A business owner contacted NYC Business Group looking for property coverage for a new piece of equipment. During our review, we discovered the business already had a separate general liability policy. By quoting a Business Owner's Policy (BOP) that combined liability and business property coverage, we were able to provide both coverages for less than the cost of the client's existing liability-only policy — while also providing access to additional protections, including business income coverage.
The Challenge
A prospective client contacted NYC Business Group with what seemed like a straightforward request: the business had acquired a new piece of equipment and needed property insurance to protect it.
The business already carried a general liability policy, so initially it appeared that the owner simply needed to add separate business property coverage.
Before quoting another standalone policy, however, we reviewed the client's broader business insurance needs and existing coverage.
That review created an opportunity to look beyond the immediate request and determine whether there was a more appropriate way to insure the business.
How We Helped
Rather than adding a separate property policy alongside the client's existing general liability coverage, NYC Business Group quoted a Business Owner's Policy, commonly known as a BOP.
A BOP combines important coverages for many small businesses, including general liability and business property insurance, into a single policy.
In this case, the BOP addressed the property coverage the owner originally called us about while also replacing the existing general liability coverage.
The policy also made additional protections available that the business owner hadn't initially been shopping for. Most notably, the BOP included business income coverage, which can help protect a business from lost income following a covered loss.
The Result
The business owner came to NYC Business Group looking to insure one new piece of equipment and ended up with a more comprehensive insurance solution.
The new Business Owner's Policy provided both general liability and business property coverage, yet its cost was lower than what the client had previously been paying for general liability coverage alone.
The business also gained additional protection through the BOP, including business income coverage.
What began as a request for one additional type of insurance ultimately resulted in broader coverage at a lower overall cost.
“What began as a request for one additional type of insurance resulted in broader coverage at a lower overall cost.”
Insurance support goes beyond the policy
This case illustrates why reviewing the entire insurance picture can be worthwhile when a business's needs change.
Adding equipment, leasing space, hiring employees, signing contracts, or making other changes to a business can create new insurance needs. But simply adding another policy isn't always the most appropriate or cost-effective answer.
A Business Owner's Policy can combine several important protections into one policy for eligible businesses. Depending on the business and its risks, that can provide an opportunity to simplify coverage while addressing gaps that might otherwise be overlooked.
At NYC Business Group, we look beyond the immediate request to understand how a business is currently insured and whether there may be a better way to structure its coverage.