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:
- Hired & Non-Owned Auto Liability
- Employment Practices Liability Insurance
- Cyber Insurance
- Pollution Insurance
- Liquor Liability
- Inland Marine Insurance
- Business Interruption Insurance
- Contractors Insurance
- Keyman Insurance
- Professional Liability
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.