Business Insurance Coverage For Business Owners

Find The Right Insurance For Your Business

Depending on the size and exposure of your business, you may require a basic Business Owner’s Policy (BOP), or a larger Commercial General Package.

Your business needs liability risk management to reduce the chances that you will be sued for damages related to a mistake or injury to another business, person or property. Business insurance policies are put in place to protect your business, small or large. Depending on the degree of harm and number of people involved, a lawsuit could bankrupt your business. Liability insurance pays for your defense and protects your assets should you become involved in a lawsuit.

If you operate a small business in Massachusetts, a Business Owners’ Policy, known as a BOP, that combines property and liability insurance is usually the most cost-efficient option. Larger companies may want to consider purchasing a Commercial General Package.

Business Owners’ Insurance Policy Key Facts

A BOP covers sole proprietors, partners and principals involved in the running of a business. Spouses of sole proprietors, partners and principals are also covered.
Your BOP refers to incidents in terms of “accidents,” defined as events that cause injury to a body, property, person or reputation of a third party that you did not intend to injure.
The limits of your coverage are included in your policy “Declarations.”
There are a number of situations not covered by a BOP, including injuries to employees, liability for pollution, auto liability and fire liability.

Frequently Asked Questions About Business Insurance

What is the first step a business owner should take following the discovery of a claim?

The best course of action is for a business owner to act quickly following the discovery of a claim, to allow the insurer to settle the claim and avoid a lawsuit.

What is an Employment Practices Liability?

Employment practices lawsuits can happen to any business. Employment Practices Liability Endorsement protects a company against lawsuits related to wrongful termination of an employee due to alleged discrimination by the employer due to gender, age, race, weight or other potential allegations. It can also provide third party coverage if one of your employees discriminates against a customer.

What other types of insurance coverage should a business owner consider?

Depending on the nature of a business and its exposure to risk, a business owner may consider purchasing Umbrella Liability, Errors and Omissions Liability and Directors and Officers Liability insurance policies in addition to the BOP or Commercial Package.

Business Owners' Policies Service Area

Phil Richard Insurance, located in Danvers, MA, offers Business Owners’ Policies to businesses in the North Shore of Massachusetts including but not limited to Danvers, Peabody, Beverly, Salem, Newburyport, Ipswich, Rockport, Gloucester, Marblehead, Swampscott, Amesbury, Georgetown, Lynnfield, Middleton, Hamilton, Wenham, Greater Boston Area, and more. We also serve New Hampshire, Connecticut, and Maine.

See what our clients have to say:

I Just wanted to tell you how much I enjoy working with Jackie Montes. She’s the best! She’s efficient, professional, and always on the ball. It’s a pleasure to deal with her!! She has helped me out tremendously with getting all our insurance requirements for the Compliance Depot (nightmare!) and I can always count on her to get my COI out in a timely manner. I never have to worry about anything when I deal with her.

Excellent staff member!!

Tina W. April 19, 2017

I would like to thank Diane Familigetti for all of her time and prompt service. She is always there to help or answer any questions we may have in a timely manner.

Deanna H. April 19, 2017

Issues, questions & concerns were answered swiftly. rep was very patient& attentive with all my concerns. She went above & beyond to make it an enjoyable phone call. Far from the experience a family member had with Gieco.

Keep up the great customer service. LOVE IT

Betty M. April 19, 2017

Anytime I have an issue or question I receive great service from all the staff!!

Ken K. April 19, 2017

Everyone is so helpful!

Jack M. April 19, 2017

Great staff……

Phillip B. April 19, 2017

Have been a client for over 40 years very professional company we have only had a couple of accidents but Phil and staff have always been very helpful

Gail F. April 19, 2017

Mary Rawson has been a saint dealing with me as I went through a major upheaval.

Bobbi S. April 19, 2017

Diane is amazing.

Karyn A. April 19, 2017

Over the last year my husband and son’s vehicle have been involved in a few accidents. I have had to call/stop by the office to inquire about how or why the claims are not being dealt with on a timely manner. The receptionist, Kat, is always happy to refer me to someone who can get answers for me and that someone is usually Mary. No matter how busy she maybe she’s always takes the time to find the answers I need. She is so pleasant and helpful no matter how many times I stop in. I look forward to speaking with her because I know she will always do her best to get to the bottom of my issues. I truly appreciate the time and energy she affords whenever I stop by. Thank You Mary.

Joanne P. April 19, 2017

From the girl answering the phone to, usually Mary, everyone had been friendly, polite and helpful!

Mary M. April 19, 2017

I always get a prompt & thorough answer to my insurance questions

Penny W. April 19, 2017

Diane Famiglietti has been great to work with and has always been quick to respond to my inquires.

Ernest C. April 19, 2017

Everyone that I have dealt with has been excellent!!!!

Michael F. April 19, 2017

All the account managers I work with are extremely knowledgeable, helpful and courteous

Ed F. April 19, 2017

Thanks for your typical immediate response. The best customer service always!!!

Joe M. April 19, 2017

Mary, I appreciate your help with my auto insurance policy. You are a 5-star person in a 5-star agency.

Eric B. April 19, 2017

You guys are great over there.

Joanne R. April 19, 2017

Phil, Patti, Mary and Jacqui – Can’t begin to thank you enough for your support for our upcoming Jimmy Fund walk honoring our young friend, Emma, who lost her battle with Neuroblastoma.

Your generosity and support this year have been so amazing. You are a role model for better business!

Thanks for all you do.

Patty April 19, 2017

I love that you’re all so helpful and friendly there, thanks so much!

Susan April 19, 2017

I was referred to Phil Richard Insurance from a friend. I wanted a second opinion as I have a number of property and casualty insurance policies. Phil’s team, in particular Cindy, evaluated my needs and came back with recommendations. The insurance companies they proposed were top notch, they suggested some improvements to the coverage relative to what I had, and it was going to cost me less; so I moved all my policies over. I am very happy, look forward to a long relationship, and will be recommending Phil to my friends and clients.

Commercial & Personal Client April 19, 2017

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The last piece of the puzzle?

You need an agent you can rely on.

Everything you’re working for needs to be adequately protected, otherwise that second home or retirement may be out of the question. We find having an agent you trust is often an afterthought, but it should be the first one. It can make or break your business.

If you have any questions on your coverage, we will help you. We offer competitive products for many industries including Condo Associations, Non-Profits, Artisan Contractors, Restaurants, Auto Body Shops, Gas Stations, and more. Talk to us about your small business today.

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