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Being small doesn’t prevent businesses from losing property or getting named in liability lawsuits. Although their risk exposure may be less than that of larger companies, small businesses in Massachusetts still face a number of potential risks that could be financially devastating. Small business insurance policies help protect against many of these risks.
There isn’t any one “small business insurance policy.” Rather, the term is used to describe an array of insurance options that are designed to meet different small businesses’ protection needs.
Most small businesses in Massachusetts should at least consider the available insurance options. There are very few (if any) businesses that are absolutely free from risk, and many are exposed to a substantial amount of it.
Additionally, the majority of small businesses are ill-equipped to handle a major loss or liability claim. A substantial financial loss would be devastating for many businesses, and may even force some to close permanently.
While most small businesses need at least some insurance, the coverages that businesses need aren’t all the same. In order to meet the many different insurance needs that businesses have, insurers offer an array of policies. Some common ones include:
In addition to these, there are many more specialized coverages available. For example, a business might get liquor liability insurance, contractors and builders risk insurance, pollution liability insurance or other protections depending on the nature of the business.
In Massachusetts, businesses that have employees generally need to provide coverage for their employees. Thus, small businesses that have at least one employee usually need to procure workers compensation.
In some cases, business owners may want workers compensation even if they don’t have employees. Health insurance policies don’t always cover injuries sustained while working, which can leave business owners who are hurt on the job without any protection. Getting workers compensation for any owners who are involved in the regular operations of a business, even if such coverage isn’t legally required, may help prevent this potential coverage gap.
An insurance agent who specializes in small business insurance can help business owners purchase any workers compensation insurance that they may need or want.
A business owners policy is a package policy that’s uniquely intended for small businesses. Sometimes abbreviated “BOP,” these policies frequently include a selection of coverages like general liability, commercial property, commercial auto and business interruption insurance. Business owners often select from standard and available options to create a solution that works for their business.
While BOPs are widely useful to many small businesses, there are some small businesses that may need more protections than these policies offer. If additional coverages are needed, a commercial package policy might be a viable alternative. Commercial package policies tend to be more robust and flexible package policies. They’re used by larger businesses but also can be helpful to select small businesses.
For help finding the small business insurance policies that are right for your Massachusetts business, contact the independent insurance agents at HPM Insurance. Our agents have helped many small businesses in the state find the coverages they need, and we’re here to assist you too.