Small Business Insurance in Massachusetts

What is Small Business Insurance?

Small businesses might not have large operations or lots of employees, but they’re still exposed to a range of potential risks. In some ways, the risks they face can be especially devastating since these businesses frequently don’t have a lot of resources to replace assets or fight lawsuits with. To help protect small businesses, Massachusetts insurers offer a range small business insurance options.

“Small business insurance” isn’t necessarily a technical insurance term. Instead, it’s a general way of referring to a range of commercial insurance options that are designed for small businesses. (Commercial insurance delineates policies made for businesses from personal policies that are intended for individuals.)

What Massachusetts Small Businesses Need Insurance Policies?

The vast majority of small businesses located in Massachusetts can benefit from having at least some insurance. The exact combination of policies that businesses need varies depending on their industry, work, location and other factors. There are very few without any risk exposure, though.

What Sorts of Policies Can Small Businesses Get?

As mentioned, insurance companies offer many different insurance policies to meet small businesses’ varying needs. Some policies that businesses frequently get are:

General Liability Insurance, which normally covers certain common accidents
Commercial Property Insurance, which normally covers property a business owns
Commercial Auto Insurance, which normally covers vehicles a business owns
Product Liability Insurance, which normally covers certain lawsuits arising from product issues
Cyber Liability Insurance, which normally covers data breaches and digital threats
Business Interruption Insurance, which normally covers certain drops in revenue

Along with these common policies, there are many more specialized coverages that may be of interest to specific businesses. For example, companies that deal with chemicals might want pollution liability insurance. Similarly, those that serve adult beverages may need liquor liability insurance.

Are Package Policies Available to Small Businesses?

Insurance companies offer two main package policies that small businesses take advantage of. Business owners policies combine common coverages into a single policy and are appropriate for many businesses with straightforward insurance needs. Commercial package policies tend to offer more flexibility for businesses that have advanced needs.

Both business owners policies and commercial package policies typically have total costs than what businesses would pay if they were to get each coverage individually.

What Expenses Do Small Business Liability Policies Cover?

While exactly what expenses are covered by small business liability policies can vary, most policies help pay legal fees, settlements and judgements associated with covered claims. Policies normally begin helping with these costs when a covered claim is filed, not waiting until the claim is settled to determine culpability.

How Much Do Small Business Policies Cost?

Because there are so many different types of small business policies and each has its own options, the premiums charged by insurers span a large range. Some of the factors that can influence how much businesses pay for coverage include:

The industry a business is in
The volume of work a business does
The location where a business’ facilities are
The number of employees a business has
The coverages and limits a business chooses

Regardless of the cost, having coverage is normally much more affordable than facing a major claim without any protection in place.

How Can Massachusetts Businesses Get Small Business Insurance Policies?

For help finding small business insurance policies that are well-suited for your business, contact the independent insurance agents at Roger Butler Insurance. Our experienced team has helped many small businesses in Massachusetts find coverage, and we have the expertise needed to get you the right policies at an affordable price.