Owning a business comes with inherent risks. Property damage, employee injuries, and lawsuits are only a few of the events you may face as a result of on-the-job accidents — no matter what type of work you do. That’s why it’s essential to have a comprehensive business insurance policy that protects you and your business should the unexpected occur.
Whatever type of insurance your business needs, we have you covered. Request a quote >
In addition to workers’ compensation and commercial auto — the two types of business insurance that Massachusetts requires — many business owners opt to purchase a combination of recommended coverages. Please note that deductibles, premiums, and optimal policies are highly variable and will depend on your unique business needs.
Often shortened to “workers’ comp,” this coverage is designed to pay your employees’ medical expenses and/or lost wages, in the event they are injured or become ill as a result of job-related duties.
What to know:
-Required in Massachusetts
-Covers employee medical expenses
-When in place, injured employees may not also sue for damages
This policy primarily covers damage to vehicles and injuries suffered in an accident. Commercial auto insurance also addresses a range of “other” damaging events, such as extreme weather, theft, or vandalism.
What to know:
-Required to register and drive a commercial vehicle
-Covers accidents involving business vehicles
-Protects against theft and non-accident damage
When it comes to business insurance, the most common type of commercial bond is a license or permit bond, which ensures that contractors follow all the applicable laws and regulations for a given project.
What to know:
-Required for Massachusetts contractors
-Two types — contract bonds and commercial bonds
-Function more like a line of credit
A BOP bundles together key coverages like general liability, business income, commercial property, and equipment coverage. It’s a cost-effective way for businesses to get the protection they need.
What to know:
- Does not include workers’ comp or commercial auto
- Can supplement with add-on coverages
- Designed for small businesses
Commercial general liability (CGL) coverage is designed to protect your company against third-party claims of property damage, bodily injury, or advertising injuries/reputational harm.
What to know:
- Can be included as part of a BOP
- Covers customer injuries and property damage
- Protects your business against slander
Whereas general liability covers other people’s property, commercial property coverage is designed to protect your place of business and its contents.
What to know:
- Can be included as part of a BOP
- Most often addresses fire damage, burglaries, weather damage, and vandalism
- Worthwhile even if your business is home-based
Also called errors and omissions insurance (E&O), professional liability insurance exists to protect your company against mistakes, negligence, and oversights.
What to know:
- Designed for businesses that provide services or advice
- Covers any lawsuits claiming professional negligence
- Policies can be written for specific projects
Business income insurance is designed to keep you and your employees afloat — by addressing lost income, regular operating expenses, and payroll — in the event of a business interruption.
What to know:
- Can be included as part of a BOP
- Interruptions must be caused by perils such as fires and certain natural disasters
- Typically includes a waiting period
If you’re looking for a Massachusetts insurance agency that offers personalized advice and plenty of options, your search ends now. Here’s what makes us stand out:
As an agency with a Massachusetts focus, we have specialized knowledge of both the local business insurance market and the specific needs of business owners whose livelihoods are based in the Bay State.
With access to all the top carriers for business insurance, we can give you more options than other agencies. More options means more competitive pricing and, quite often, better terms.
This way, there’s always someone on hand to support you when something goes wrong. A dedicated claims department also means your claims get closed out faster, which is key to maintaining a healthy loss history.
Whether you own a 100-employee company, sole proprietorship, or any sized business in between, our team can help you find the policies that meet your needs.
Business insurance is essentially a protection plan, designed to ensure that a company doesn’t suffer serious financial losses in the aftermath of events including (but not limited to) natural disas…
In the state of Massachusetts, there are only two required types of business insurance: Workers’ compensation insurance Commercial auto insurance (unless your business never owns or hires any vehicl…
The Bay State sets minimum required limits as follows: Bodily injury liability: $20,000 per person / $40,000 per accident Property damage liability: $5,000 per accident Uninsured motorist coverage: $2…
Business insurance costs, per year, run an enormously wide range — from a few hundred dollars at the least, up to millions of dollars for the largest corporations.
Business insurance agents act as advocates for company owners and leaders, by securing all the necessary types of protection, with optimal coverage limits.
Just like price, recommended coverage limits are dependent on a variety of factors unique to your company.
We’re always happy to answer your questions. If you have concerns about your current business insurance coverage or are looking for a new policy, we can help. To begin the conversation, fill out the contact form and an agent from our team will be in touch shortly.
