Small businesses in Massachusetts most often buy these types of insurance.
A commercial general liability policy covers the most common risks at Massachusetts businesses. Most commercial leases require this type of business liability insurance.
Workers’ comp insurance is required for all Massachusetts businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Massachusetts. It covers injuries and property damage in an accident, along with vehicle theft and some types of damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Massachusetts business.
This policy, also called errors and omissions insurance (E&O), protects Massachusetts businesses that provide professional services. It covers lawsuits related to work performance.
E&O, sometimes called professional liability insurance, is common with professional services in Massachusetts. It can cover the cost of lawsuits related to your work performance.
This business insurance policy covers financial losses from data breaches and cyberattacks. It's recommended for businesses that handle credit cards and other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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State laws affect which business insurance coverage you need. These policies are required everywhere in Massachusetts, from Boston to Worcester.
According to Massachusetts state law, all businesses must carry workers' compensation insurance, regardless of the amount of hours worked by employees. Even employees in domestic service must be covered if they work at least 16 hours a week.
Workers' compensation covers medical costs for work-related injuries and illnesses. It also provides disability benefits to injured Massachusetts workers.
The minimum requirements for auto liability insurance in Massachusetts are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
Massachusetts data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
State law requires that practicing physicians carry professional liability insurance coverage. Physicians and surgeons are required to carry a liability limit of $100,000 per-occurrence and $300,000 aggregate per year/policy period.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.