Business owners policies are generally designed to meet common insurance needs that many small businesses have, and they’re used by many businesses in Massachusetts. Whether a business owners policy will adequately protect your business depends largely on what coverages your business needs.
Will My Massachusetts Business Get All the Protections it Needs from a Business Owners Policy?
Business Owners Policies Come with Fundamental Coverages
Business owners policies generally come with a basic set of coverages. These coverages tend to provide foundational protections that many businesses need, and they frequently include protections such as:
General Liability Insurance, which may protect against common accidents
Commercial Property Insurance, which may protect facilities used for work
Commercial Auto Insurance, which may protect vehicles used for work
Cyber Liability Insurance, which may protect against data breaches
Business Interruption Insurance, which may protect against certain revenue losses
Many of these insurances offer multiple protections themselves. For example, general liability insurance frequently also covers slander, libel and false advertising claims, and some general liability policies may even have a small product liability component. The other coverages can have similarly varying protections related to their primary purpose.
(As is the case with most insurance policies, the exact combination of insurance coverages included in a business owners policy and the precise projections that those coverages provide can vary.)
Other Insurance Options Are Available to Massachusetts Insurers
The coverages included in a BOP are specifically designed for small businesses, and many small businesses are able to adjust these coverages to their needs. Some businesses, however, may find that a BOP isn’t the ideal solution for them. Businesses that need another option have two main ones to choose from.
First, a few small businesses might not need all the coverages that business owners policies have. Select businesses, such as some home-based sole proprietorships, might only need one insurance policy. For such businesses, purchasing a stand-alone policy might be just fine.
Second, businesses that have more insurance needs than a BOP is designed to meet may be better off with a commercial package policy. Commercial package policies combine coverages much like business owners policies do, but their coverages are typically more robust and more customizable.
For instance, a commercial package policy might combine the above-mentioned coverages with any number of other protections. Depending on the policy, a few of the other available coverages may include pollution liability insurance, inland marine insurance, contractors liability insurance or any number of additional options.
Talk with an Independent Insurance Agent About Getting a Business Owners Policy
For additional help determining which of these three offerings is right for your business, talk with a knowledgeable and independent insurance agent.
The most qualified agent will specialize in commercial insurance and be familiar with each of these three options. With their expertise, they’ll be able to analyze your business’ particular risk exposure and coverages needs. Then, they’ll know whether to recommend business owners policies, commercial package policies or individual policies.
The agent will also be an independent agent, which means they’re free to show you quotes from multiple insurance companies that offer policies in the state. Unlike captive agents who can usually only show you policies from a single insurer, independent agents are able to show you the best available policies regardless of what insurance company is offering them.
To speak with a knowledgeable and independent agent who’s licensed in Massachusetts, contact The Feingold Companies. Our agents have helped many Massachusetts businesses find the insurance that’s right for them, and we’d be happy to help you evaluate whether a business owners policy is the best solution for your business.