Small Business Insurance in Massachusetts

What is Small Business Insurance?

Small businesses are the backbone of the Massachusetts economy with over 600,000 located throughout the Commonwealth. Though small, your company is at a high risk of failing due to fire, theft, and lawsuits. To protect your company against these unpredictable events, you need to consider small business insurance.

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Studies show that this size of company is especially vulnerable to losses. While fire, storm damage, and lawsuits can affect any business, if a small venture is financially forced to close they may never open their doors again. 80% of businesses that cannot reopen within 10 days never do, while nearly half will fail within 5 years. A temporary loss of income combined with expensive repairs is just too much for many businesses in Massachusetts to recover from. These staggering statistics make it clear that you need to protect yourself with the right coverage.

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What Does Small Business Insurance Cover?

The risks you face can come from many directions. Natural disasters such as fire and weather events can destroy your property, while lawsuits due to injury caused by your products or services can devastate your reputation and finances. Most small companies need some or all of the following coverage:

Property Insurance -- To help cover damages to your building, business property, equipment, tools, and other business property due to fire, storms, theft, vandalism, and other common events.

General Liability Insurance -- To help cover lawsuits and medical expenses when injury or damage occur due to your business operations.

Professional and/or Product Liability Insurance -- In case your product or service causes harm to others.

Workers Compensation Insurance -- Required by Massachusetts law for all business with employees, to pay for medical expenses and salary reimbursement for workplace injuries.

Additional Coverages

Because your small venture is unique, you will also have to tailor your insurance coverage to your specific needs. There are many specialized coverages available to you, designed specifically to cover the risks within certain industries. Some coverage options to consider include:

  1. Hired & Non-Owned Auto Liability
  2. Employment Practices Liability Insurance
  3. Cyber Insurance
  4. Pollution Insurance
  5. Liquor Liability
  6. Inland Marine Insurance
  7. Business Interruption Insurance
  8. Contractors Insurance
  9. Keyman Insurance
  10. Professional Liability
  11. Flood

To fully understand your options, you should speak with an insurance agent with experience in writing policies for businesses in your industry. They will be able to help you identify the policies that will be most beneficial to your company.

Business Owners Policy

Many companies may find it more affordable to combine coverage into a business owners policy. These insurance packages are geared especially towards smaller ventures that do not have excessive or overly specialized risk factors. By combining your insurance coverage, you can get more affordable and more streamlined insurance coverage.

A business owner’s policy typically begins with your property insurance and general liability coverage. From there, you can often customize the package to best suit your needs by adding optional coverage to your policy. This way you can usually get the coverage your business needs at a lower cost than buying separately. Your agent can help you determine if you are eligible for a business owner’s policy.

Small companies are essential to the Massachusetts economy. However, just because your business is small doesn’t mean it doesn’t have large risks. The rate of failure is extremely high among smaller companies that suffer significant loss. Protect your business from this fate with comprehensive small business insurance coverage.

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