Business insurance is not a one size fits all product. The type of coverage you need depends on many factors, such as what kind of business you have and where you conduct your operations. Overall, companies in the Springfield and Holyoke areas need general liability and property insurance. If you have people working with you, you also need workers' compensation. Let's look at these and other options that can help you protect your Massachusetts business and personal financial well-being.
Accountants, lawyers, and other professionals who perform services for others need to protect themselves from unintended mistakes and negligence. Professional liability insurance is typically called errors and omissions (E&O) insurance and pays for claims resulting from mistakes by you or your employees or failure to perform duties that then cause problems for others.
Property insurance is important to protect the space where you do business. This type of coverage includes owned or leased spaces. Even if you don't own the space, you could lose your assets due to vandalism, theft or a storm. Property insurance pays for signage, inventory, furniture and equipment.
If you run your business out of a residential property, homeowners' insurance doesn't cover your commercial ventures adequately. Talk to your agent regarding ways to bolster your existing coverage to reduce your risk.
Worker' compensation covers any employees who work for you. This is one of the first things you should add to your business insurance policy. It safeguards your business from paying for disability, medical treatment and death benefits in case an employee is harmed or dies while doing their job.
If you make your own products, add product liability to the list of essential insurance coverage. You take every precaution to ensure the products you make are safe and work as expected. However, one lawsuit due to a defective product can wipe you out.
Once you start your business, you look forward to opening day and making money. However, sometimes circumstances beyond your control disrupt your operations. If your property or rental space are damaged by a flood or other natural disaster, business interruption insurance reimburses you for lost income so you can stay afloat.
There are many other types of coverage that can help you minimize your loss risk. For example, if you provide transportation to clients or deliver food from your restaurant, you need commercial auto to cover company vehicles. Tailor your coverage to your industry, location and risk profile, so that you can concentrate on growing your business knowing you have the protection you need.