#SmallBiz Insurance Roundup: September 30, 2022

What Is Business Tenant Insurance?

You’ve been eyeing an available retail storefront, office, or warehouse to rent or lease that meets your small business’s needs and inquire about it. As you review the lease terms, you discover it states you must have a valid business tenant insurance policy. That’s not unusual.

A commercial property landlord typically requires any small business owner who wishes to rent or lease their space to carry what’s known as a business tenant insurance policy. This policy is designed to pay for damage or loss to a rented space that a business tenant causes. Essentially, it protects both you as the lessee and the property owner.

Sometimes called commercial tenant insurance or tenant legal liability, it’s a form of commercial general liability (CGL) insurance that effectively covers the cost of claims or lawsuits related to your company’s regular activities. Some insurance providers may include tenant legal liability in a CGL policy, but not always. It can be purchased as a standalone policy.

Here’s what you need to know.

What Is Wrap-Up Liability Insurance?

If you are a general contractor running or working on a large construction project or the property owner overseeing a large project, getting a wrap-up liability insurance policy can adequately address your liability risks and put your mind at ease.

That’s because a wrap-up liability policy is more efficient and ensures everyone working on a project is protected by one policy versus having to check every subcontractor or other contractor involved to ensure they have their own coverage.

They are called ‘wrap-up’ insurance policies because they cover multiple parties by bundling several policies into one.

There are two kinds of wrap-up liability insurance policies. Learn about each and what the benefits are for both contractors and property owners.

How Small Business Data Impacts Insurance Underwriting and Quoting

Access to your small business’s financial data can help automate or speed up the underwriting process, getting you your insurance options faster.?

According to the Canadian Federation of Independent Business, 9% of all small businesses say they could not find an insurer willing to offer them coverage. The good news is that an insurance brokerage like Zensurance offers a modern (and fast) way to provide coverage to small businesses. Moving away from manual underwriting and submitting your financial data saves time and challenges compiling this required information for a potential insurance provider.?

Explore how your business’s financial data can impact your insurance coverage.

What Is a Business Owner’s Policy (BOP)?

Seeking an efficient and affordable way to protect your small business? A business owner’s policy (BOP) may be the right solution.?

A BOP features several types of coverage bundled into a single policy. It’s designed to shield small business owners from claims ranging from fire damage and losses from theft to third-party personal injury or property damage allegations or lawsuits.

Often priced more affordably than if you were to buy individual policies, a BOP provides an efficient choice to protect your company and livelihood.?

Find out what a BOP covers, why you need it, and how it can save you money.