10 Nov 2011 A Business Owners’ Policy can be the Best Insurance Deal for a Small Business

Have you considered the benefits of a Business Owners Policy? When purchasing small business insurance, Massachusetts entrepreneurs often select business owners policies to provide protection from the financial consequences of business risks that could erode the profitability of a their ventures. Busy entrepreneurs appreciate the convenience of a package of business insurance products, and canny entrepreneurs like the idea of business insurance coverage at lower premium rates than individual policies.
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Typically, business owners’ policies provide protection for property losses, income loss and liability. The business premises and other business assets such as furniture, equipment and stockholdings are covered by the property portion of the policy. Income loss coverage provides compensation for the effects of business interruption caused by insured damage to the business premises, and the liability portion of the policy provides coverage for the costs of defending third party lawsuits for injury.

Cover in three areas – property, loss of income and liability – is often all that a small business needs. Small businesses that are exposed to additional risks may need to supplement basic business owners’ policy protection with coverage like workers’ compensation, errors and omissions insurance and commercial auto insurance.

When considering the purchase of small business insurance, Massachusetts entrepreneurs often find it helpful to consult a local insurance agency. Local agents are knowledgeable about the variety of insurance products available to cater for the needs of small business and they can help to plan the most cost effective insurance strategies to protect a growing business.
 

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