Small businesses in Massachusetts frequently are exposed to common risks that many other businesses face. A business owners policy may help small- and medium-sized businesses in the state shield themselves from many of these common risks.
Business owners policies are specialized commercial insurance policies that offer foundational protections for businesses. Most policies combine a few fundamental protections together.
The exact list of coverages that business owners policies provide can vary slightly, but most policies make at least a few of the following available:
Most business owners policies offered by Massachusetts insurers don’t include workers compensation coverage. Businesses that have employees and need this type of insurance usually procure it through a stand-alone policy.
Most insurance agents that assist with business owners policies can also help businesses find workers compensation coverage.
All of the coverages included in business owners policies are frequently widely available as stand-alone policies. Getting them through a business owner policy, however, has a couple of advantages.
First, business owners can manage a single bill rather than lots of bills. This is a minor perk, but it can help ensure no premium payment is missed accidentally.
Second and more importantly, insurance companies frequently offer steep discounts for combining multiple coverages into a single BOP. Compared to purchasing all of the coverages separately, a BOP is normally much more affordable.
Small- and medium-sized businesses in Massachusetts might want to get a business owners policy. Some of these businesses may only need a single coverage (e.g. general liability coverage), in which case a BOP might not be the right choice. Those that need several basic coverages, however, are typically better off with a basic package policy.
Larger corporations often need multiple coverages, and they too can save by bundling coverages together. Most big corporations need more coverages than BOPs are designed to provide, though. These companies may be better off with a commercial package policy that offers more robust protections.
Business owners policies are generally designed so that small businesses with tight budgets can afford them, and these policies are normally less than commercial package policies that include additional protections.
Nevertheless, the exact price of business owners policies can vary dramatically. How much businesses end up paying depends on the size of their operations, the industry they’re in, the value of their property and many other factors. The coverages selected and limits chosen, of course, are a few of the other variables that have a large influence on the premiums charged for a policy.
Selecting a business owners policy requires considering and comparing multiple insurance coverages, which ought to be done with care. For help finding a policy that’ll provide robust and affordable coverage for your Massachusetts business, contact the experienced insurance agents at John P. Russell Insurance. Our team specializes in coverage for small businesses, and we’re here to assist you with all your business insurance needs.
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