New businesses may be young and small, but they’re often exposed to a number of risks from the time they begin operation. Sometimes, they even face risks before the first day of operations. Start up insurance offers new businesses in Massachusetts to financially protect themselves from a range of risks that they may face.
The phrase “start up insurance” isn’t technical jargon that’s clearly defined within the insurance industry. Instead, it’s broadly used to refer to a variety of insurance products that might benefit new businesses.
Many new businesses in Massachusetts can benefit from at least some of the coverages that start up business insurance policies provide. Major corporations that are just beginning to operate in the state might need a robust insurance policy that goes beyond what most start up business policies offer. For the majority of new businesses in the state, though, a start up business policy is an excellent way to get affordable and sufficient protection.
New businesses can request quotes for start up business insurance policies well in advance of their start date, and there are several advantages to comparing quotes early in the business planning process.
First, businesses usually have more time that they can devote to looking at policy options in the early days of planning. Comparing coverages and rates doesn’t need to take an inordinate amount of time, but sparing even a few moments can be difficult once a business’ start day is imminent.
Second, businesses can decide what policy they want to purchase and then use that policy’s quoted rate in their financial projections. Using an actual cost rather than an estimate will make financial projections a little more accurate.
Finally, there may be some coverages that a business wants to have in effect before the operations actually begin. For example, the following coverages might be needed early on:
An insurance agent who specializes in start up business insurance can help businesses determine what coverages they need and when those coverages’ effective periods should begin.
Because businesses have diverse risk mitigation needs, insurance companies offer a diverse array of options through start up business policies. Along with those coverages mentioned above, some other insurance protections that new businesses might want include:
In many cases, insurance companies bundle several of these coverages together into a package policy that’s designed for a specific industry. For example, insurers offer contractors insurance, jeweler insurance, landlord insurance and electrician insurance policies.
A business owners policy is a basic package policy that meets the needs of many new and established small businesses. The policy frequently comes with commercial property insurance, general liability insurance and business interruption insurance.
For help insuring a new business that’s located in Massachusetts, contact the independent insurance agents of Haberman Insurance Group. Our team has the expertise necessary to help you select coverages and can show you start up insurance options from many insurers.