be paid for so that your personal property is as it was prior to the damage to it.
If you have a structure (owned, leased or rented) or part of a structure that gets damaged from one of the covered perils (fire, lightning, hail, etc.), this portion of the BOP will take care of it for you. This includes any damages to a permanent improvement you made as well as detached buildings that are part of your property.
Most business owners need that weekly cash flow to make expenses and pay their own personal bills. If for some reason (like a fire), that cash flow ceases, this insurance will restore it. For a period of time after the incident, this coverage will pay out on expenses and what you would normally make weekly for a period of time, usually up to a year.
It may not be ethical but some customers may choose not to pay you if they realize that records of what they owe have been destroyed. Accounts receivable insurance coverage will reimburse you if that occurs. If any valuable papers need to be restored, the valuable papers clause will pay for that process.
If your framing business has an employee whose dishonest actions cause a lawsuit to be filed against your business, this will cover you.
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