BUSINESS OWNERS' POLICIES & PACKAGES

Business Owners’ Policies Overview

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. 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, 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’ 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.

Be sure to speak with one of our commercial lines experts at Phil Richard Insurance to make sure you have the right amount of coverage to protect your business from liability risks. Email: info@philrichardinsurance.com or call us at 978-774-4338.

Frequently Asked Questions

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

  • If you have additional policies, please indicate in the "message" below so we may be sure we're getting you an accurate quote.
  • Any requested change or quote requested is not considered bound until confirmed by an authorized agent.

Contact

27 Garden Street

Unit 1B
Danvers, MA 01923

978-774-1318

Office Hours

Mon – Fri:

9am – 4:30pm

Sat – Sun:

Closed

Affiliations

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home insurance peabody ma
homeowners insurance peabody ma
commercial insurance peabody ma