Boston Business Liability Insurance
Boston business liability insurance will provide necessary coverage for your small company, but you need additional policies as well. Boston business liability insurance only protects your company against third-party claims. It covers legal fees and damages demanded, but it does not cover the property itself.
If you're starting a Boston, MA company, you may also need to protect your property, the possibility that you'll make a professional mistake, and the risk of disability. In other words, you may need property and disability insurance, as well as errors and omissions. Also, depending on the nature of your business, you may also need to have a commercial auto policy or liquor liability coverage.
Boston Business Insurance Needs
Even if your company is a limited liability company (LLC), you could still be personally liable if a claim is brought against you. You need to purchase Boston business liability insurance so that you won't be held responsible, and so that your company can withstand the burden of a legal problem. If someone falls on the stairs of your Boston office, for example, it could easily mean financial ruin for the company if you're not protected with Massachusetts business liability insurance.
Boston business liability insurance covers third-party claims related to property damage, personal injury and advertising injury. In other words, if someone claims that your company, your advertising or your property has harmed them, your liability policy will cover your Boston company. However, a standard commercial policy will not cover your products or professional mistakes.
Companies that are selling or manufacturing products may need to purchase product liability insurance in addition to Boston business liability insurance. If you're selling hairdryers, for example, and someone gets electrocuted and sues you, you're in big trouble. However, if you have a policy that covers your product, you're safe. Note that your premium will be higher if you're producing dangerous products.
If you're a professional, you most likely want to purchase errors and omissions coverage, also known as malpractice. As you probably know, most attorneys and doctors have (relatively expensive) malpractice, to cover them in case of a lawsuit. What you may not know is that architects, technology specialists and many other professionals also have errors and omissions to protect them. Anyone giving advice, manufacturing houses, or anything along those lines most likely needs this protection.
Your Boston business liability insurance covers third-party claims regarding your property, but it does not protect the property itself. You most likely need business property insurance to protect your assets and building. If there's a fire, or any kind of natural disaster, you want to have the appropriate property coverage in place.
You may want to consider what would happen to the company if you became disabled. Business disability insurance will replace your income, should there be a serious accident or an illness. While you may think that this could never happen to you, you should certainly take the possibility into account when you're assessing risks.
Massachusetts Restaurants and Bars
If you're opening a restaurant or bar in Boston, MA, you need Boston's business liability insurance that protects you from alcohol related incidents. Any Massachusetts bar or restaurant owner who seeks a liquor license must first produce a valid Boston business liability insurance plan that covers liquor. Liquor liability is a must for all Massachusetts businesses that serve alcohol.
It's a good thing for your bar or restaurant, too, because you can be sued if one of your bartenders negligently over-serves alcohol. In other words, if someone gets too drunk in your establishment and then gets in a car crash, your company may be considered liable. You need to have protection for this kind of incident.
Standard Boston business liability insurance obviously doesn't protect you in the case of a suit related to liquor. You should also note that if your business involves delivery, you need to purchase commercial auto policies. If you or your employees will be operating automobiles on a regular basis for work, you need a commercial policy to protect the company in case of accident.
Note that you cannot rely on your personal automobile policy if you're using your car for business-related purposes. Your personal automobile policy may not protect you if they find out to your vehicle was being used for work-related purposes. The last thing you want is to be arguing on the phone over why your employee was driving your car, for example.
It can be a little daunting to consider all the types of coverage you need for your Boston company. However, it's not as complicated as it sounds. If you talk to a Boston business liability insurance agent about your company and your needs, he or she can easily help you. It's simply about knowing what your risks are and then purchasing the appropriate protection.
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