8 Business Insurance Policies Every Business Needs
Whether you’re a small office with two employees or you’ve got a big retail space in the nicest shopping plaza in town, you’ve got a business to run and protect. This is your livelihood and your dream; you built it. Don’t let one accident and a lack of protection destroy it.
Take a look at this list of business insurance policies – some may be familiar, some may not – that you need to protect your business.
General Liability
A Massachusetts General liability insurance policy is a staple of almost any business. This protects you when someone who doesn’t work for you is injured or suffers damage while at your business or at a location your business is responsible for. General liability pays the claim and covers you in the event of a lawsuit.
Workers’ Compensation
If you have even one employee working for you, you need to think about Massachusetts workers’ compensation insurance. We’ll have to look at your specific business operation to determine if you need workers comp. Most businesses are required to buy coverage. It pays for the lost wages and medical expenses for employees who become injured or ill while doing their job. You’ll also be covered if your employee decides to sue.
Professional Liability Insurance
Also known as errors and omissions (E&O), professional liability protects you if you make a mistake in the course of your service as a professional or if there’s a failure to perform. Each industry has it’s own standards for what is covered, when you need to buy coverage, and what you may need to be aware of when filing a claim.
Commercial Property Insurance
Even if you don’t own the building you work in, you own the equipment, inventory, signage, and furniture. In Massachusetts, commercial property insurance covers your business property in case of damage from fire or storms and from theft. Like home insurance, floods and earthquakes are not usually covered and require separate policies.
Commercial Auto Insurance
You should already have personal auto insurance, but now it’s time to think about a commercial auto insurance policy. You should buy coverage if you own company vehicles, you use your vehicle for work on a regular basis, if you have delivery drivers, or if your employees regularly use their personal vehicle for work-related tasks.
Cyber Liability Insurance
If you take in personal information and payment information online or save your clients’ personal information in a database for any reason, you need cyber liability insurance. This protects you in the event that you’re hacked and your customers’ information is compromised. When this happens, you’re required by law to notify every single person in your database and to monitor their credit for a certain period of time. This coverage will cover those costs for you.
Business Interruption
We all know anything can happen at any point – a big storm, a fire, or some other devastating event that may interrupt your business. You still have employees to pay, and you need to rebuild, but you have no income while your business is closed. Business interruption coverage takes care of that until you’re back up and running again.
Umbrella Policy
No matter how many policies you purchase, you’ll never be able to cover everything. Even if you do, all it takes is one big claim to exceed your insurance limits. Umbrella policies cover many things that standard policies don’t, but they also help you pay big claims that are over your insurance limits.
If you’ve realized that you’re lacking a few business insurance policies or want to discuss the option of bundling a few policies together, contact us today so we can help you protect your business.
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