888.754.8299 or 413.475.7283
25 University Drive, Amherst, MA

Commercial Insurance Coverage Review

As a small business owner, your life can be hectic, but it’s important to review your MA or CT small business insurance, especially if you need to renew your policy. Update your insurance policies, make changes to any coverages, or add a coverage or policy to your current commercial insurance portfolio. You want to make sure that all aspects of your business are covered.

small business insurance A good place to start your coverage review is with your small business insurance policy. Your basic policy is there to cover you in the event of unexpected losses. The first thing you will want to do is make sure that you meet any state requirements. Both Massachusetts and Connecticut require businesses to carry workers comp insurance. What other coverage is required? You’ll want to talk to an agent with regards to your business and industry, and then move forward with other coverages as necessary.

Once you know you have all of the requirements, think about your unique business needs. For example, maybe your business doesn’t technically have a store front or warehouse, but you have a fleet of vehicles that you and your employees drive daily. You’ll want to make sure that you have coverage for accidents,drivers, and damage to another person’s vehicle and driver. On the other hand, you may have the type of business with several warehouses or stores, but no company vehicles. You’ll want coverage for your commercial property and for the items on the property.

The needs of your business are unique.  Our commercial lines agents understand that and are prepared to help you get the insurance you need.  Meeting the state requirements for business insurance is not enough to properly protect your business.  As a small business owner, you need to think about all of the circumstances that could occur and make sure that you have the proper insurance to help protect you against those misfortunes.

Talk to your business insurance agent about the following policies:

  • Workers Comp Insurance
  • General Liability Insurance
  • Business Auto Insurance
  • Commercial Property Insurance
Workers Comp Insurance

commercial insuranceTaking care of your employees is necessary for your business to operate. They allow your business will run smoothly and effectively, so it’s important that you’re doing everything you can to protect them. A workers comp policy can provide coverage for medical expenses, lost income/wages, rehabilitation costs, provide death benefits, and more.  No matter what type of business you have or industry you are in, there is always a chance that an employee gets injured at work or suffers from a disease.

  • Medical Expenses: If a worker suffers an injury, this would cover all reasonable medical care required to cure or relieve injury effects.
  • Death Benefits: This allows dependents’ spouse, children, or both to receive dependency benefits in the case of a compensable work-related death.
  • Lost income/wages: If an injury causes a worker to be unable to work, workers comp can help cover temporary payments.
  • Rehabilitation costs: If a worker is unable to work, expenses for rehabilitation are covered under this policy. In the event of a permanent disability, they may also be covered for vocational rehabilitation.

The specifics of your workers comp insurance can differ by policy.  Payment amounts and frequency are largely dependent on the policy.  Talk to your commercial insurance agent to get the appropriate policy for your business.

General Liability Insurance

general business liability insuranceOne of the most important insurance policies that you can get for your business is general liability insurance. Having liability coverage can help protect your business, its assets, and you as the business owner. Unforeseen accidents and events can happen. You never know when your business will fall victim to misfortunes.

If you have gaps in your business insurance, you could be left vulnerable to lawsuits, claims, etc. against your business. Having liability insurance can help protect you from claims that are incurred by negligence, property damage, and bodily injury. It may seem difficult to judge how much liability coverage you need for your business, but speaking to an insurance agent will help you determine the right amount.

Business Auto Insurance & Commercial Property Insurance

Whether or not your business has a business auto insurance policy or commercial property insurance policy depends greatly on the structure of your business. If you have any vehicle that you or your employees use for commercial purposes, you will want to get a commercial auto insurance policy. Our agents can help you decide if you need a business auto policy and work to make sure you have the proper coverage.

Do you need a commercial property insurance policy? If you have any commercial property insurancecommercial property, then you will need commercial property insurance. Whether it is a factory, warehouse, office, or store front, you will want proper coverage. Reviewing your coverage yearly is important. Maybe you have more stuff in your commercial property than you did previously, in which case you would need to increase your coverage. Commercial property insurance can also help you cover damage to others’ property, outdoor signs, lost inventory, landscaping, equipment, and more. Go over your coverage with your agent to make sure you have enough! Your agent can work out a policy with the appropriate amount of coverage in each area.

As a business owner it is important you stay informed on the rules, requirements, and coverage of your insurance. It is our job at Encharter to help you do that. Give our agents a call for not just a quote, but a comprehensive plan to keep your business fully insured. Call 888.865.1244 for questions about your current commercial insurance policy or to get a quote today!

Read More