Seattle-based Safeco isoffering BOP Access, a new commercial insurance businessowner policy that is designed to disentangle the insurance buying process for small businesses — such as restaurants and light manufacturers — that have above-average insurance needs. The product is designed to remove the need for customizing individual policies, according to Mike Hughes, executive vice president of insurance operations.
For example, the policy should help restaurants with their coverage. Given “the growing emphasis on organic foods, premium wines and expensive bottled waters, these business owners need specialized protection against loss, contamination and damage due to spoilage,” Hughes said.
BOP Access includes coverage for loss of business income up to 12 monthsand additional expenses, and identity theft recovery insurance for $12 per year. In the event of ID theft to a defined individual, the coverage provides reimbursement for eligible expenses and a personally assigned case manager who can act as a limited power of attorney to do most of legwork.
The policy also includes:
– An updated “Liability Plus” endorsement with expanded coverage, such as employment practices liability;
– A flex “blanket” limit for other losses such as computers, valuable
papers, and accounts receivable (eliminating the need to set separate
individual limits); and
– Coverage for building demolition and the increased cost of construction because of ordinance or law.
BOP Access is available for eligible classes with up to $15 million in total insured values, and $15 million in sales per location (for manufacturers, eligibility is up to $20 million in sales for all locations). Coverage is available in California, Connecticut, Georgia, Illinois, Michigan, Minnesota, Oregon, Texas and Washington. Additional states will be added throughout the year.
For information, visit www.safeco.com.
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