Businesses face many different risks that they must prepare for. Purchasing the right business insurance policies is one way that Massachusetts businesses can reduce some of their risk exposure.
Business insurance is also called “commercial insurance.” The two terms generally delineate insurance policies that are underwritten for businesses from those that are provided to individuals. Individuals’ policies frequently go by “personal insurance.”
All Massachusetts businesses need to purchase some type of commercial insurance. Each business has its own unique set of risks to protect against, so businesses don’t all need the same set of commercial policies. All businesses face risks that insurance can protect them from.
Limited liability corporations and other similar business entity structures may provide some form of legal protection for a business and its owner(s), but these legal entities don’t offer protection in the way that insurance policies do. Therefore, LLCs and all other forms of legal entities do need some form of insurance coverage.
Because businesses have varying insurance needs, insurers offer many different types of commercial policies. You can rely on our insurance professionals to provide the right type of policy and coverage for your business. Some common policies are used by businesses in many different industries, while others are tailor-made for businesses in a particular industry.
A few examples of the more generally used commercial policies that are available include:
We offer specialized policies and programs for the following types of businesses:
With so many commercial policies available, it can be challenging for businesses to select the policies that are best for them. An experienced insurance agent who specializes in commercial insurance can help businesses identify their particular coverage needs and select policies that best meet those needs.
Many businesses ultimately purchase either a business owners policy or a commercial package policy. Both of these are package policies that combine individual insurance coverages together into one product. Business owners policies are intended to provide protection for small businesses, and commercial package policies normally provide more flexible options for businesses with advanced insurance needs.
When purchasing either a business owners policy or a commercial package policy, businesses usually get a discount. The discount is usually a substantial savings off of what all the coverages would cost if they were purchased individually.
In most cases, premiums paid for commercial policies are tax-deductible as a business expense so long as they’re used solely to insure a business. Policies that also offer personal coverage (e.g. an auto policy that insures a vehicle used for both personal and work-related driving) may not be fully tax-deductible.
Because tax laws are detailed and change periodically, businesses should consult with a qualified tax professional before writing off any premiums as a business expense
For help finding business insurance policies that provide the protections your Massachusetts business needs, contact Keefe Insurance. Our team of independent insurance agents is able to explore policies from multiple insurance companies in the state, and our agents have the expertise necessary to help you identify which policies offer the best coverage based on your business’ specific situation.