The Hanover Insurance Group has expanded its business owner's policy (BOP) base form and product offerings, adding coverages and endorsements, introducing new equipment breakdown protection besides increasing limits to help independent insurance agents better serve their small business clients.
The company has expanded its base BOP coverage offering by adding more than 10 new coverages to reduce the need for multiple endorsements and offer more comprehensive protection. In addition, the company increased limits for more than 30 other coverages and added new optional endorsements, offering coverage for things such as emergency event management and rebuilding expenses following a disaster to help agents customize their clients' insurance programs.
The Hanover Insurance Group small commercial president Michael R. Keane said: "Business owners' exposures continue to evolve.
"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."
Some of the new protections included in the company's base form 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
With these enhancements, the company has introduced an industry-leading expanded equipment breakdown coverage to better address the evolving technology risks facing small businesses. This new coverage also will be automatically included on The Hanover's BOP, helping The Company's agent partners to provide state-of-the-art protection for their business clients.