Whether you have just opened a brand new business or if you have recently moved your business to the State of Massachusetts, it is important to get set up with a business insurance right away to protect your investment. There are many different types of commercial insurance available depending on the type of business that you are operating, whether you have any employees and other specific factors relating to your business.
For example, if your business does deliveries or has a commercial vehicle, you would very likely need to add commercial auto insurance to your policy. If you are wanting to protect your property from vandalism or theft, a commercial property insurance policy would most likely be what you need. However, the best way to determine what type of insurance you should get and how much you need to protect your business is to speak with a representative at a local Westport business insurance agency, such as F&T Insurance Agency.
The Basics: Different Types of Business Insurance
While there are many small business owners who try to get by without ever investing in commercial property insurance or disability insurance in Massachusetts, it is important to work closely with a licensed agent to ensure that you are properly covered. Not only is insurance a smart idea for business owners, in some situations, it is required by law. Just one single accident or lawsuit filed against you could put you out of business if you do not have a business insurance policy.
Some of the most common types of commercial insurance in Massachusetts include:
- GENERAL LIABILITY – This is the most basic type of commercial insurance available for businesses and is designed to protect you if anyone were to become injured at your store or office. General liability can also be used to cover you from any injuries caused by a service or product that you sell, however there may be certain exclusions to this type of coverage. Speak with an agent for details.
- UMBRELLA LIABILITY – Most business owners add this type of solution to their basic General Liability coverage to fill in the gaps of the things not covered by the basic insurance policy. This is an excellent option for businesses that have a lot of risks or that are unique enough to not be specifically covered under other types of policies.
- WORKERS COMPENSATION – Businesses that have employees are required by law to carry workers compensation insurance. This type of solution is used to cover any lost pay or medical bills that result from injuries on the job. This type of insurance also includes an employer liability, which can be used to compensate any families of an employee that is killed or permanently disabled at their place of work. Options can be added that will protect the employment practices liability of the business, due to personnel problems like sexual harassment or discrimination. Speak with your agent regarding commercial insurance in to ensure that you are properly covered.
- DISABILITY – It is important to get private disability insurance in Massachusetts even though your workers are covered under the federal disability program. Speak with your agent when you purchase business insurance about the different types of disability insurance in Massachusetts, such as short-term disability or long-term disability to find out what is required and the advantages of choosing other options for your coverage.
- PROPERTY INSURANCE – Known sometimes as just property or casualty, this type of commercial property insurance covers you for the business, the structure and the property as well. It is intended to cover all sorts of risks, such as damage to the structure, rebuilding the structure from the ground up and other related issues. It is the business version of homeowners insurance, as it is the most similar to that type of policy. Again, speak with your agent for specifics.
- BUSINESS INTERRUPTION – Covers a loss of business due to storms, earthquakes, blackouts and other issues that result in lost revenue while a damaged building is being repaired or other problems are being rectified.
- LIFE INSURANCE – This can be an important type of policy to get, especially if your business would not be able to function without you there to run it. This can provide for family members who would lose income or financial support in this type of situation. Ask your insurance agent about the advantages regarding Term Life and Whole Life insurance. In some cases with partners or multiple owners, life insurance policies are taken out by the co-owners to protect them if one of the owners were to become deceased, so the business will be able to keep running as it should.
Are You Adequately Covered?
Make sure to meet with an agent regarding your commercial property insurance to ensure that you have enough insurance to cover you in case of an accident, lawsuit, damage or other issues. Without business insurance to protect you, it is possible that you could lose your entire business and everything you have worked for over the years. Disability insurance in Massachusetts and Workers Compensation are two must-have solutions that you need to get if you do not have them already.
If you have any questions about commercial insurance in Westport, MA or anywhere in the surrounding region, contact an agent at F&T Insurance Agency by calling 774-319-5656. We can help you by reviewing your commercial property insurance policies to make sure you are covered for any eventuality. Give us a call today to set up an appointment or to learn more about commercial insurance in the State of Massachusetts.