Independent insurance agents frequently recommend business owners policies to small businesses in Massachusetts that have typical insurance needs. They often suggest these policies because the policies are designed to meet small business’ insurance needs -- and because the policies offer several benefits. Here are four benefits that a business owners policy will likely provide.
What 4 Benefits Does a Business Owners Policy Offer Massachusetts Businesses?
1. Conveniently Pay Premiums
BOPs makes it easy to pay premiums by lumping together multiple individual policies. Rather than submitting separate payments for every individual policy contained within a business owners policy, businesses can simply make one payment for the package policy. Each individual policy will be paid from the one payment.
Making a single payment rather than several might seem like a relatively minor benefit, and it is in a way. After all, businesses generally shouldn’t select insurance coverages based on convenience. For small businesses owners who must balance many tasks, however, every little thing that simplifies administrative tasks is beneficial. As long as it’s available, there’s little reason to turn down a benefit that makes running a business easier.
2. Get Discounts on Coverages
The main reason businesses get a BOP is usually because of the savings these policies offer. Insurers frequently offer discounts for purchasing several individual coverages from them, which businesses do when they get a BOP that contains several individual policies. Exactly how much businesses save varies, but it’s often quite a significant amount.
For small businesses, the savings that business owners policies provide can have a huge impact on a business’ financial situation. Not only can the money saved on insurance be invested in a business’ growth, but lower insurance payments can help ease cash flow issues (which are challenges that many small businesses in Massachusetts face).
BOPs, to an extent, lets businesses customize their insurance coverages. Business owners policies don’t offer as many options as commercial package policies, but the coverages in business owners policies usually can be adjusted some. For instance, most business owners policies let businesses:
Select coverage limits from a variety of options
Choose any of several optional coverages
Purchase endorsements for certain particular insurance needs
In many cases, business owners policies offer everything that small businesses need to create a tailored insurance solution that meets their needs.
4. Quickly Compare Quotes from Different Insurers
Finally, business owners policies make it easy to compare quotes from several different insurance companies.
Without business owners policies, a business would have to request lots of quotes. It’d need one from each insurance provider for each individual policy the business wanted. After reviewing the terms and conditions of each quote, a business would then have to ask about multi-policy discounts to find out whether the quoted rate could be lowered by purchasing multiple policies together. Wading through all the potential choices would be extremely time consuming.
With business owners policies, businesses can request quotes for package policies that include the coverages they need. Businesses should still review each policy’s terms and conditions, but comparing rates is much easier because multi-policy discounts have already been calculated.
Talk with a Massachusetts Insurance Agent About a Business Owners Policy
To learn more about the benefits that a business owners policy might have for your Massachusetts business, get in touch with an independent insurance agent serving towns across the state. Our agents will be able to help you determine whether a BOP is right for your business, and they can explain all of these policies’ benefits in detail. If you decide this is the right type of insurance for your business, an independent agent is also able to request quotes from different insurance providers for you.