Reliable Business Insurance in Massachusetts From LoPriore Insurance

The road to business ownership isn’t easy. You followed your dreams and spent years putting in the hard work to create a successful business.

Don’t let potential risks wash your dreams away. Protecting your business against potential disaster and liability risks can give you the protection and peace of mind you deserve.

Getting the right business owner’s insurance policy from LoPriore is fast and convenient, so you can get right back to taking care of your business.

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WHAT IS IT?

A business owner’s policy (BOP) is an insurance policy designed to protect your small business from potential risks. Further, this policy combines several coverage types to provide you with a custom plan at an affordable price.

WHY DO I NEED IT?

Every business faces risks. You can’t prevent natural risks that pose a threat to your property or the liability risks that come with operating a business. Indeed, accidents are unpredictable and can happen to anyone.

WHO IS IT FOR?

Any small to medium business can benefit from small business insurance. While the policy isn’t required by law, your landlord, lender, or vendors may require you to have coverage.

Business Insurance Coverage Details

There are many reasons every business faces risks. When you run a business, you’re responsible for employees, equipment, business property, and increased liability risks. Even if you’re working from your personal property with minimal employees, your standard personal insurance won’t cover your business risks. A business owner’s policy is designed to protect you against business-related risks and help you prepare when disaster strikes.

Business insurance can come in varying coverage levels, with some policies offering the bare minimum for businesses to operate, and others offering extensive protection to account for all possible risks. Thus, there is no one answer to what business insurance covers, as each of them is uniquely designed to protect your company from risks.

At a minimum, getting property and liability coverage is recommended for most businesses since these two covers some of the most common risks in the work setting. However, it is recommended to regularly review your business needs to see if your coverage needs will change as your business grows. Below, you will find more specific details on commercial property and liability insurance to give you a better idea of what is covered within these policies. 

Commercial Property Coverages

Your business contains a significant amount of valuable property to keep things running smoothly. Commercial property coverages provide protection for real property (land and buildings) and personal property (everything else) at the premises of your business. Deductibles usually apply. Your business insurance can provide you with the following commercial property insurance coverage.
  • Buildings and Business Personal Property: This provides coverage for the actual building, attached and unattached structures, outdoor fixtures, and permanently installed equipment. It also covers materials that maintain and service the business.
  • Coverage Extensions and Additional Optional Coverage: Additional optional coverage is usually available to cover gaps in your commercial policy. Some coverage extensions may include earthquake, flood, agreed value on some buildings, fine arts, money and securities, spoilage due to temperature change, and business income and extra expense.
  • Commercial Crime Coverage: Crime coverage protects your business against theft from burglary, robbery, or your employees. This coverage protects money and securities and stocks and fixtures both on and off the premises.
  • Employee Dishonesty Coverage: This coverage protects an employer from financial loss or property loss due to fraudulent actions by employees.
  • Equipment Breakdown Insurance: This optional coverage provides protection not usually included in a standard policy for all electronics systems including telephones and computers.
  • Inland Marine Insurance: This provides coverage for property in transit, the property of others left in your control, employees’ property on-premises, contractors’ equipment, and other unusual property at a business location.
  • Law and Ordinance: When a substantial part of your building is destroyed, local laws and ordinances may require you to demolish and rebuild the damaged portion to meet current building codes. This covers demolition, debris removal, and increased cost of construction to meet codes.

Commercial General Liability Coverages

General liability insurance provides crucial coverage for bodily injury or property damage for which you’re legally responsible as a business owner. Further, this coverage can take care of claims related to accidents on or off the property, medical expenses, and some legal expenses. Here are some of the liability coverages your business insurance plan may include.
  • Personal Injury or Advertising Injury: This covers injury that cannot be described as bodily injury including false arrest, malicious prosecution, invasion of privacy, and damage to reputation. Claims related to advertising may include libel or slander.
  • Products and Completed Operations Injury: Product coverage protects you when claims are related to products manufactured sold or distributed by your business. Completed operations coverage protects against claims related to completed operations (or an item installed, built or distributed) by your business.
  • Medical Payments: This covers medical expenses due to injury that occurs on the premises or caused by the insured’s operations. This payment is unrelated to liability coverage.
  • Fire Damage Limit: Specific coverage for fire damage to rented premises due to your negligence.
  • Liquor Liability: Coverage for bodily injury or property damage when you are liable for contributing to the intoxication of any person. Examples include furnishing alcoholic beverages to a person under the legal drinking age or under the influence of alcohol and violating any statute, ordinance, or regulation relating to the sale, gift, distribution, or use of alcoholic beverages. This coverage only applies if you are involved in the manufacture, sale, or distribution of alcoholic beverages, furnish alcoholic beverages for a charge, or provide alcoholic drinks for no charge if such activity requires a license.

Massachusetts Business Insurance Requirements

Businesses in Massachusetts are required by law to have workers’ compensation insurance for employees, regardless of the type of work or working hours. However, if you run a sole proprietorship, you do not need this insurance since you will not have any employees. Similarly, all company-owned vehicles in Massachusetts must be insured with commercial auto insurance, and drivers operating these vehicles should each have the state’s minimum automobile insurance. Commercial property insurance, on the other hand, is not a legal requirement for Massachusetts business insurance. However, if you are trying to secure a property loan for your business, your mortgage lender may require this as a precaution. Similarly, industry-specific insurance policies are also required for certain businesses due to the nature of the work. For example, businesses selling alcohol must get liquor liability insurance, while dry cleaners need more extensive liability policies as they handle clients’ garments.

Recommended Business Insurance Policies in Massachusetts

Aside from the insurance coverage required by law, other insurance policies are highly recommended for businesses. Without ample business insurance in massachusetts, you will have to settle liability claims on your own and, in some cases, this can prove to be a huge financial burden.
  1. Commercial Liability Insurance
Commercial liability insurance is important for all kinds of businesses. It covers injuries or damage that may have occurred within your business premises or caused by your business operations. There are two common types of liability insurance: general liability and professional liability, each of which covers different risks. General liability is highly recommended for small business insurance in Massachusetts since it covers the common business risks. Specifically, it includes bodily injury claims form people who may get hurt within your business, medical payments associated with the said injuries, legal expenses from slander lawsuits, and other similar issues. Its cost will depend on your location, the type of business you have, and the length of your experience in the industry. Professional liability insurance, on the other hand, is usually applicable to businesses that provide specialized services. It covers legal expenses and settlement fees for issues like negligence, work mistakes, and incomplete or incorrect work that may have caused a loss for your client. This type of insurance is highly recommended to be added to a business owner’s insurance policy offering professional services, such as real estate, construction, finance, medicine, and other similar fields.
  1. Commercial Property Insurance
Every business operates with properties that are essential to keep things running smoothly. These assets tend to be valuable and costly, so getting property insurance protects your business from damage or loss to buildings and their contents. Specifically, commercial property insurance covers the buildings you own or lease, any property on these premises, and other personal property in your business’ custody. For this type of insurance, you can choose what perils you want to include in your policy by specifying the exact causes of loss you want to cover. Alternatively, you can also opt for an open peril policy, which covers all losses other than those that are excluded. This option is usually more extensive and thus more expensive.
  1. Business Owner’s Policy
The business owner’s policy (BOP) conveniently puts together general liability insurance and property insurance into one plan. It is highly recommended for small and medium businesses in Massachusetts since it is cost-effective but still broad and encompassing. The exact inclusions and coverage level of a BOP will vary based on the insurance provider and price. Feel free to contact any of our experienced agents to discuss your options.
  1. Employee Disability Insurance
Employee disability insurance allows you to provide extended protection for your workers. It provides income for employees or business owners who cannot work for a long time due to a non-work-related injury or illness. It differs from disability benefits provided by workers’ compensation insurance since it only covers injuries and illnesses that occurred outside the workplace.

How to Insure My Business?

Getting business insurance in ma starts with assessing your business and determining the level and extent of coverage it needs. The first thing you must consider is the minimum insurance required by law, which will vary based on the type of business you operate. Next, if you are working with lenders, you also have to account for possible insurance requirements. Finally, you must consider your budget to ensure that you can afford to pay your premiums regularly. We understand that getting a business owner’s insurance policy is not the easiest, so we strive to help you find the perfect policy to suit your needs. As a business owner, you will likely take all possible measures to ensure a safe working environment and the provision of quality products and services. However, in any business line, the risk is inevitable, so taking charge by investing in an insurance policy will protect your business from such perils. If you own a small or medium business, you will likely be in charge of assessing risks and variables to determine the best insurance coverage. As this process can be overwhelming, our team is here to help you through every step and guide you in making your decision.

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Business Insurance FAQs

The cost of business insurance can vary widely. Here are a few factors that determine the cost of a business insurance policy.
  • Type of business
  • Size of business
  • Safety practices of the business
  • Lastly, insurance provider

Business insurance is typically tax-deductible as long as you’re running a business, profession, or trade. Some exemptions apply, so, it’s important to read your policy carefully and talk to your tax preparer.

If you have the proper liability in place and the cost doesn’t exceed your coverage limits, your business insurance will protect you in a lawsuit. Some exclusions apply. Additionally, coverage, like a commercial umbrella policy, can extend your liability coverage.

Massachusetts law requires a business to carry workers’ compensation on all employees no matter how many hours they work. Purchasing a Business Owners Policy is not mandatory per MA state laws but highly recommended.

Your insurance agent can supply you with a certificate of insurance (COI) that summarizes the terms of your business insurance.

Learn More About Business Insurance in Massachusetts

Business insurance can protect your hard-earned dreams from potential risks faced by any business. The LoPriore team provides insurance that fits your lifestyle. We take the time to understand your business needs to advise you about your the best Massachusetts business insurance plans.

To learn more about our policies, get a commercial insurance quick quote, or have your questions answered by one of our experienced agents, get in touch today.

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