Whether you run a business that is small or large, it is important to protect yourself by getting business liability insurance. Because most new business owners aren’t familiar with what is involved in getting business insurance in Massachusetts, it is important to take a few minutes to learn more about this type of insurance, what it covers and determine how much coverage you will actually need.
The Basics: What is Business Liability Insurance
Sometimes known as general liability insurance or commercial business liability insurance, this type of insurance is used to protect your company’s assets while paying for obligations that may be incurred due to damages, injuries or other related issues. One example would be a customer or an employee who gets hurt while at your Fall River small business. The business liability insurance would cover medical costs or property damages that occurred as a result.
Another example would be if you were sued by anyone for any reason. This type of general liability insurance would cover the cost of your legal defense, as well as any settlement or award if you were to lose in court. The damages outlined in this type of business insurance in Massachusetts typically includes punitive damages, compensatory damages and any non-monetary losses that were suffered by the injured party.
Other instances where business liability insurance would be beneficial include any liability that might come from damage done to any property that you rent, including a fire or another type of covered loss. General liability insurance can even cover claims made against your business for false or misleading advertising, which could include copyright infringement, slander and legal libel.
The Reason: Why Business Liability Insurance is Important
Even if you were to run the most honest, friendly and easy going business in the world, chances are you are still going to be sued or have some type of claim filed against you. Business liability insurance is worth the investment and doesn’t really cost a lot of money, especially when you consider all of the things that it can cover.
If you were to be sued you might end up incurring legal fees, fines, penalties and other awards that add up to thousands or maybe even millions of dollars. Just about any Fall River small business owner that is not covered with business insurance in Massachusetts would ultimately lose their business from just a single lawsuit or financial claim.
How Much Coverage Do I Need?
The amount of coverage that you need with your general liability insurance will depend upon the type of business you are in and the “perceived risk” that is associated with it. For example, you will likely need more coverage if you provide services such as remodeling, repair or renovation work as a building contractor than you would selling make-up or other products online. A Fall River small business that falls into a lower risk category would require less insurance than a business that is considered to be a high risk.
The location of your business will also play a part in the amount of coverage that you will need. Speak with your Fall River insurance agent about the amount of coverage you will need for business insurance in Massachusetts. You can purchase general liability insurance as a part of a larger Business Owner’s Policy, which bundles your commercial property and liability insurance coverage into one larger policy, or you can purchase it separately. Again, speak with your Fall River insurance agent for professional advice to make sure you are getting the coverage and the type of business liability insurance that you need.
Do I Need Any Other Insurance for My Fall River Small Business?
In addition to general business insurance in Massachusetts, you are also required to pay workers’ compensation insurance and state disability insurance if you have employees. If you aren’t sure if this applies to you and your Fall River small business, speak with your insurance agent.
Depending on the type of work that you do, you might also might need to get:
- auto or fleet insurance
- home business insurance
- alcohol liability insurance
- product liability insurance
- environmental and pollution insurance
Where to Get Business Insurance in Massachusetts
If you are interested in obtaining insurance for your Fall River small business, visit Sullivan Insurance in Fall River. Sullivan Insurance is an independent agency that has been serving customers through Southeastern Massachusetts and Rhode Island since 1956. They feature a wide variety of business liability insurance products, including Workers’ Compensation, liquor liability, contractors insurance, commercial property insurance and much more. Give them a call today at 508-678-9611 or stop by their office at 1467 South Main Street in Fall River.