What Kinds of Coverages Does Start Up Business Insurance Make Available?
New businesses will find many of the insurance coverages that they need available through start up business policies. Some coverages to consider looking for are:
- General Liability Insurance, which may cover common accidents and defamation lawsuits
- Professional Liability Insurance, which may cover errors in work or advice
- Commercial Umbrella Insurance, which may provide supplemental liability insurance
- Commercial Property Insurance, which may cover buildings, equipment and supplies
- Commercial Auto Insurance, which may cover cars, trucks and other vehicles
- Inland Marine Insurance, which may cover equipment as it’s transported
- Equipment Breakdown Insurance, which may cover breakdowns of important equipment
- Cyber Insurance, which may cover online risks such as data breaches and cyber attacks
An insurance agent who’s familiar with this type of insurance can help new businesses sort through the many coverage options that are available to them.
What Are Business Owners Policies and Commercial Package Policies?
Many start up business insurance policies come as package policies that combine coverages together, and two of the most common types of package policies are business owners policies and commercial package policies.
Business owners policies are designed to provide basic insurance coverages that many small businesses need. These policies typically come with general liability, commercial property and business income coverage, and a few additional protections can sometimes be added.
Commercial package policies tend to be more robust and customizable, offering many coverage options for businesses to choose from. In addition to the basic protections of business owners policies, commercial package policies may offer any number of property and liability protections. These are usually more suitable when businesses need extensive or specialized coverage.
Do Start Up Businesses Need Workers Compensation Coverage?
Workers compensation coverage generally protects against instances of workplace injuries and illnesses. In the event of a covered claim, it’ll likely help pay an employee’s medical bills and some of their lost wages.
Most businesses in Massachusetts are required to carry workers compensation if they have employees. If a new business doesn’t have any employees, getting this coverage might still be advisable because standard health insurance may not cover workplace injuries.
Businesses should review their situation with an insurance agent to determine what their workers compensation coverage needs are and find a suitable policy.
How Can New Businesses Get Start Up Insurance?
If you need help insuring a new business, contact the independent insurance agents at The Feingold Companies. Our agents have worked with many new businesses in Massachusetts, and we have the expertise necessary to get your business the start up insurance it should have.
