Although new businesses might start small, they’re frequently exposed to a variety of risks from the first day that they begin operations. Start up insurance policies help protect new businesses in Massachusetts from a number of the risks that they face.
The term “start up insurance” isn’t so much technical jargon as it’s a general term used to describe insurance policies that new businesses might want. There are many different types of insurance policies that these businesses may be interested in.
The vast majority of new Massachusetts businesses ought to have insurance, for a single disaster can be financially devastating if no protection is in place. While this isn’t the only insurance option that businesses might want, many new businesses will find that start up business insurance adequately addresses their needs.
Business owners who are founding new companies ought to begin comparing start up business insurance policies early on in their planning stages, and there are a few reasons why the search for insurance shouldn’t be delayed.
First and most importantly, some businesses might need certain coverages in place before they even begin operations. For example, businesses may need property coverage as soon as they have an asset -- which can be a long time before the first day of operations arrives. Similarly, employment practices liability coverage, which normally covers employment-related lawsuits including those arising from hiring issues, usually should be in place before any potential job applicants are interviewed.
Second, searching for insurance sooner rather than later ensures business owners have adequate time to compare coverage and premium options. Comparing options doesn't necessarily take a lot of time, but it can be extremely difficult to set aside even a few moments for this task in the days leading up to a business’ actual open date.
Third, business owners can more accurately project their overhead costs once a specific insurance policy is selected. While premiums may only be a small portion of total overhead, this is one more exact number that can be plugged into financial protections.
In order to meet the many different needs of new businesses in different industries, insurance companies offer a lot of different policies to start up businesses. Some of the more commonly chosen policies include:
Along with these individual coverages, insurance companies also typically offer package policies that combine multiple protections together. These package policies are frequently tailored for businesses in specific industries. For instance, there are tree service insurance, landscaping insurance, yoga insurance, microbrewery insurance and landlord insurance policy options (among many others).
An insurance agent who specializes in start up policies can help business owners determine what coverages their new business should have and find a policy that provides those coverages.
A business owners policy is a basic package policy that meets foundational coverage needs which many small businesses have. Business owners policies usually come with general liability coverage, commercial property coverage and business interruption coverage. The policies tend to be quite affordable, and they may meet the needs of many different start ups.
For help insuring a new business that’ll be located in Massachusetts, contact the independent insurance agents at Charles River Insurance. Our agents have helped many new business owners find the insurance protections they need, and we’re ready to assist you with selecting a start up insurance policy.