Businesses generally are exposed to at least some risks, and lots of business face a multitude of significant risks which could have devastating consequences. Business insurance policies help Massachusetts businesses shield themselves from many of the risks they’re exposed to.
Business policies are insurance policies that have been specifically crafted to meet the needs of businesses and other organizations (e.g. nonprofits). These policies are designated as “business insurance” or “commercial insurance” policies in order to distinguish them from “personal insurance” policies meant for individuals.
Most Massachusetts businesses ought to have commercial insurance in place. After all, few businesses have no risk exposure and many would be devastated if they faced a worst-case scenario with no insurance in place.
In addition to businesses, nonprofit organizations and governments often also need insurance. Many are able to find commercial insurance policies that meet their needs, especially if they look for policies with the help of an insurance agent who specializes in this form of insurance.
Although most businesses face at least a few risks, the exact risks that businesses face are highly varied. To help protect against lots of different risks, insurers have a large number of insurance policies that they offer. These provide property, liability and other protections.
Some of the more common commercial policies that are used to protect property include:
Some liability coverages that insurance companies make available are:
In addition to broad professional liability insurance, there's also errors and omissions (E&O) insurance, and directors and officers (D&O) insurance. These are specialized forms of professional liability coverage.
Workers compensation, which normally pays for medical costs and lost wages if an employee is injured or becomes ill due to their work, is another common coverage.
For businesses that need them, many insurance companies also offer bonds. Businesses may be able to purchase performance bonds, ERISA bonds or other bonds from insurers. An agent who specialized in commercial policies can likely also assist with finding bonds.
While most commercial policies can be purchased on their own as stand-alone policies, many are also available through package policies. Business owners policies are package policies that combine basic coverages and are typically designed for small businesses with general insurance needs. Commercial package policies often come with more coverage options, and are frequently used by businesses with greater or more specialized insurance needs.
Sometimes, business owners policies or commercial package policies are crafted to meet particular needs that businesses within various industries commonly have. For example, insurances might offer package policies for businesses that need protections related to:
For help insuring a business or other organization in Massachusetts, contact the independent insurance agents at Roger Keith & Sons Insurance. Our agents have the expertise necessary to help you identify the coverage options that are most appropriate for your business, and they have the freedom to show you business insurance options from several different insurers.