Small businesses are an important part of the Massachusetts economy. With over 27 million small businesses nationally, and approximately 600,000 in MA alone, they provide nearly half of the nation’s jobs. However, small businesses have the ability to face the same risks as larger corporations. Small business insurance is an investment that can provide significant protections to your company.
Sometimes, small businesses do not have the resources of larger corporations. A lawsuit, natural disaster, fire, or theft could jeopardize your finances and force you to close your doors forever. Studies show that small businesses that close temporarily in the aftermath of a loss are far more likely to permanently fail. Protecting your business with commercial insurance can help you avoid this unfortunate and avoidable fate.
Damage from winter storms, slips and falls, workplace injuries, lawsuits, fires, and thefts are some of the most common insurance claims made by businesses located in MA. Most of these corporations, however, may be able to benefit from having insurance to protect against these risks, including:
Because these coverages are so commonly required, many small businesses are eligible to combine them into a Business Owners Policy (BOP). This package can simplify your coverage and potentially save you money.
While your business may face some common risks, it may also be unique to your situation. There are a variety of insurance options available, so you may be able to tailor your coverage to the specific risks of your industry. Some options you may want to discuss with your agent include:
Your agent may be able to help you determine which types of insurance will be most beneficial to your small business. By working with an insurance agent experienced in small business coverage, you can be better guided with the financial protection you need while staying within your budget.
Small businesses are essential to the economy, but small businesses still face large risks. By investing in comprehensive small business insurance coverage, you can potentially protect your company against the risks most commonly faced in your industry. With appropriate financial protections in place, you may feel more confident that your business can survive even in the face of a devastating loss.