Start Up Insurance in Massachusetts

What is Start Up Insurance?

Even though they may be young and small, new businesses still usually are exposed to multiple risks. One way that new businesses in Massachusetts can protect themselves from a range of potential risks is by purchasing start up insurance.

Start up insurance isn’t a technical term for a specific type of insurance policy. It’s more of a colloquial way to describe many insurance products that may be useful to new businesses. The vast majority of these policies have three characteristics in common: they come with multiple coverages, they let businesses adjust coverage combinations, and they have competitive premiums.

What Businesses in Massachusetts Should Consider Start Up Business Insurance?

Most new businesses in Massachusetts ought to consider purchasing start up business insurance, for not insuring a business can have devastating consequences if something happens. While a few businesses might need a more specialized insurance product right away, many businesses will find that this adequately meets their needs while starting out.

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Start Up Insurance Massachusetts

When is the Right Time to Get Start Up Business Insurance Quotes?

Business owners normally should begin comparing start up business insurance quotes sooner rather than later. Whenever business owners have some details about their business plans, they can begin to contact an insurance agent who specializes in these types of policies.

Being proactive and searching for insurance early on has several benefits:

  • Businesses can make sure they have all necessary coverages in place before beginning operations, so they’re properly protected from day one. As unlikely as it may be, disasters can still happen on the very first day of opening a new business.
  • Business owners can take as much time as they need to assess coverage needs and compare policy options. It’s easier to devote time to this important detail if insurance is investigated well before a business opens rather than in the days leading up to launch.
  • Business owners will be able to more accurately able to project their overhead costs once they know what the insurance premiums will be.

Additionally, a policy’s converge period can usually be set to start when a business needs coverage. Businesses normally don’t have to pay for coverage immediately when a policy is chosen if they don’t need coverage immediately.

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What Sorts of Policies Are Available Through Business Startup Insurance Policies?

Depending on a business needs, there’s a range of insurance coverages that business startup insurance policies might make available. Some of these coverages often include:

  • General Liability Insurance, which may cover basic (e.g. slip-and-fall) accidents, false advertising lawsuits and defamation suits
  • Professional Liability Insurance, which may cover property damage and injury that result from errors or mistakes made in work
  • Commercial Auto Insurance, which may cover vehicles that a business owns or other vehicles that are used for work
  • Cyber Liability Insurance, which may cover data breaches, website attacks and other online threats
  • Commercial Umbrella Insurance, which may offer supplemental liability protection in case of an expensive lawsuit
  • Commercial Property Insurance, which may cover buildings, equipment and supplies that a business owns
  • Inland Marine Insurance, which may cover equipment and supplies as they’re moved between locations
  • Equipment Breakdown Insurance, which may cover essential equipment if it malfunctions

An insurance agent can help check for still other insurance converges if a business needs more protection.

Start Up Insurance Massachusetts

Should New Businesses Get a Business Owners Policy?

A business owners policy is a basic insurance product that’s suitable for many new and small businesses. Whether this package policy provides all of the protections that a particular business needs depends on the business’ risk exposure, though. A knowledgeable agent can help evaluate whether this or another insurance product is better suited to a new business’ needs.

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How Can Massachusetts Businesses Get Start Up Insurance?

If you need assistance with insuring a new business in Massachusetts, contact the independent insurance agents at Scott Insurance Agency. Our agents will help you assess your coverage needs, and then we can help with the search for a start up insurance policy that provides the protections your business needs. 

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