Business Insurance Massachusetts

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.

 
Business insurance Massachusetts, LoPriore Insurance Agency

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 types of coverage 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 NEEDS IT

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 risks associated with your business. A business owner’s policy is designed to protect you against business-related risks and can help you be prepared when disaster strikes.

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.

Business Insurance FAQs

How Much Does Business Insurance Cost?

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
Is Business Insurance Tax Deductible?

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.

Will Business Insurance Cover a Lawsuit?

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.

Is Business Insurance Required?

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 reccomended.

How Can I Provide My Customers With Proof of Insurance?

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. Indeed, w take the time to understand your business needs to advise you about your 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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    LoPriore Insurance Agency
    LoPriore Insurance Agency
    426 Main Street Suite 2
    Stoneham, MA 02180-2650
    Fax: 781-438-6790
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