Many small businesses carry the four basic Massachusetts small business insurance policies – property, commercial vehicle, liability and workers’ comp. However, while these will cover you for many standard risks you may face with your business, there are many extra policies that can offer you protection for more specific risks that you should perhaps consider.
Basic property insurance will cover you for standard risks. However, there are a number of exclusions you will find if you read carefully through your policy. These can include, among other risks, losses due to:
•Floods
•Earthquakes
•Hurricanes
•Terrorism
•Internet crime
In addition to these, liability is a fast expanding area. Your general liability insurance is designed to cover you financially against injury claims from individuals who are hurt while on your premises. However, there is a range of very specific liability policies that can offer protection against a number of different potential risks, including coverage for:
•Errors and omissions – for cases involving allegations of negligence or errors in services supplied.
•Product liability coverage –for situations where faulty products might cause a loss to a client
•Directors’ and officers’ liability – for law suits relating to activities of directors and officers.
Every business is unique and, therefore, faces specific risks that are peculiar to their activities and operations. To ensure that your business is adequately covered by the best combination of extra policies, in addition to your basic Massachusetts small business insurance package, you should discuss your options with your insurance agent, who can help guide you through the range of available products.
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