Business Insurance

Why Get Business Insurance in Massachusetts
Most businesses in Massachusetts make sure that they have adequate liability insurance coverage so that they won’t have to face paying damages in the event of a lawsuit or accident. Business owners should be aware of how quickly fortunes may change. A comprehensive business insurance policy can protect your hard-earned investment when the unexpected occurs.

Workers Compensation in Massachusetts
A system of laws exists which is known as workers compensation. The main purpose of the worker’s compensation law is to ensure that when someone is injured within the business premises, that employee will receive the following benefits:

  • medical care
  • wages lost due to work-related injury
  • re-training, if needed, to successfully return to the workforce

It is compulsory that employers provide worker’s compensation insurance for their employees in Massachusetts. This insurance may be procured either through a private insurance company or self-insurance. Waivers are not allowed. Only domestic workers who work less than16 hours a week in private homes are exempt.

In cases where a worker dies on the job, the worker’s family members are eligible for benefits under worker’s compensation law. Disability benefits are likewise included in the provisions of this law. There are three disability payments calculated on the percentage of the worker’s income in accordance with the Massachusetts worker’s compensation law. These are:

  • Temporary total disability payments- may continue up to 156 weeks
  • Permanent total disability payments- may continue for the entire duration of disability, offset by Social Security benefits
  • Permanent partial disability payments- may continue up to 260 weeks until 520 weeks, offset by unemployment insurance and Social Security benefits

Coverage for Massachusetts Business Insurance
Obtaining Massachusetts business liability insurance gives business owners a number of benefits which protect them from having to pay for any damages awarded from a lawsuit. Many entrepreneurs opt to add umbrella coverage as well. This additional coverage to a standard policy ensures that businesses are fully protected and are devoid of any coverage loopholes.
Add-on coverage includes a policy that will protect your business premises, including all furniture and equipment, from the hazards of fire, wind damage, heavy snowfall, and even burglary if the business is situated in a neighborhood with a high crime rate. Another additional coverage is a vehicle policy which protects both you and your employees who operate a motor vehicle for business purposes.

Lastly, an important add-on to consider for your standard property policy in Massachusetts is a separate flood policy. Flash flood waters can be devastating and can destroy your business assets in a very short period of time and with little warning. In fact, in March of 2010, many counties in Massachusetts such as in Middlesex, Norfolk, Plymouth, Worcester, Suffolk, Bristol, and Essex suffered major flood disaster. The cost that a flood policy adds to your standard business insurance is small when compared to the amount of losses you could suffer without this coverage.