Hiscox has introduced their business owners policy (BOP) offering in Arizona, California and New York, with coverage in additional states planned for later this year.
The business owner’s insurance package (BOP) combines general liability insurance with business property coverage to address typical risks faced by small businesses. The BOP offering provides businesses with coverage options for risks including commercial property, office buildings, commercial crime, electronic data loss and hired or non-owned vehicles liability. BOP coverage through Hiscox starts at only $500 a year and home-based businesses can qualify for discounts of up to 10%.
According to the U.S. Chamber Institute for Legal Reform, small businesses are projected to incur $152 billion in tort liability costs in 2011. Despite what many home-based business owners believe, a homeowner’s policy will not always provide the proper coverage in the event of a small business loss.
Designed specifically for the small business and home-office market, Hiscox small business professional liability insurance coverage (errors and omissions insurance) is customized for a range of professions including IT, management consulting, business consulting and marketing. Hiscox offers professional liability insurance quotes direct and online in real-time along with other liability insurance products such as general liability insurance.
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