Massachusetts Business Insurance

COMMON BUSINESS POLICIES IN MASSACHUSETTS

Some risk scenarios are common to all businesses, and should be protected against. Other insurance policies are required by MA state law. Most businesses in Massachusetts should have some or all of the following policies:

• Commercial Property Insurance – If your business property, including buildings, computer equipment, desks, tools, and other items are lost or damaged due to fire, storm damage, vandalism, or theft, property insurance can help reimburse the loss up to your policy limits.
• General Liability Insurance – Accidents happen, but if they happen on your property or due to your actions or negligence, you may be held responsible for paying the damages. General liability coverage can help to cover medical expenses and lawsuit costs.
• Workers Compensation Insurance – If you have employees, you are required to carry workers compensation insurance to help pay for workplace injuries.
• Commercial Auto Insurance – If you own or use vehicles for your business, you must property insure them with commercial auto insurance.

SPECIALIZED INSURANCE OPTIONS

Your business is unique and you will have some specialized insurance needs to cover all your risks. Your agent can help you determine which policies are most necessary and desired for your industry. Some types of policies for you to consider include:

• Professional Liability and Product Liability to help cover damages and injuries caused by your products or services.
• Business Interruption Insurance to help cover your expenses if your business has to temporarily close due to a covered event.
• Cyber Insurance to help cover the enormous costs of recovering from a hacks such as a data breach.
• Liquor Liability for businesses and restaurants that manufacture, distribute, or serve alcohol.
• Inland Marine Coverage for goods in transit.
• Commercial Umbrella Insurance to extend you liability protection.

There are many more policy options that may be right for you. It’s important to discuss your business plans and goals with your agent so together you can pinpoint your most dangerous risk areas. Large or small, your Massachusetts business has a lot of risks you must contend with. From general liability and umbrella insurance to policies specific to your industry, business insurance can help protect your business from the financial repercussions of many situations you may face.