Small Business Insurance in Massachusetts

What is Small Business Insurance?

Small business liability insurance is a particular type of commercial insurance that’s designed to protect small businesses from a variety of scenarios where they’re held responsible, or liable, for damage or injury. A policy may provide coverage for slander, libel, injuries that occur on a business’ property and more (exact coverages depend on a policy’s terms and conditions).

What Kinds of Small Business Liability Insurance Policies Are Available?

There is no shortage of small business insurance policies available. Because small businesses face many different potential risks, insurers offer lots of different insurance policies. Your business is unique from the business right across the street, and you need your insurance the same way. By customizing your policy, you can better ensure you are covered for the appropriate risks.

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Small Business Insurance Massachusetts

Some common policies that many small businesses in Massachusetts carry include the following:

  • Small Business Liability Insurance
  • Commercial Property Insurance
  • Commercial Auto Insurance
  • Business Interruption Insurance
  • Cyber Insurance
Some small businesses also have insurance policies that are specific to their field. Contractors, for instance, might have contractors and builders risk coverage.

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Are the Insurance Premiums That a Small Business Pays Tax Deductible?

Insurance premiums generally are tax deductible, as long as a policy’s coverage is used for operating a business. Because tax law is complex and changes every year, businesses should check with an accountant to make sure their insurance premiums are tax deductible.

What is a Business Owners Policy?

A business owners policy is an insurance product that many small businesses take advantage of. It combines several insurance policies that most small businesses need into one bundle. While exact coverages can differ, most business owners policies include:

  • Small Business Liability Insurance
  • Commercial Property Insurance
  • Business Interruption Insurance

Commercial auto insurance and cyber insurance often aren’t included in business owners policies, as these aren’t needed by as many small businesses. They can be purchased in addition to a business owners policy if a business needs them.

Small Business Insurance Massachusetts

How Can Small Businesses in Massachusetts Decide What Insurance Policies to Get?

With so many potential risks and available insurance policies, small business owners can become overwhelmed with insurance options. An independent insurance agent who is familiar with commercial insurance policies makes choosing and finding small business insurance policies easy, though. Business owners that aren’t sure what policies their Massachusetts business needs should contact an agent near them.

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Even Small Businesses Have Big Risks

Even though they may be small, small businesses face many potential risks. The exact risks that a business faces depends on what it does and where it is (as well as many other factors). For instance, a nail salon in Northampton, MA, florist in Worcester, MA, and pizzeria in Boston, MA will all have a different set of potential risks. Small business insurance policies help small businesses in Massachusetts protect themselves from the potential risks they’re exposed to, whatever those risks may be.

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