Business Owners Policy in Massachusetts

What is a Business Owners Policy?

A business owners policy combines some of the most common insurance policies that businesses need into a single package. Policies are typically designed for small- and mid-sized businesses.

What Coverages Does BOP Insurance Include?

A BOP can often be tailored to meet a business’ unique needs, so coverages can vary. Some common coverage that many business owners policies have are:

  • Commercial Property Insurance, which may insure a business’ buildings and the contents in them
  • General Liability Insurance, which may cover a lawsuit that arises from injury or damage that a business is responsible for
  • Business Interruption Insurance, which may cover income that’s lost due to a covered disaster or incident 

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Business Owners Policy Massachusetts

Commercial auto insurance, workers compensation insurance, health insurance, and disability insurance usually aren’t included in business owners policies, because not all small- and mid-sized businesses need these coverages. Businesses that do need these other coverages can purchase them in addition to a BOP.

What Advantages Does a BOP Provide?

Often, businesses could purchase the coverages listed above as separate insurance policies. Getting commercial property, general liability, and business interruption insurance through a BOP, however, has two advantages. First, combining multiple policies into one bundle makes paying premiums easier because there is one payment to make instead of several. Second, insurers often provide discounts for getting several insurance policies through one package deal.

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What Massachusetts Businesses Should Consider a BOP?

Because a BOP combines several insurance coverages that most small- and mid-sized businesses need, the vast majority of businesses in Massachusetts should consider getting a BOP. Some businesses may decide they don’t need a BOP, but most will likely find that this is an affordable and easy way to get several insurance coverages. It takes just a few minutes to compare BOPs, so there’s little reason to not at least investigate this type of business.

Business owners can even begin looking for a BOP before their business is officially open. Getting quotes early on in the planning process can make budgeting expenses easier. Business owners just need to know what their business will be and where it might be located, for both of these factors can affect premiums. 

Business Owners Policy Massachusetts

How Can Businesses Get a BOP?

Businesses can learn more about BOPs and get quotes for policies by contacting an independent insurance agent who specializes in commercial insurance or Massachusetts businesses. Because a business owners policy combines several insurance coverages into one package, it’s important to review these kinds of insurance policies with a knowledgeable agent. An agent will be able to both review the BOP as a whole and each individual coverage contained within the BOP to make sure everything meets a business’ needs.

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Broad Protection for Your Company

Businesses in Massachusetts face many and diverse risks. They may lose a building in a fire, or they might be sued for slander. Of course, there are a plethora of other things that could go wrong and leave a business financially devastated. Insuring against all of these risks requires several insurance policies. A business owners policy makes obtaining these different insurance policies easy.

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