Underestimating or Underinsuring Small Office Risks Can Cost Business Owners
Small professional offices come in all forms, but they share many of the same risks that are easy to underestimate and underinsure.
Whether it is a dental office, a real estate agency, or an accounting office, small office business owners have a lot on their minds managing the many moving parts of their businesses, while focusing on growth. Often, insurance is not high on their list or, worse, it isn’t on the list at all. Many owners mistakenly think—compared to high-risk businesses, like manufacturing plants or restaurants—small offices are low-risk operations that either do not need insurance or do not need much coverage. They typically equate low-risk with low financial exposure and believe, should something go wrong, they can handle the costs out of pocket without impacting the business. This could not be farther from the truth.
Protecting Against Risk
Compared to other types of businesses, small offices may have low risk, but they are risks that can financially devastate the business. Risks include client or employee sensitive data breaches; unexpected business disruptions from water damage, HVAC failure, or smoke damage; and professional liability from unintended mistakes or miscommunication, to name a few. Just one uncovered claim could lead to business closure. With proper coverage, small office business owners can concentrate on business growth and not worry about the what-ifs. Utica First can shoulder this burden for them through its Office Business Owner Policy (BOP)
BOP—Empowering Agents and Brokers
Utica First makes insuring office risks easier and more robust–empowering agents and brokers by offering our popular business owner program. At Utica First, we listen to feedback from our agents and brokers and understand the challenges they face. Our BOP is a comprehensive insurance solution, designed to meet the needs of a large segment of small businesses and simplify the quoting process.
What’s Included
Standard coverages include business property insurance (physical location and property), general liability insurance (financial loss from property damage, bodily injury), and business income insurance (interruption to business from property damage, fire).
Options for Customization
Below are options to take the BOP coverage to the next level:
- Miscellaneous Professional Liability—protects professional exposures that go beyond a general liability policy
- Employment Practices Liability—protects against lawsuits, e.g., discrimination, wrongful terminations, and other employment issues
Commercial Umbrella Policy
In today’s litigious climate, business owners need increased liability protection, and Utica First is here to make that easy. Our commercial umbrella policy provides flexible options to provide BOP customers with the coverage they need—the comprehensive protection of a commercial umbrella.
Utica First can provide an umbrella policy up to $5,000,000 (in one-million-dollar increments).
Why Utica First
At Utica First, our policy is putting you first. We believe in the power of teamwork and the strength of our dedicated agent and broker partners. The Utica First team prides itself on our character and integrity, and is known for going above and beyond for our agents and brokers. We are here to make your life easier by supporting your customers and your overall success.
Learn More
If you have small office business owner customers in the states of New York, New Jersey, Connecticut, Pennsylvania, Ohio, Maryland, Virginia, or Massachusetts, click here to learn more about our Office BOP coverage for them. #UticaFirst #PuttingYouFirst
