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?
What is an Employment Practices Liability?
What other types of insurance coverage should a business owner consider?
Business Owners' Policies Service Area
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At Phil Richard Insurance, we don’t believe in wasted time or money. If you’re here, you’re looking for savings, advice, and options. We provide all three. Please fill out the form below and someone will be in touch with you shortly.
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.
27 Garden Street
Danvers, MA 01923
Monday: 9am – 4:30pm
Tuesday: 9am – 4:30pm
Wednesday: 9am – 4:30pm
Thursday: 9am – 4:30pm
Friday: 9am – 4:30pm
Sat – Sun: Closed