12 Sep 2011 Massachusetts Commercial Insurance: Understanding Your Industry

“I own a Massachusetts business, what insurance coverages do I need to properly protect my business?”

This is a typical phone call that we receive here at the agency; a Massachusetts business owner is looking for a commercial insurance expert to help decide the appropriate coverages needed for protecting the worth of their business’ assets. Here at Berry Insurance, we have specialized commercial lines account managers available to discuss the various commercial coverages available for your business. The direction of the conversation with our commercial insurance expert will vary greatly depending upon the industry in which you do business.

If you’re a new entrepreneur that’s never purchased commercial insurance in the past, you’ll first want to have a detailed conversation about exactly what your business operations are. Usually certain exposures are associated with particular industries; and this is how your Berry Insurance commercial insurance agent will begin to recommend coverage options. While your business may not need all types of commercial coverage, it’s certainly sure you’ll need some! It’s a good idea to fully understand commercial insurance as a business owner to understand and make informed decisions about your business’ insurance coverages.

Commercial property insurance includes a wealth of coverages that are slightly different depending upon the insurance company and policy. Property coverage protects the building, surrounding structures, and permanently installed fixtures within the business. Business personal property is the ‘stuff’ inside your business that isn’t permanently mounted, for example furniture. Personal property of others coverage will protect property in the care, custody, or control of the business, yet isn’t owned by the business. Inland marine coverage provides protection for property in transit. Boiler and machinery insurance covers the mechanical breakdown of boiler systems mainly, but can include a variety of machines depending upon the business being covered. Crime coverage protects business owners from acts of crime such as larceny, forgery, or embezzlement committed by employees.

General liability insurance for your Massachusetts business is essential, but which coverages are right for your business? Well that’s for you and your Massachusetts insurance agent to discuss further, as each industry has varied exposures. Premises liability coverage protects against instances of injury on your property or injury caused by the actions of your business. Product liability coverage protects against claims of damages arising from a product manufactured, distributed, or sold by your company; including products that are recalled. Commercial auto coverage protects in the case of damages done by an automobile owned by the business. An umbrella policy is in excess to other liability policy limits. A business’ individual exposures mixed with industry vulnerability will help in deciding the proper Massachusetts small business insurance package. Liquor liability and pollution coverage, along with many others are specialty coverages meant to protect more specific industry situations. Workers compensation insurance provides damages for workers that are hurt while on the job, and is a Massachusetts state requirement of any business with employees. 

If you’re trying to get answers to be sure that your Massachusetts business has the proper insurance coverages, contact Berry Insurance of Massachusetts today.

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