Find the Best Business Insurance Options in Massachusetts
If you run a business in Massachusetts, you'll need to make sure it's equipped with the right business insurance policy. Without coverage, your business is vulnerable to huge, unrecoverable financial losses caused by a number of threats. From severe storms to employee lawsuits and beyond, your business needs protection against all kinds of disasters.
Massachusetts currently has about 669,224 small businesses that each need a policy of their own. Additionally, Massachusetts' 1.5 million small business employees need to be protected by an employer's workers' compensation insurance. An independent insurance agent in Massachusetts can help you find the right kind of business insurance for your business, no matter its size. Up first, though, here's an extensive breakdown of business insurance options and requirements in Massachusetts.
Best Business Insurance Companies in Massachusetts
Business insurance is sold by dozens of carriers in Massachusetts, but not all policies and coverage are created equal. When you're ready to protect your business, you'll want to start with the best available. So we've put together this list of just a few of our picks for the top insurance companies in Massachusetts for your convenience.
- National General Insurance: National General Insurance is a longstanding carrier and offers a wide selection of products, including small business insurance. The insurance company offers 24/7 claims reporting services for policyholders and has outstanding ratings from both AM Best and the Better Business Bureau (BBB).
- Plymouth Rock Assurance: Plymouth Rock Assurance offers quality business insurance along with its other products. The carrier has excellent ratings from both AM Best and the BBB. Plymouth Rock Assurance also offers 24/7 claims reporting services for its policyholders and is known for its affordable rates and discounts.
- Nationwide: Nationwide offers a large catalog of coverages in addition to its business insurance products. The carrier also has superb ratings by both AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting for policyholders.
- Progressive: Progressive offers many types of insurance coverages, including business insurance. The insurance company has outstanding financial strength and offers 24/7/365 customer service. Progressive is also known for offering many discount options and affordable rates overall.
A Massachusetts independent insurance agent can help you find the business insurance you're looking for from one of the best insurance companies in the state.
Massachusetts Business Insurance Requirements
All businesses in Massachusetts must offer workers' compensation coverage to protect employees, by state law. This coverage is the only kind of business insurance mandated by law, but most businesses will want to at least consider buffing up their insurance policies with additional coverages. A business of any size needs protection for its property and inventory in the form of commercial property insurance. Also, any business with vehicles needs to have commercial auto insurance to protect against accident-related lawsuits and more.
State-required business insurance in Massachusetts:
Optional business insurance coverages in Massachusetts include:
- Cyber liability insurance
- Commercial general liability insurance
- Commercial property insurance
- Business income insurance
- Professional liability insurance
- Commercial auto insurance
A Massachusetts independent insurance agent can help you find all the workers' comp and other business insurance coverages you need for your unique company.
What Business Insurance Covers in Massachusetts
A business insurance policy in Massachusetts will cover any aspect of your business that you purchase specific coverage for. An ideal business insurance policy will consider your company's property, vehicles, employees, income, cyber risks, etc.
Any business should at least discuss getting business income insurance with an independent insurance agent so they can get reimbursed for lost income during a temporary closure after a covered disaster like a fire. You'll also want to discuss getting the coverage you need for any company vehicles in the form of commercial auto insurance. Make sure to consider all aspects of your business when assembling your business insurance policy in Massachusetts.
Liability Coverage Options for Small Businesses in Massachusetts
Liability coverage for small businesses in Massachusetts is crucial. Without this essential coverage, your business is vulnerable to the cost of lawsuits from customers, guests, and other third parties. The most common types of liability coverage for small businesses in Massachusetts are:
- Commercial general liability insurance: Reimburses financial losses caused by third-party lawsuits with claims of personal property damage or bodily injury caused by your business.
- Professional liability insurance: Reimburses legal costs including attorney and court fees if your business gets sued for claims of improper advice or services performed in such a way that caused injury or loss to a customer or other third party.
- Cyber liability insurance: Reimburses financial losses related to data breaches and other cyber threats that cause exposure, distribution, etc., of sensitive information or data like payroll or personal records, stored payment methods, etc.
A Massachusetts independent insurance agent will help you get your business equipped with all the essential liability coverage it needs to be protected against lawsuit costs in several forms.
Property Coverage Options for Small Businesses in Massachusetts
Commercial property insurance is critical to protect your business's physical office space or storefront against numerous threats. This coverage is also essential if you have a lot of inventory or inventory that would be expensive to replace out of pocket.
- Commercial property insurance: Reimburses financial losses caused by theft or vandalism, and other threats that can damage or destroy business property, including buildings and inventory.
A Massachusetts independent insurance agent can help you find all the commercial property insurance your unique business needs.
Other Insurance Options for Small Business Owners in Massachusetts
There are still other protections your business may need. Consider these other insurance options for your small business in Massachusetts:
- Business income insurance: Reimburses lost income caused by temporary business closures following covered disasters, such as fire damage.
- Commercial auto insurance: Reimburses financial losses related to company vehicles, including lawsuits after accidents, theft or vandalism, and more.
A Massachusetts independent insurance agent will make sure your business insurance policy includes all the additional coverages necessary for your specific company.
Average Cost of Business Insurance in Massachusetts
In Massachusetts, the average cost of business insurance will vary depending on many factors, including your policy's coverage limits, the type of coverage you select, and more. Your business's exact location can also impact your rates, so you can expect to pay more for your coverage if you're in an area with an increased risk of property crime or weather damage. Larger businesses also tend to pay more for coverage than smaller ones. Further, your business's niche and specific operations and risks will impact your coverage rates. If your business is in a naturally risky industry, like construction, you'll pay more for coverage than if your business is relatively safe and only sells, say, textiles.