If you’re a small business owner, you may be concerned about the cost of getting Business Owners Insurance. A Massachusetts Business Owner’s Policy (BOP) will give you the coverage that’s required for a business owner, all in one package. If you’re a small business owner, we recommend you get a BOP to have the necessary coverage for much less cost.
What Does a Business Owner’s Policy Cover?
No matter what your business, there are things you’ll want to be covered for, maybe even things you never thought about. For example, if there’s a crime committed on your property, could you be held liable? What if you own a restaurant and someone chokes on the food or slips on your floor? What if a customer claims that the product you advertised wasn’t what was delivered? Lawsuit and medical costs can get pretty high. That’s why it’s nice to have a BOP that covers:
- Crime
- Personal Injury
- Medical Payments
- General & Product Liability
- Professional Liability
- Employment Practices Liability Insurance (EPLI)
- and more
Also included are coverages such as Property Insurance and Cyber Liability. In future blogs, we’ll break these down some more.
What Types of Businesses Should Carry Business Owners Insurance?
Anyone who owns a business should be insured. Period. Some businesses may require more coverage in an area than another type of business. For example, if your business is more Internet-based, you’ll want to have Cyber Liability coverage. This coverage protects your business in the event there is a data breach that compromises your customers’ personal information. If you experience a cyber attack, this coverage can pay for any legal fees you might incur from customers, as well as the basic cost of notifying all of your customers that the breach occurred in the first place. In this age of cyber criminals, any business that has an online customer database can’t be too careful.
On the other side of the spectrum, professional contractors need to make sure they’re covered for Bodily Injury, as the physical risks associated with electrical and construction work tend to be greater than other types of businesses. Stepping on a live wire, accidents associated with falling scaffolding—all of these are more prevalent in contractor businesses.
Getting the Right Insurance Coverage for Your Business
So as a business owner, you want to make sure that you have the most appropriate, and necessary, coverage for your type of business. That way, if there is an unforeseen event, you can rest assured you’re covered.
At Zawada Insurance Agency, we’ll work with you to help you find the right type of Business Owners Insurance with the coverages most important to you and your business. Zawada Insurance Agency is a family-owned and operated independent insurance agency, working to get you the most comprehensive coverage at a competitive price. For more information about auto, life, homeowner, business and other insurance coverages, please contact Zawada Insurance Agency today. Zawada Insurance Agency, Inc. located in Worcester, Massachusetts, serving central Massachusetts and beyond.