What is Small Business Insurance?

Small businesses aren’t large by definition, but size doesn’t make a business immune from risk. Even small businesses can have property damaged, lose goods to theft and be named in liability lawsuits. In order to protect against risks like these, small businesses in Massachusetts may want small business insurance.

Small business insurance encompasses a range of insurance products that are designed for small businesses. The term isn’t so much a technically defined term as a common way to refer to a variety of insurance policies that small businesses might want.

What Small Businesses in Massachusetts Need Insurance?

The vast majority of small businesses in Massachusetts ought to carry insurance, for not carrying insurance can leave a business exposed to substantial risk that could have devastating consequences. Many small businesses will find that one of the various small business policies which are available meets their needs.

Additionally, small businesses usually need insurance regardless of their official legal structure. Some corporate structures might provide certain protections, but these are typically quite different than what an insurance policy affords. Sole proprietorships, limited liability corporations, S corporations and C corporations can usually all benefit from having the right insurance in place.

What Kinds of Small Business Policies Are Available?

In order to meet the many different needs that small businesses have, insurers offer a wide array of different small business policies. Some of these policies offer coverages that are used in many different industries, while others are package policies which are tailored for businesses in specific industries.

A few of the broader coverages that insurers make available include:

• General Liability Insurance, which normally protects against common accidents and defamation lawsuits
• Professional Liability Insurance, which normally protects against errors and omissions made in a professional’s work
• Commercial Property Insurance, which normally protects company-owned property such as buildings and equipment
• Commercial Auto Insurance, which normally protects company-owned cars or protects against accidents caused by employees driving personal cars for work
• Workers Compensation Insurance, which normally protects against on-the-job injuries and illnesses that employees sustain

 

Some examples of package policies that are designed for different industries include:

• Apartment Building Insurance, which apartment building owners may want
• Landlord Insurance, which owners of smaller rental units may want
• Condo Master Policy Insurance, which condominium associations may want
• Contractors Insurance, which general and specialized contractors may want
• Home Inspector Insurance, which home inspectors may want

 

There are many more types of specialized insurance policies. Restaurants, bars, food trucks, salons, electricians, plumbers, certified public accountants and many other businesses will all likely be able to find a policy that’s tailored to their needs if they work with a specialized and knowledgeable insurance agent.

What Are Business Owners Policies and Commercial Package Policies?

Business owners policies and commercial package policies are two forms of package policies that insurers make available to small businesses. The former offers a fairly standard set of protections that’s broadly suitable for small businesses with common insurance needs. The latter is a more customizable solution for situations where businesses need added flexibility.

Many of the industry-specific package policies mentioned above are adapted commercial package policies.

How Can Small Businesses in Massachusetts Get Small Business Insurance?

For help insuring a small business that’s located in Massachusetts, get in touch with the insurance agents of Flavin & Flavin Insurance. Our independent agents know how to help you determine your business’ coverage needs, and we can show you policy options from several insurers that meet those needs. With our agents, you can be confident that the small business insurance policy you ultimately select gives your business solid protection.