Business Insurance from Massachusetts Specialists

What is Business Insurance?

Massachusetts businesses are exposed to a wide array of risks. To help businesses mitigate the risks they face, insurance companies offer many different business insurance options.

Business insurance policies are sometimes referred to as “commercial insurance.” Both terms distinguish these policies, which are intended to protect businesses, from personal policies that are for individuals.

What Businesses in Massachusetts Need Commercial Insurance?

Commercial insurance can help many Massachusetts businesses, for few businesses are completely free from risk. The types of commercial policies that different businesses need vary, but there are at least a few policies for almost every kind of business.

Do Home-Based Businesses Need Commercial Insurance?

Home-based businesses often have limited risk exposure, but they normally aren’t completely free from risk. Additionally, personal policies frequently either exclude any business activities from their coverages or offer only very limited protection for home businesses.

For these reasons, most home business owners should consider protecting themselves with one or more commercial policies. An informed agent can help determine what policies are appropriate for a specific home business.

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What Kinds of Commercial Policies Do Insurance Companies Offer to Businesses?

As mentioned, insurance companies offer many different commercial policies. Some are helpful to many different businesses, while others are more specialized and only useful in certain situations.

Some of the more broadly applicable policies are:

• General Liability Insurance
• Commercial Property Insurance
• Commercial Auto Insurance
• Business Interruption Insurance
• Cyber Insurance
• Directors and Officers Insurance
• Employment Practices Liability Insurance
• Workers Compensation Insurance

Examples of more specialized policies that only certain businesses may want include:

• Professional Liability Insurance
• Errors and Omissions Insurance
• Malpractice Insurance
• Product Liability Insurance
• Inland Marine Insurance
• Contractors Insurance
• Liquor Liability Insurance
• Microbrewery Insurance
• Restaurant Insurance
• Landscaping Insurance
• Office Insurance

What Are Business Owners Policies?

Business owners policies are a basic type of package policy that combines several coverages together. The coverage options offered by business owners policies typically include general liability, commercial property, commercial auto, business interruption and cyber insurance, although exact options can vary from one policy to the next.

These package policies are primarily purchased by small businesses that have minimal risk exposure. By creating policies for such businesses, insurers are generally able to keep premiums quite affordable. Rates are frequently substantially less than they would be if each coverage included were purchased separately.