Small Business Insurance in Massachusetts

What Massachusetts Small Businesses Need Insurance?

The majority of small businesses in Massachusetts can benefit from having at least some insurance in place. Few small businesses are completely free from risk, and most are exposed to perils that could prove financially devastating. In some cases, even a single incident could bankrupt a small business.

Furthermore, small businesses generally need insurance regardless of what their legal structure is. Sole proprietors, limited liability corporations, limited liability partnerships, S corporations, C corporations and B corporations can usually all benefit from having coverage.

What Types of Policies Are Available to Small Businesses?

Although most small businesses need insurance, their insurance needs are hardly uniform. In order to meet businesses’ varying coverage requirements, insurance companies offer many different types of policies for small businesses. Some of the more common ones are:

• Commercial Property Insurance, which may cover buildings that a business owns
• Equipment Breakdown Coverage, which may cover equipment malfunctions
• Commercial Auto Insurance, which may cover vehicles that a business owns
• General Liability Coverage, which may cover some accidents, slander and libel
• Employment Practices Liability Coverage, which may cover employment-related suits
• Product Liability Coverage, which may cover damage and injuries caused by products
• Business Interruption Coverage, which may cover incident-caused drops in revenue
• Contractors Insurance, which homebuilders and remodelers might want

Many insurers package coverages like these into industry-specific policies. For example, businesses might find insurers offering:

• Day Care Insurance, which nurseries and day care programs might want
• Gun Club Insurance, which firing ranges and firearms clubs might want
• Home Health Care Insurance, which in-home care providers might want
• Landscaping Insurance, which landscapers might want
• Microbrewery Insurance, which craft breweries and microbreweries might want
• Gym Insurance, which fitness clubs and workout facilities might want

All of these are just a small sampling of the many coverages and policies that are available to small business.

What is a Business Owners Policy?

A business owners policy (BOP) is a common package policy that’s designed to meet the general coverage needs of small businesses. These policies frequently combine several coverages, such as commercial property coverage, commercial auto coverage and general liability coverage, together. In doing so, the policies tend to offer foundational protection that many small businesses need.

Because they offer such foundational protections, BOPs make sense for many small businesses. Businesses with unique insurance needs, however, might need more nuanced coverages that these policies provide. Any business with unique insurance needs should consult an insurance agent who specializes in helping small businesses. A specialized agent will know what policy options are available and how best to insure a particular business.

How Can Businesses in Massachusetts Get Small Business Insurance?

For help insuring your small business, contact the independent insurance agents at  Charles River Insurance. Our team has helped many small business owners in Massachusetts find coverage for their entities, and we’re here to assist you as well. Because our agents are independent, they can help you find the best small business insurance policy regardless of what insurance company offers it. Of course, they also have the expertise necessary to identify the best policy option.