Business Owners Policy Combines Coverages for Small Businesses
The Business Owners Policy (BOP) combines major property and liability coverage into one package suitable for many small to medium sized businesses. Should you be considering starting a business, consult your Massachusetts small business insurance agent to learn more about the BOP options.
Along with property and liability coverage, the BOP may include business interruption coverage. This type of coverage is designed to provide financial protection for lost income following a disaster and temporary relocation of the business. Additional coverage types may be added to the BOP based on the needs of each individual business. For instance, sign replacement coverage may be necessary for a business that has an expensive outdoor sign destroyed in a disaster.
Other coverage types may be added to the BOP such as extra expense for financial protection in the event electronic commerce is interrupted due to a computer virus or other computer malfunction. Some considerations when purchasing BOP insurance may include the size and type of business security features, occupational hazards, travel requirements, and value of equipment.
Some coverage types are not included in a BOP. This includes workers’ compensation coverage, which is required by law for all businesses with employees in the State, unless they have a valid exemption. Should your business involve consultation services, drawing designs, provision of physical care, offering legal advice, or other services that could lead to customer complaints or injuries, errors and omissions coverage would be an additional liability coverage you may need. Your Massachusetts small business insurance agent should be able to advise you as to any additional types of coverage that may need to be included along with your basic Business Owners Policy.
Owning a business can be rewarding! Don’t let all the technical issues like insurance discourage you from opening your own business. At Ross Insurance we are here to help guide and advise you in all your insurance needs and make sure the only thing you have to worry about is your customers. We take care of ours, so you can take care of yours!