Although start up businesses might be new and small, they’re rarely free from risk. Most face at least some risks on the first day of operations, if not even before they officially begin. To help protect new businesses in Massachusetts, insurers offer a variety of start up insurance products.
“Start up insurance” doesn’t refer to a single type of insurance policy as much as it’s a catch-all term for a range of products that may help start-ups protect themselves. There are many different kinds of commercial insurance policies that may be of interest to new businesses.
Most new businesses in Massachusetts ought to have a commercial insurance policy, for operating without insurance can leave a business exposed to a significant amount of risk. While start up business insurance isn’t the only option for new businesses, it’s often one that many new businesses should consider. Generally speaking, the vast majority of new businesses should discuss the protections that start up business insurance offers with an informed insurance agent.
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:
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.
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.
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.
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.