Risks Small Office Business Owners Often Underestimate, Underinsure
Small professional offices vary in the types of services they provide, but they share many of the same risks that are easy to underestimate and underinsure.
Whether it be a medical, an accounting, or an engineering office, small office business owners have a lot on their minds managing the many moving parts of their businesses and focusing on growth. Often, insurance is not high on their list or not 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 that, should something go wrong, they can handle the costs out of pocket without impacting the business. This could not be farther from the truth.
Risk Awareness
Compared to other types of businesses, small offices may have low risks, but they are nonetheless 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 the what-ifs. Utica First can shoulder this burden for them through its Office PAK business owner policy (BOP).
Office PAK
Our Office PAK BOP goes above and beyond the standard offerings. Our standard coverage and additional coverages (no additional charge) include:
Standard Coverages
- Business property insurance—Helps protect the physical location that the business owns or leases, as well as property such as fixtures, equipment, and inventory.
- General liability insurance—Helps protect the business from the financial costs of property damage, bodily injury, and personal and advertising injury claims made against the business.
- Business income insurance—Helps replace lost income if business cannot be conducted due to a covered loss like a fire.
Additional Critical Protections
In addition to standard coverages, we built in the following critical protections at no additional charge to business owners:
- Employment Practices Liability (EPLI): Coverage up to $100,000 for claims such as employee wrongful termination, sexual harassment, or discrimination
- Data Compromise: Coverage up to $25,000 for expense reimbursement due to misuse or loss of employee or company records
- Identity Theft for Office Executives: Coverage up to $15,000 for fraudulent use of executive’s financial or personal records
Commercial Umbrella Policy
In today’s litigious climate, business owners need increased liability protection, and Utica First is here to make that easy for them. 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 agent and broker partners. 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 PAK BOP coverage for them. #UticaFirst #PuttingYouFirst
