Insurer expands base business owner’s policy coverage

Insurer expands base business owner’s policy coverage

Insurer expands base business owner’s policy coverage The Hanover Insurance Group announced yesterday that it has introduced significant enhancements to its business owner's policy (BOP) base form and product offerings. The company said that this enhancement demonstrates its “further commitment to supporting small businesses.”

The company’s base BOP coverage offering was expanded with the addition of over 10 new coverages, reducing the need for multiple endorsements and offering a more comprehensive protection. Limits for more than 30 other coverages were increased as well, and new optional endorsements were added. Agents can now better create bespoke insurance programs for their clients with coverage for emergency event management and post-disaster rebuilding expenses, among other things.

"Business owners' exposures continue to evolve," said The Hanover Small Commercial president Michael R. Keane. "By embedding these expansive new coverages and increased limits into the BOP base form, we increased the protection for business clients, while making it easier for our agent partners to do business."

Several of the new protections that have been added to The Hanover’s base BOP are coverages for:
 
  • Damage to items in storage units or detached trailers
 
  • Loss of money and securities caused by the fraudulent use of a computer or instruction directing a financial institution to debit an account
 
  • Damage as a result of a specified cause of loss, other than fire or lightning
 
  • Damage to paved surfaces
 
  • Loss or damage caused by tenants to a rented building
 
  • Loss or damage of a landlord's personal property in a rented building
 
  • Theft of telephone services, telephone credit cards or telephone access cards
 
  • Damage to underground pipes, flues and drains

The enhancements are now available for the company’s agent partners on policies with effective dates on or after Oct. 15.
 
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