Business Owners Insurance Basics

                What Is Business Insurance?

As a business owner in Massachusetts and Boston, having liability insurance protects your business’s most important assets in case of an unfortunate accident. Small business owners should carefully review their current insurance policy to see if its coverage is appropriate in Massachusetts.

Business Owner's Insurance Policy

The Basics

This policy is the business equivalent of a Homeowners Policy since it provides property and liability coverage.

Your business needs insurance in Massachusetts and Boston to protect your business, big or small, and its property from any liability.

This type of policy is specifically designed for small businesses.  It covers small to medium sized offices, apartments, mercantile, service and business processing.  In addition, apartment buildings and residential condo associations are eligible.  Other eligibility requirements do apply regarding some excluded types of businesses.

As with a Homeowners Policy, there are many optional coverages and endorsements that can be added to increase coverages and coverage amounts.

Section I of this policy provides coverage for the insured's business real property and business personal property, similar to that found in a Business Property Insurance Policy.  In addition, loss of business income coverage is provided so businesses can recoup income that is lost after a claim, when the business has to stop certain things or close the business.

Section II of the policy provides liability coverage and medical payments.  Coverage is provided for the legal liability of the insured arising out of the ownership of the business premises and the commercial operations.  Also, products liability, completed operations, fire legal limit and insured contracts are also covered.

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