Running a small business is more than just a job; it’s a passion. You invest your time, money, and talents into operating a successful business and you want to protect it. There are many risks facing your Massachusetts small business: fire, theft, customer injury, and more. Whether you are a one-person company working out of your home or managing 100 employees, there is a small business insurance policy for you.
Just because your business is small doesn’t mean you don’t face big risks. The costs of a customer lawsuit or recovering from a fire exceed what most small businesses can afford. Many studies show that a small business that faces a disaster has a high likelihood of having to close its doors forever. 80% of businesses that cannot reopen within 10 days will not resume business at all. 50% of the businesses that do recover will fail within 5 years. By investing in small business insurance, you are protecting your Massachusetts company from this fate.
Small businesses encompass many professional fields, so your business insurance policy needs to be customized to meet your specific needs. Whether you are a one-man consulting firm, you run a successful shop or restaurant, or manage a construction crew, your agent can help you find a policy that fits into your budget and covers your risks. Many businesses benefit from having most of the following coverages:
Property Insurance - To help cover your place of business, equipment, and other company property.
General Liability - To help protect you against claims of bodily injury on your property, property damage to a third party, libel, slander, and other claims. Legal fees and court costs may also be covered.
Professional Liability (Errors and Omissions Insurnace) - To help provide protection for claims of damage to a client caused by your negligence or mistakes.
Product Liability - To help cover claims that a product you distribute causes injury or damage.
Loss of Income Coverage - In case your business is shut down by a covered event. This coverage will help to cover your income during the shutdown so your employees and bills can still be paid.
Commercial Auto Coverage - It helps to protect you if you own any company vehicles or employees use their personal vehicles for company business.
Many of these policies can be combined in a single Business Owner’s Policy, to which you can add additional coverages as needed. Your agent will be able to advise you on additional coverage such as:
In Massachusetts, if you have any employees, you will be required to purchase workers compensation insurance as part of your insurance portfolio. This important protection pays medical costs and salary reimbursement to employees who are injured on the job. This protects both your employees and your company from losses if an injury occurs.
Depending on your situation, you may also be required to pay unemployment insurance or offer health insurance to your employees. Your agent can help you determine what regulations apply to your specific company.
Your Massachusetts small business is more than just a job. If you are an arborist and don't have tree insurance when a disaster strikes, you may be forced to close your doors permanently, losing all your hard work. Protect your business with a insurance policy customized to your company’s specific needs.