Choose The Hartford for All Your Massachusetts Business Insurance Needs
The Massachusetts economy is seeing reduced unemployment rates and increased economic growth rates, in 2015 Massachusetts unemployment rate was below the national average, and their economy grew at an annual rate of 2.2% which was faster than the US growth rate of 1.9%.1 The technology sector has continued to flourish, earning Massachusetts the title of ‘the most concentrated technology sector in the nation’ in past years.2 Small businesses are the leading business type in Massachusetts as they make up 97.8% of companies. The Hartford has been providing small business insurance to Massachusetts companies for over 100 years and has many convenient and affordable policies to help protect small business owners and their employees. Here is how The Hartford can help you with your business insurance.
Types of Massachusetts Business Insurance Offered
General Liability Insurance MA
General Liability Insurance, also referred to as Liability Insurance, can protect your business from a multitude of claims including personal injury, property damage, bodily injury, and others that can arise from your business operations. General Liability Insurance is recommended for business owners because a small accident can turn into a significant legal issue. For example, The Hartford can help protect your business and its employees from the following:
- Claims for medical costs if a customer is injured in your workplace.
- Claims that your business damaged another’s property
- Claims of reputation harm, advertising errors, and copyright infringement.
- Claims from electronic data liability.
Massachusetts Business Income Insurance
Business Income Insurance is an essential coverage for your company if your business relies on equipment, a physical location, or other property. Business Income Insurance provides coverage for your business when it is inoperable due to your property or equipment being damaged by things such as theft, wind, water, or fire. This helps allow your business to continue to pay employees, rent, and other expenses while your property is being repaired. The Hartford’s Business Owner’s Policy insurance includes business income coverage within this bundled policy. For example, the following types of businesses could benefit from Business Income Insurance:
- Businesses that are based on services such as a beauty salon or a physical therapy office that require tools, electricity, water and a physical location to service its customers.
- Businesses that rely on computers, software and digital storage.
- Retail businesses with storefronts or large warehouses where products are produced and stored.
Home-Based Business Insurance in Massachusetts
It is becoming more and more common for businesses to be based out of people’s homes as it helps small business owners keep a low overhead. If you run your business out of your home it is important to be sure that your company and home are protected from the potentially devastating costs of business property damage, an accident or theft. To help your business prevail after an unexpected loss, The Hartford offers Home-Based Business Insurance solutions. We offer an endorsement that you can add to your homeowners policy but that may not be enough. Consider our Business Owner’s Policy (BOP) which combines Commercial General Liability and Commercial Property coverage in one convenient and cost effective policy. We also offer separate General Liability and Property Liability coverages for businesses. Consider purchasing Home-Based Insurance solutions from The Hartford to help protect your business from the costs of property damage, employee or client injuries, and more.
Consider insuring your home-based business especially if you have meetings with clients at your house, you have employees who work at your home, you keep clients’ information or contracts in paper files or on a computer at your home, and if you would have to close your business due to damages at your home.
Massachusetts Workers’ Compensation Insurance
A Workers’ Compensation Insurance policy protects employees who suffer a work-related illness or injury by providing them medical benefits, covering their lost wages, and giving them access to medical professionals. Workers’ compensation insurance is also highly important for the business owner as it can help protect the business and cover legal fees if the employee or their family sues your company. Nearly every state requires business owners to have workers’ compensation insurance. The Hartford has been protecting businesses and employees for over 100 years; let us help you be prepared for example, in the event of the following claims:
- An employee gets in a car accident while conducting business on behalf of your company and requires an emergency room visit.
- An employee gets a hernia from lifting heavy boxes and equipment and requires surgery.
- An employee slips on a wet floor in your warehouse hitting his head causing brain trauma and will never be able to work again.
Massachusetts Minimum Business Insurance Requirements
The Division of Insurance MA (DOI) is an initiative put in place by the Massachusetts government to monitor insurance practices statewide and protect consumers who purchase insurance products. However, the DOI does not regulate the types of insurance business owners are required to have.3 The Massachusetts state government requires all employers operating businesses in Massachusetts to have Workers’ Compensation Insurance for their employees. With 1.4 million small business employees in Massachusetts, it is vital that business owners provide necessary coverage in case of a workplace related accident or illness. In addition, business owners are required to have commercial automobile insurance if they have company vehicles (owned or rented) that are used to conduct business.4 These requirements are to protect not only the business owner but also their employees. The Hartford has provided small business insurance for hundreds of business in Massachusetts; if you are interested in purchasing insurance for your business contact The Hartford today.
Additional Massachusetts Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Data Breach Insurance
- General Liability Insurance
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
Get a quote on Small Business Insurance for your business today.