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Is a Business Owners Policy Right For Your Worcester Company?

by Lisa Hirbour / November 21, 2016

There are several ways to insure businesses to properly protect them from risk. Standard commercial insurance is great, but many small business owners in Worcester have found that a business owners policy (BOP) may provide good coverage, reasonable rates, and a number of benefits.

Business Owners Policy Worcester

What You Need to Know About a Business Owners Policy in Worcester

Benefits of a Business Owners Policy

Affordable

A BOP is often the ideal solution for new small businesses just getting started. BOPs may be more affordable than other insurance options, which help new entrepreneurs looking for coverage that may be strapped for cash. Many insurers bundle commercial property and general liability insurance in one convenient BOP at discounted rates.

Customizable

You can order a BOP now and customize the policy later as your business grows. Once you work through some of the startup hurdles that all new businesses go through, you may require additional protection and wish to expand insurance options. Business owners policy coverage is easily customizable with endorsements or riders, so adding interruption insurance or cyber insurance coverage shouldn't be a problem.

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Streamlines Administrative Functions

Whether you’re just starting a new BOP or switching over to one, you’ll love the fact that you should have only one premium to be paid for all the coverages included.

Leases

Signing a lease or renting business space can be difficult when you don’t have insurance because of property damage concerns. Since property insurance is can be built into the policy, you can be better ready to sign your lease and open for business.

Business Owners Policy Requirements

To qualify for a business owners policy, your business must first qualify by meeting certain requirements, such as these general examples (remember, each policy is different and should be reviewed as such):

  • Cannot earn more revenue than a million dollars annually
  • Must not be considered a high-risk business
  • Does not exceed 100 employees
  • Cannot have a large workplace or office space
  • Needs more than one years’ worth of business interruption coverage

What Does a Business Owners Policy in Worcester Include?

General Liability Coverage

Liability coverage may cover lawsuits from third parties, court costs, judgments, and lawyers’ fees. It may also provide some financial protection for your business in the event of advertising injuries, bodily injuries, and property damage.

Posting comments on social media sites these days is a great way to advertise your business, resolve issues, and interact with customers. However, there is always the slightest possibility that a representative in your company may respond inappropriately, and you could find your business in the middle of a lawsuit. Having liability coverage, which could help to pay covered lawyer fees might help out financially.

Commercial Property Insurance

Property coverage provides insurance, which may be used to replace or repair business properties that have been damaged, lost, or stolen. It could apply to fire damage for example, when an electrical fire burns a retail shop to the ground.

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A policy with property insurance also covers things like vandalism. So, if you drive up to your bookshop or bakery one morning only to find it has been vandalized with spray paint, your policy may cover the costs of repairing the damages.

A business owners policy in Worcester may come in handy if your place of business should suffer from windstorm damage or other types of natural disasters stated within the policy.

It’s also nice to know that you may have coverage for some of the essentials of your business like supplies, product inventory, office equipment, and furnishings if they should be damaged or stolen.

Overall, this type of coverage is a very convenient protection blanket for your company. A BOP in or around Worcester may help your business recover from unexpected lawsuits, vandalism, theft, or some types of natural disasters. We encourage that you reach out to a local insurance agent and ask them to run through your company's profile to properly assess the risk that you run on a day-to-day basis. 

Tags: Business Owners Policy, Worcester, Massachusetts

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