Business Owners Policy in Massachusetts

What is a Business Owners Policy?

Massachusetts small business owners have a lot to worry about. Pleasing customers, managing employees, and buying insurance are just some of the tasks that you must take care of for your business to thrive. Fortunately, when it comes to insurance, many insurance carriers offer a business owners policy (BOP) to make your basic insurance needs convenient and affordable.

Though your business is unique, from an insurance perspective, it probably is not. Most Massachusetts businesses face some standard and common risks, such as fire, theft, and customer injuries. Because most businesses need insurance to cover these risks, insurance carriers have put together a BOP package, combining the most common insurance policies into a single discounted package.

In addition to the basic coverages, most carriers allow you to add additional policies to your business owners package. Some of the options you may be offered are: 

- Employment Practices Liability
- Professional Liability
- Cyber Insurance
- Inland Marine Coverage
- Liquor Liability Insurance
- Hired Non-owned Auto Insurance

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What is Standard coverage for a Business Owners Policy?

Business owners packages start with certain base coverages that are applicable across many industries. These include:

- Commercial Property Insurance to help pay for repairs or replacements for your furniture, equipment, tools, building structure, and other business property in the case of fire, storm damage, theft, and other covered events.

- General Liability Protection to help cover medical costs and lawsuits associated with personal injury and property damage due to the actions or negligence of your business and employees.

- Business Interruption Insurance to cover the excess costs associated with the loss of use of your normal business space while repairs are made after a covered loss.

For some low risk, small and medium sized businesses, these basic coverages may be sufficient. However, it is also possible to customize your policy to fit your specific needs.

Other Insurance Needs for Your Massachusetts Business

Your business owners package is unfortunately not all-inclusive. In MA, you are required by law to purchase certain types of insurance if you meet specific criteria. These policies cannot be added to your business owners package.

Is Your Business Protected?

All businesses with employees must purchase workers compensation coverage. This important protection provides coverage for workplace injuries and is always purchased separately from a BOP. Similarly, if your company owns or uses vehicles as part of your business operations, you must have a commercial auto policy.

All businesses face risks. With a business owners policy, you can address the most common risks facing your Massachusetts business with a single, convenient, and affordable package policy. Building off of standard protections, you can customize the package to fit the risks most common to your industry. With a BOP, you can take insurance off the things you, as a business owner, need to worry about.

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Roger Butler Insurance
5 Court Street
Westfield, MA 01085
Phone: 413-562-2304
Fax: 413-568-6708

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
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