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 the ‘Commercial Business Insurance’ Category

Data Breach

Thursday, June 12th, 2014

Take a look why your business needs data breach coverage. Did you know that General Liability does not protect your business from this exposure.

Any business that takes, Social Security numbers, Licence numbers, Credit Card info, Medical info. Has an obligation to the customer to protect that data. If a breach occurs, it is up to you to notify that customer. You may be responsible to monitor credit. Who pays? if you do not have data breach, this cost come out of the business owners pocket.  DATA BREACH CLICK HERE



Residential Roofing

Tuesday, October 29th, 2013

Our new partnership with Ohio Mutual gives us acess to general liability coverage for Residential Roofing. Underwriting is tight. Three years in business. Residential three stories or less,  light commercial. Absolutly no flat roofs. This is a difficult class to place, however we have the market. Call for details, see attached coverage highlights.

Bid Performance and Payment Bonds

Thursday, May 2nd, 2013

Contractors, We can secure bonds upto $250,000 with no FINANCIALS.  Have you wanted to bid a municipal project but walked away. Bonding can be a nightmare, let us help you secure that bond upto $250,000. Pre-approval is available. We can complete this process in as little as ten minutes, once in underwriting 24-48 hour turnaround. Lets see if you qualify.



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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