Businessowners Policy (BOP) for Small Businesses
Cost-effective and comprehensive insurance coverage for small and mid-sized businesses.
If a pipe bursts and destroys your storage room and client records, a lightning strike damages your building and forces you to close your doors for several months, or a customer trips and falls in your shop and decides to sue, will your business insurance adequately protect you?
If you are unsure or unable to definitively answer “yes”, you are not alone. Understanding what traditional commercial insurance policies cover and what they do not is nothing if not complicated. And perhaps even more challenging, is knowing what business insurance policy, or policies, are right for you and your business.
With over 65 years of experience insuring local businesses in Southeastern Massachusetts, Morse, of course, knows exactly what types of insurance coverages a small to medium size business (SMB) needs to consider to remain successful.
A cost-effective and comprehensive policy for most SMB owners is by far and away a businessowners policy, also known as a BOP. And that’s because it was specifically designed to protect small and mid-sized businesses from today’s most common risks, including fire, burglary, liability, and business interruption losses.
What does a BOP policy cover?
A BOP policy is designed to protect your business from unpredictable events that can quickly derail your operation, including damages to your building due to a small electrical fire, a mechanical breakdown of your equipment making it impossible for you to manufacture goods, or a legal claim brought against you after a customer slipped on your recently mopped lobby floor.
This critical business policy combines three traditional coverages – property insurance, liability insurance, and business interruption insurance, into one powerful package, that can be customized to meet the specific needs of you and your business.
- Property Insurance protects your building or office space, as well as your business property, including computers, office furniture, mechanical equipment, inventory and more.
- Liability Insurance covers the associated legal or medical costs, up to the limit of your policy, in the event someone were to sustain an injury at your business, or while using one of your products or partaking in a service you provide.
- Business Interruption Insurance provides financial coverage should you need to temporarily close your doors in the wake of a covered loss.