Massachusetts Business Insurance

Under Massachusetts' Economic Development Incentive Program, businesses have benefited from hundreds of millions of dollars in state and local tax breaks. Under this plan, companies qualify for tax credits equal to 5 percent of their investments, plus discounts on their local property taxes, depending on their community. Plus, the state's is known for being a leader in biotechnology, high-tech, financial services, and higher education.

But running a Massachusetts-based business isn't without its risks. For example, consider Hurricane Sandy's path of destruction back in 2012. The coastal storm's hard winds and heavy rain resulted in power outages that burdened thousands of businesses and individuals. Fortunately, adequate insurance coverage (such as General Liability, Property, Professional Liability, Workers' Compensation, and Employment Practices Liability Insurance) can protect your business from a wealth of losses.

Massachusetts Business Owners: Save Money On Your Insurance Premiums

Effective business insurance protection doesn't have to break the bank! Keep your insurance premiums affordable with these tips: 

  • Work with an industry-trained agent. Industry-trained agents understand your field, which means they know which risks your business faces. This knowledge allows them to tailor policies based on the coverages that truly benefit your business. The unnecessary frills are trimmed away.
  • Exclude yourself from your Workers' Comp plan. Though you can elect to insure yourself, you'll save money on your plan if you only cover your employees.
  • Carry Umbrella Liability Insurance. This coverage offers an extra cushion of coverage for several existing liability policies. Umbrella coverage is often less expensive than raising limits on multiple policies.

Massachusetts Business Insurance Plans

Start building your risk management plan with the following insurance coverages:

  • Business Owner's Policy. Known as a "BOP" for short, this policy bundles General Liability Insurance, Property Insurance, and Business Interruption Insurance together at a reduced rate. Your business may qualify for a BOP if you work in a low-risk industry, have a small business, and don't need more than a year of Business Interruption coverage. If you do qualify, you'll have financial protection for premises liability or property damages liability, property losses, and lost income when your business is hit with a covered Property event.
  • Professional Liability Insurance. If your business offers professional services, this policy (also called "Errors & Omissions Insurance") is essential. Should a client sue your business for providing negligent service or failing to complete its contractually obligated work, you'll have coverage for the court costs. E&O Insurance even protects you in the event of unfounded claims.
  • Workers' Compensation Insurance. You could be liable for medical and disability expenses when your employees are injured while performing their work. Luckily, adequate Workers' Comp can help cover these costs and keep your business on the right side of the law, since most states require employers to carry some sort of occupational injury insurance. According to Massachusetts's law, all employers are required to carry Workers' Compensation Insurance, regardless of how many hours their employees work. Even domestic service employees must be insured if they work at least 16 hours a week. You can learn more about Massachusetts's regulations on our page "Massachusetts Workers' Compensation Law Review."
  • Employment Practices Liability Insurance. In today's litigious environment, small-business owners can't be too careful – especially if you inadvertently make a mistake while hiring or managing your team. EPLI can cover court costs for your business when it's sued for wrongful termination or demotion, sexual harassment, slander, or discrimination based on protected status. Even if the lawsuit is frivolous, you can take heart knowing you won't have to pay for the attorney's fees out of pocket.
Additional Resources
Advertising Injury eBook

What it is, how to avoid it, and what to do if you face an advertising injury lawsuit.

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E&O eBook

Guide to avoiding professional negligence claims or dealing with them when they come.

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