A Primer on Business Owner’s Policies

What Is a Business Owner Policy?

A business with a publicly accessible office or a storefront requires both property and liability insurance. Many insurance companies bundle these two types of coverage into a single policy referred to as a business owner policy (BOP). While it includes all necessary coverage, it typically sells at a premium that costs less than purchasing each policy type individually would.

While you can add coverage as needed to a BOP, the policy you receive has certain standard coverages. The average BOP offers four types of protection:

  • property damage
  • named perils
  • business interruption
  • liability

You can add to the BOP many of the variety of commercial coverages, including crime, fidelity, forgery, inland marine, spoilage of merchandise, etc. Some policies let you add the cost of operating out of a temporary location. The named perils usually include explosion, fire and smoke damage, wind damage, and vandalism. Depending on the area, some frequent storm types, such as tornado and hurricane, may be included.

Not all businesses in Oviedo, FL qualify for a BOP. The Wurzel Agency determines this based upon your business’ location, business class, location size, and annual revenue. If a business does not qualify, it may ask for special considerations providing that it meets eligibility criteria. Typically, small- to medium-sized companies purchase a BOP.

The buildings covered include both those owned or rented. It also includes additions and construction of additions as well as outdoor fixtures. Some BOPs not only cover your property but that of a third-party in your care or control, which means it features to a limited extent one of the components of inland marine insurance.

Contact The Wurzel Agency of Oviedo, FL today to learn more about BOPs and learn if your business qualifies. We can help you get started protecting your business today.

Let’s Keep Our Florida Lawns (and Ourselves) Safe

For many of our Florida neighbors, summer means more than sunshine and vacations. It also means working in the yard — often with tools that can be dangerous if not used properly.

Each year about 400,000 people are treated for injuries from lawn and garden tools, according to the U.S. Consumer Product Safety Commission (CPSC). Don’t let your landscaping efforts land you in the hospital! Follow these handy safety tips.

Tool safety tips from the CPSC:

  • Dress appropriately. To protect yourself from debris when using lawn tools, wear eye protection, long pants, long-sleeved shirts, close-fitting clothes and no jewelry. Sturdy shoes are recommended, and ear plugs may be appropriate depending on how loud your device is.
  • Before starting, remove objects from your work area that could cause injury or damage, such as sticks, glass, or stones.
  • Keep children indoors and supervised at all times when any outdoor power equipment is being used. Never let a child ride or operate a garden tractor or riding mower, even if the child is supervised. And never assume children will remain where you last saw them.
    Use extreme caution when backing up or approaching corners, shrubs, and trees.
  • Teenagers using power equipment should always be supervised by an adult.
  • Handle gasoline carefully. Never fill tanks while machinery is on or when equipment is still hot. Of course, you should never smoke or use any type of flame around gasoline or any gasoline-powered equipment.
  • Do not work with electric power tools in wet or damp conditions. For protection against electrocution, use a ground fault circuit interrupter (GFCI).
  • Be sure that extension cords are in good condition, are rated for outdoor use, and are the proper gauge for the electrical current capacity of the tool.

Lawn Chemical Safety Tips from Texas A&M University

  • If you use chemicals to control weeds or pests in your lawn, read the product label carefully so you understand the potential effects on humans, animals and the environment. Follow all instructions.
  • Keep children and animals away from the application area, and protect your skin, eyes, and nose during and after application.
  • Remember, use only the recommended amount. Using more of the chemical will not do a better job.
  • Ask yourself if you truly need to use a general pesticide. Is there a product that will specifically treat only the problem you need to solve?

From all of us at The Wurzel Insurance Agency, here’s to keeping both you and your lawn healthy and safe this summer!