Massachusetts is an excellent place for business, especially in biotechnology, information technology, healthcare, finance, and tourism. The scope for new businesses in this state has been increasing day by day.
People running a small business in Massachusetts also have the nation’s highest incomes that build the economy. Hence, they deserve proper protection for their enterprises from unexpected events. Every business must have Massachusetts business insurance.
Why Do You Need Insurance for Your Business?
Setting up a business in Massachusetts requires a lot of effort. You might have faced many struggles while establishing your business. You would have spent years investing your hard work to achieve your dreams and become successful.
So, you should not let any risk destroy your dream. Consider buying Massachusetts business insurance to protect your business from unexpected events. The policy protects from any losses that occur while running the business. It can also protect your employees by covering lost wages in case of any work-related injuries.
There are different business insurance options in Massachusetts State to cover your property damage, legal liability, etc. Before choosing a suitable one, you should evaluate your business and determine your potential risks.
Whether you run a business in Boston, Cambridge, Fitchburg, Brookline, or any other Massachusetts location, you need proper insurance coverage based on your business.
Different Business Insurance Options in Massachusetts
In most states in the United States, business insurance is mandatory, and that includes Massachusetts. Every business is unique, and based on your individual conditions, you need to choose the right coverage.
General Liability Insurance
General insurance liability is important for all businesses in Massachusetts State. This coverage is suitable for you if you own or rent a commercial property. It protects you from:
- Bodily injuries: If a person other than your employee suffers physical damage at your workplace due to any employee or unsafe condition at your office, you are liable for the medical bills. But, general liability insurance can protect you in this case.
- Property damage: It also covers damages caused to other people’s property by you or your employee while running your business.
- Lawsuits: This insurance coverage also covers the legal costs when someone sues your business. It covers everything from hiring a lawyer to final settlements.
Professional Liability Insurance
If you commit a mistake and your customer suffers damages in Massachusetts, they can sue your business. Professional liability insurance can help you in this regard. It is also known as errors and omissions insurance. This policy helps you pay for:
- Defender costs
This policy protects you from clients who are not satisfied with your services and covers the defense fees up to your policy limits.
Business Property Insurance
It is also known as Commercial Property Insurance. This policy protects your business property, whether you rent or own it. If your business property gets damaged, destroyed, or stolen, it covers the costs of repairing or replacing the tools, furniture, inventory, or computers in your office.
Cyber Liability Insurance
There are several small businesses in Massachusetts State assuming that a hacker will not target their company. Most cyber-attacks happen in small enterprises and can cost thousands of dollars for business owners.
If any data breach or any malicious software attack happens to your business, your client may sue for these damages. Cyber liability insurance protects you from these damages and pays for legal fines and fees.
This policy is important for businesses that deal with sensitive information such as bank details, cybersecurity, or cloud.
Workers’ Compensation Insurance
Per Massachusetts state laws, every business must have workers’ compensation insurance. This policy covers the medical bills of your employees in case of any workplace injury. It also covers expenses for the lawsuits filed by your employees in case of such injuries.
Without workers’ compensation insurance, you are still liable for any workplace injury, and you need to pay the medical bills and loss of wages from your pocket.
Need a Vehicle for Your Business?
If your business owns or rents a vehicle, you need to have commercial auto insurance. In the Bay State, every commercial vehicle should have this coverage.
- Bodily injury liability of $20,000 per person or $40,000 per accident
- Property damage liability of $5,000 for each accident
- Uninsured motorist coverage up to $20,000 per person or $40,000 per accident
- Personal injury protection of up to $8,000
It covers medical bills, legal fees, and property damage if your business vehicle gets involved in an accident. This policy does not apply to your personal vehicles.
Choosing Insurance Policy for Your Business
Though there are several business insurance policies in Massachusetts, you do not need to buy all. Massachusetts business insurance is based on the type of your business, strength, and location.
If you are running a business in Massachusetts, contact an independent agent. They can help you select the right policy to get optimum protection for your business.