A Business Owner Policy (BOP) is a cost-effective way to obtain broad property and liability risks coverage. A main benefit is that a BOP costs significantly less than purchasing various coverages individually and can provide substantial savings. It’s a smart way to get broad coverage when you’re starting a business.
One disaster or lawsuit could put you out of business, so having protection can help to prevent this from happening.
Custom Solutions For Small Businesses
Generally designed for smaller businesses, the eligibility requirements, coverage components and coverage limits for a business owner policy vary among insurance companies. Because we represent a variety of companies, we have flexibility in customizing a BOP for a particular business’s needs. If your business does not meet the criteria for a BOP or need higher coverage limits, then a commercial package policy may be an option that offers for broad coverage for a wider range of businesses and needs.
Typical Coverages
A business owner policy can include the following coverages:
- Property Insurance – covers building, equipment, and inventory for a variety of risks
- General & Product Liability – covers situations when products, services, or employees cause bodily injury to people or damage to other’s property
- Equipment Breakdown Insurance – equipment damage due to a covered loss situation
- Business Income Insurance & Extra Expense – lost income and extra costs if your operations are suspended due to a covered loss
- Crime Coverage – situations of employee dishonesty
- Cyber Liability – data breach and notification costs
- Personal & Advertising Injury Coverage – libel and slander
- Hired & Non-owned Auto Coverage – liability coverage for vehicles you borrow, hire or lease for your business
- Medical Payments Coverage – medical expenses if others are injured on property you own or rent
- Professional Liability – errors & omissions for eligible professions; some professions may require a separate policy
- Employment Practices Liability (EPLI) – protection in the event of claims related to sexual harassment, discrimination, unfair hiring practices, wrongful termination, breach of contract, and various other situations.
Be aware that not every insurance policy offers the same standard coverage. Therefore, when purchasing BOP protection, you need to have a clear understanding of what is and is not covered.
In addition to a business owner policy, small businesses may also require separate policies for other needed coverage. These include worker’s compensation, business auto, and perhaps higher liability limits for certain property and liability risks such as privacy/data breach, EPLI, and professional liability.
Our insurance professionals are glad to meet with you to understand your business’s unique needs and help you determine the policies and coverage options that are best suited for your situation. Please contact us to arrange for a free consultation.
Insurance Companies
At Murphy Insurance, we work with top rated insurance companies and compare options to find the best balance of cost and coverage that meets your needs.
Read Our Business Owner Policy Blog Posts
Understanding Business Owners Policies (BOPs)
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Murphy Insurance Agency provides insurance solutions across Massachusetts and New England. Where you live is not a barrier to our assisting you. We are proud to serve the communities where our customers live and work, including Acton, Ashland, Ayer, Bellingham, Berlin, Blackstone, Bolton, Boston, Boxborough, Boylston, Chelmsford, Clinton, Concord, Devens, Dunstable, Fitchburg, Foxborough, Framingham, Franklin, Groton, Harvard, Holliston, Hopedale, Hopkinton, Hudson, Lancaster, Leominster, Littleton, Lunenburg, Marlborough, Maynard, Medfield, Medway, Mendon, Milford, Millis, Millville, Natick, Norfolk, Northborough, Northbridge, Pepperell, Sherborn, Shirley, Shrewsbury, Southborough, Sterling, Stow, Sudbury, Townsend, Upton, Uxbridge, Wayland, Westborough, Westford, Weston, Whitinsville, Worcester, and last but not least, Wrentham.
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