What Kinds of Insurance Policies Can Small Businesses Get?
The risk profiles of small businesses vary a lot, so insurance companies offer many different insurance solutions to meet businesses’ different needs. Among the many options available are both individual policies and package policies.
The range of individual policies encompasses everything from the common general liability policy to the less frequently needed contractors and builders risk policy. A few individual policies that are businesses frequently purchase include:
The two types of package policies available are primarily:
In addition to these, there are many industry-specific insurance policies. Malpractice insurance, attorney insurance, light manufacturing insurance, office insurance, auto repair shop insurance, microbrewery insurance, restaurant insurance and landscaping insurance are just some of the many options available.
Are Small Businesses Required to Purchase Workers Compensation Coverage?
Small businesses that have employees generally have to get workers compensation coverage per Massachusetts law. Businesses that protect their employees from work-related injuries or illnesses in this way may face fines and lawsuits.
In some cases, businesses that don’t have employees might still want to get workers compensation coverage for any business owners who are involved in the business’ regular operations. Health insurance policies often don’t cover on-the-job injuries, and business owners who need coverage may find that they need workers compensation coverage if they want protection.
Are Small Businesses Required to Purchase Commercial Auto Insurance?
Small businesses that own vehicle usually need to purchase auto insurance for the vehicles they own, and most insurance companies only offer commercial auto policies (as opposed to personal auto policies) for commercial vehicles.
Sometimes, business owners that use their personal vehicles for business-related driving also need commercial auto coverage. Business owners in this situation should talk with an insurance agent who’s well versed in personal and commercial insurance policies to find out whether their personal policy is sufficient or they need to upgrade with a commercial one.
How Can Businesses Get Small Business Insurance Policies?
For help finding small business insurance coverage that’s right for your specific business, contact the independent insurance agents at The Feingold Companies. Our team can show you options from multiple insurance companies in Massachusetts, and they have the expertise necessary to help you find the best solution.
