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