No matter what industry you're in, one disaster can wipe out all your profits and even destroy your business. The key to making sure that all the effort and money you've invested in a business doesn't disappear when a disaster strikes is to protect it with the appropriate insurance.
Duffy Insurance is a full-service insurance agency servicing the Massachusetts area. We're an independent insurance agency that prides itself on the service that we bring our customers.
What does a business owner’s policy cover?
Duffy Insurance offers Massachusetts business insurance policies that combine protection from all major property and liability risks in one package. We also sell coverage separately. One package purchased by small and mid-sized businesses is the Business Owners Policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.
BOP’s include:
- Property insurance for buildings and contents owned by the company. There are two different forms, standard and special, which provide more comprehensive coverage.
- Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
- Liability protection, which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations, and errors in services provided.
Can I insure my home-based business?
Yes. One of the most critical but frequently neglected steps is buying proper home-based business insurance coverage.
Do I need business interruption insurance?
It's wise to invest into this type of coverage. Business interruption insurance compensates you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire. Business interruption insurance covers the profits you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
What is Extra Expense Insurance?
Extra Expense Insurance reimburses your company for a reasonable sum of money that it spends, over and above normal operating expenses, to avoid having to shut down during the restoration period.
Do I need Workers Compensation Insurance?
Yes. Employers have a legal responsibility to their employees to make the workplace safe. However, accidents can happen even when every reasonable safety measure has been taken.
Can I insure the life of a key employee?
Sometimes. Key employee life insurance pays a death benefit to the company when the key employee dies. The policy is normally owned by the company, which pays the premiums and is the beneficiary.
Do I need a Commercial Auto Insurance policy?
You might, depending on how often your company uses vehicles. While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.
What is Employment Practices Liability Insurance (EPLI)?
EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated. The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits.
Contact Duffy Insurance to learn more about the various Massachusetts Business Insurance Policies that we offer.