Massachusetts businesses are exposed to a wide array of risks. To help businesses mitigate the risks they face, insurance companies offer many different business insurance options.
Business insurance policies are sometimes referred to as “commercial insurance.” Both terms distinguish these policies, which are intended to protect businesses, from personal policies that are for individuals.
Commercial insurance can help many Massachusetts businesses, for few businesses are completely free from risk. The types of commercial policies that different businesses need vary, but there are at least a few policies for almost every kind of business.
Home-based businesses often have limited risk exposure, but they normally aren’t completely free from risk. Additionally, personal policies frequently either exclude any business activities from their coverages or offer only very limited protection for home businesses.
For these reasons, most home business owners should consider protecting themselves with one or more commercial policies. An informed agent can help determine what policies are appropriate for a specific home business.
As mentioned, insurance companies offer many different commercial policies. Some are helpful to many different businesses, while others are more specialized and only useful in certain situations.
Some of the more broadly applicable policies are:
Examples of more specialized policies that only certain businesses may want include:
Business owners policies are a basic type of package policy that combines several coverages together. The coverage options offered by business owners policies typically include general liability, commercial property, commercial auto, business interruption and cyber insurance, although exact options can vary from one policy to the next.
These package policies are primarily purchased by small businesses that have minimal risk exposure. By creating policies for such businesses, insurers are generally able to keep premiums quite affordable. Rates are frequently substantially less than they would be if each coverage included were purchased separately.
Commercial package policies are another type of package policy that’s widely available to businesses. Compared to business owners policies, commercial package policies usually offer many more coverage options and higher available limits. Their premiums are frequently a little higher, but they’re usually still affordable and the policies typically offer greater protection.
Commercial package policies are frequently purchased by larger business, businesses that have unique coverage needs and businesses in high-risk industries that need high limits.
Business owners who are unsure whether their business should get a stand-alone policy, business owners policy or commercial package policy should ask an experienced insurance agent for assistance. An agent who’s familiar with the many commercial insurance options will be able to give informed advice based on a business’ specific situation.
To speak with independent insurance agents who specialize in business insurance, contact The Feingold Companies. Our insurance agents have helped many Massachusetts businesses find the policies that are right for them, and we’re here to assist you too. As independent agents, our team members can compare policy options and rate from multiple insurance companies in the state to help you find the right coverage at a price that your business can afford.
By the way - we are based in Massachusetts, but proudly write in RI, ME, OH, VA, IN,IL, CT, DC, MA, IA, NH, NJ, AZ, PA, TX, FL, MA, NV, SC, NY, MO, TN, VT, WI, KS, VA, as well.