The Lombardo Insurance Agency Inc.

Accuracy is the foundation of everything else

2096-B Silas Deane Hwy
Rocky Hill, CT 06067

Phone: 860-236-6064

Archive for January, 2013

International Insurance Plans – International Medical Group

Friday, January 18th, 2013

International Insurance Plans – International Medical Group.

International Insurance Plans

Welcome to Lombardo Insurance-IMGs section of Coverage without Boundaries®! We know that the reasons to travel abroad are many and varied – that’s why our products are too. Our full-service approach to providing international medical insurance products includes servicing vacationers, those working or living abroad for short or extended periods, people traveling frequently between countries, and those who maintain multiple countries of residence. If you are trying to find affordable health insurance, use health insurance finder. You will be able to find the right insurance for you. To meet all of these needs, we have developed a comprehensive range of major medical, life, dental and disability products that can be tailored to meet your needs.

For your convenience and to assist you in determining which plan is right for you, simply use the scroll function to view each of the products or click on one of the specific product categories below to help narrow your search. You may also obtain more detailed plan information by clicking on the “Download a brochure & application” link associated with each product. Once you have determined which plan best fits your needs, click on the “Quote/Buy Insurance” link and you can complete the simple and easy-to-follow application.

What is a BOP?

Friday, January 4th, 2013
What is business owner’s insurance?

Business Owners Insurance, or BOP Insurance, combines some of the basic coverage needed by a typical small business into one standard package at a discounted premium. A Business Owners Policy (BOP) combines several types of commercial insurance, including General Liability and Property Insurance allowing small to medium sized businesses operating in a low-risk category to get the needed coverage in one policy. Consolidating all the necessary business coverage into a BOP insurance policy can be a good idea for small businesses looking to save money while getting their insurance needs covered.

How Business Owners Insurance Works

Typically a BOP insurance policy will provide the following coverage:

  • Business interruption insurance (covering losses that cause you to shut operations or reduce production for a time). Business interruption insurance can provide money to off set lost profits or to pay continuing expenses (typically for up to a year for insured losses).
  • Crime insurance (covering loss of money or securities resulting from burglaries, robberies or destruction) as well as losses from employee theft or embezzlement.
  • Vehicle coverage for rented or borrowed vehicles.
  • Business Owners Insurance insures a damaged property for replacement cost value, which means that you would receive enough from your settlement to replace the property at today’s value.
  • General liability protection that insures against claims of bodily injury or property damage by someone injured at the business. The liability portion also covers the cost of defending lawsuits that claim you are responsible for causing bodily injury or property damage.

Other coverage can also be added to meet specific needs of the business. In addition, specific requirements and coverage may vary depending on your business location, so if you are looking for commercial insurance in Toronto, be sure to check that city’s by-laws carefully. Make sure you know your need for business insurance, and get all the coverage required to protect your business.

Qualifying for a Business Owner’s Policy

Since a BOP insurance policy is specifically designed for small to medium sized businesses, the type of business can influence eligibility. Normally, companies with 100 employees or under and revenues of up to about $5 million or less are candidates for a BOP insurance policy. Some types of businesses, such as restaurants, may be ineligible for business owners insurance because of the specific risks inherent in the business. recently published advice and suggested that, Ineligible businesses should look at the individual coverages which can be purchased separately. Underwriting standards will vary from company to company, so shop multiple companies to see which ones will sell your company a business owners insurance policy.

Why Buy a Business Owner’s Policy?

There are several reasons why BOP Insurance might be right for your company, such as:

  • Low business insurance costs
  • Minimum Hassle- since the coverage is prepackaged, you only have one policy to review
  • One monthly premium
  • Ability to add coverage need in the form of endorsements or riders

There are some cons to think about. Before buying BOP insurance consider some drawbacks including:

  • Lack of flexibility in coverage limits. This may be a problem for business owners who want higher maximum coverage limits for their company.
  • BOP Insurance does not cover every type of risk. Therefore, a business owner may need additional types of coverage such as fleet insurance for the automobiles you own, or higher limits not offered in a BOP Insurance policy.

Discuss your business insurance need with us. We can give you a risk analysis review and to determine if BOP insurance is right for you. If your business is eligible, then obtaining insurance coverage under a BOP insurance policy will streamline your insurance needs to one comprehensive policy.

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