Owning your own business involves a number of risks. You have to be careful about the investments, the logistics you are spending and the profit you are receiving. Apart from these, it may also involve temporary operational losses. Business insurance protects your business from being affected by these losses. Without a proper insurance plan, your business may run into unnecessary risks which would culminate into some serious financial problems leading to bankruptcy.
There are a number of loss and risks covered by an insurance policy. You must always read the policy document carefully to learn the policy statements and limitations. It is advisable that you should purchase enough insurance to cover your assets.
If you have your own business in the Massachusetts region in the US, then you should get your business insured from the Murphy Insurance Agency. Although it is a pretty safe place where you can run a business, you should always be ready to face the worst. If you are unaware of the different types of insurance policies we just talked a while ago, then let us delve deep into the discussion here.
Types of Insurance Policies
- General Liability Insurance: This kind of policy provides financial help to the business in situations like lawsuit which arises from some unfortunate accidents, injury or negligence. The claims may cover body injury, fake advertisement, medical expenses and the cost of lawsuit defending and damage of property.
- Product Liability Insurance: This policy protects against a financial loss resulting from a defective product that causes any kind of harm. How much insurance you will purchase depends entirely on the products you will manufacture or sell.
- Professional Liability Insurance: Otherwise known as errors and omissions insurance, it is mostly purchased by abusiness that are into professional services. This insurance covers the business owner from indulging in any malpractice, committing errors or negligence in customer services.
- Commercial Property Insurance: In case your business has been vandalised by any unfortunate events like fire or hail storm or lawlessness, you get covered by the Commercial Property Insurance. This insurance helps the business which operates out of a standard commercial business building. Commercial property refers to buildings, merchandise, money, lost income and equipments.
- Home-Based Business Insurance: This insurance policy doesn’t cover losses in home based businesses. In this case, riders can be added to a traditional home owner’s policy which covers normal risks such as damage to the property. In thecase of covering other risks, you may need to buy a general or a professional policy.
Buying an Insurance Policy
However, while purchasing insurance policies for your business, you must keep a couple of tips in mind. In Massachusetts, you will get a number of established businessmen who can guide you on the following.
- You should assess your risks before purchasing policies. While issuing policies, the insurance companies will provide you a level of risk. They your application and determining whether a portion of the business or the whole will be covered.
- Study accurately about the different policies offered in the Massachusetts region. Some specialize in insuring some category of business. So make a note before buying the correct policies.
- You must find reputed and a licensed agent in Massachusetts. He/she shall not only be vying for receiving commissions from the insurance company but is also interested in serving your business.
These are some of the tips you must take a note of while you are planning to purchase business insurance.
