Even when cash flow is low, a small business should not skimp on Insurance in Boston. A business without proper insurance is taking a big risk, which could result in severe financial issues including bankruptcy. A business owner should know what their commercial policy covers, and what’s not covered. By periodically reviewing coverage with an agent, business owners can protect themselves from potential liability.

The Historic Consequences of Insufficient Insurance

In past natural disasters, small business owners without insurance suffered significant losses, and many were forced to cease operations. Many owners are unaware that they have no insurance, or they opted to save by not buying coverage. However, even a business owner with insurance can be denied coverage in certain situations. Managers should keep an eye on policy expiration dates, and they should renew in advance to avoid coverage gaps.

Insurance Coverage Types

An insurance policy is a contract between the buyer and the company. These contracts list details such as what’s covered, how much the policy costs, claim stipulations, and payment terms on honored claims. There’s a variety of coverage that new and current business owners should consider, and premiums and deductibles can vary. Typically, higher-deductible policies come with lower premiums. The premium can be paid annually, monthly or quarterly.

• Business owner’s insurance offers broad protection from financial losses related to property damage. It can also cover liability related to bodily injury, flooding, fire, theft and business interruption.

• Product liability Insurance in Boston is good for sellers of products with a high potential of injury. This coverage protects business owners from liability in the event that a customer is injured.

• Commercial insurance is a good idea for larger businesses and professional practices. Businesses in the restaurant, manufacturing, and real estate sectors should consider this coverage.

• Malpractice insurance is important for businesses in the medicine, accounting, law, advertising, therapy and financial planning fields. It protects owners from liabilities related to errors of omission or commission.

Insurance premiums are calculated according to actuarial tables, and they can vary depending on the advice and services offered, the profession and other factors. Customers can click here to consult the Sawyer Insurance Agency Inc. for coverage recommendations and objective advice.

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