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What is Small Business Insurance?
Small businesses are exposed to an array of possible risks, and some of those risks can be quite large for even the smallest of businesses. Small business insurance helps small businesses in Massachusetts safeguard themselves against many of the potential perils they face.
Small business insurance is a somewhat broad term that can refer to a variety of insurance products. It’s not a technical term as much as it’s a catch-all phrase for most any insurance policy that a small business might want.
What Small Businesses in Massachusetts is This Insurance Right For?
Most small businesses in Massachusetts can benefit from having the right small business policies in place. Simply being small doesn’t fully shield a business from possible risk, and few businesses of any size have the resources necessary to recover from a major disaster without suffering significant financial loss. While small business policies aren’t the only insurance products available, they’re the ones that have been designed for small businesses.
Moreover, small businesses normally need policies regardless of their formal legal structure, for being an official business doesn’t necessarily provide protection against the risks that insurance mitigates. Sole proprietorships, limited liability partnerships and corporations, and S and C corporations usually all have property and/or liability coverage needs.
What Types of Insurance Policies Can Small Businesses Purchase?
While almost all small businesses need insurance, the specific protection needs vary greatly among small businesses. In order to meet different businesses’ needs, insurance companies offer lots of policy options. Some of the more commonly available coverages include:
• General Liability Insurance, which may protect against common accidents
• Commercial Property Insurance, which may protect company-owned buildings, equipment, inventory and supplies
• Commercial Auto Insurance, which may protect company-owned vehicles
• Professional Liability Insurance, which may protect against errors in work performed
• Commercial Umbrella Insurance, which may provide additional liability protection
• Cyber Insurance, which may protect against online threats
• Workers Compensation Insurance, which may protect employees who suffer job-related injuries
In addition to these risk-specific coverages, many insurance companies bundle multiple coverages together into policies. These bundled policies are sometimes specifically crafted for businesses in a certain industry. For example, insurers offer:
• Restaurant Insurance, which is normally for businesses in the food service industry
• Contractors Insurance, which is normally for general and/or artisan contractors
• Entertainment Insurance, which is normally for various businesses in the entertainment industry
What Are Business Owners Policies?
Business owners policies are basic package policies that bundle together coverages which many small businesses need. These policies frequently include commercial property insurance, business interruption insurance and general liability insurance, and some offer additional coverage options such as commercial auto insurance and cyber insurance.
For businesses that have fairly straightforward insurance requirements but need multiple coverages, business owners policies typically offer savings on the most foundational protections.
What Are Commercial Package Policies?
Commercial package policies are another type of package policy that’s available to small businesses. Compared to business owners policies, commercial package policies tend to offer more coverage options. This frequently allows them to provide more robust protections and meet more specialized coverage needs. Larger businesses with more risk exposure often get commercial package policies, but they sometimes are also useful in small business situations.
Like business owners policies, commercial package policies frequently offer substantial savings by combining several coverages together.
How Can Businesses in Massachusetts Get Small Business Insurance?
To get help finding the right insurance policies for your small business in Massachusetts, contact Hundley, Batts & Associates Insurance Agency. Our independent agents are well-versed in the small business insurance policies that are available, and they can show you multiple policy options from different insurance companies in the state. With their assistance, you can be confident that the policies you select will give your small business the protections it needs.
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