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Recommended insurance policies for small businesses in Massachusetts
These insurance policies defend Massachusetts small business owners against common lawsuits and other top risks.
General liability insurance
A general liability policy covers common third-party risks for small businesses, including customer property damage and injuries. Commercial leases often require this coverage.
- Customer injuries at your company
- Damaged customer property
- Slander and other advertising injuries
Errors and omissions insurance
This policy is also called E&O insurance or professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Professional liability insurance
This type of insurance protects Massachusetts businesses against lawsuits related to the quality of their professional services or advice. It's sometimes referred to as E&O insurance.
- Mistakes and oversights
- Breach of contract
- Missed deadlines
Business owner's policy
A BOP bundles commercial property insurance and general liability coverage at a discount. It covers common third-party lawsuits and business property damage.
- Accidents that harm customers
- Stolen or damaged business property
- Business interruption coverage
Workers' comp insurance
Massachusetts state law requires workers’ comp for every business that has employees. Sole proprietors can also buy this coverage, as personal health insurance won’t cover work injuries.
- Medical expenses from work injuries
- Legal fees from work injuries
- Disability benefits
Cyber insurance
This policy protects Massachusetts small businesses against financial losses from data breaches and cyberattacks. It’s also called cybersecurity insurance or cyber liability insurance.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Commercial auto insurance
This policy is required for vehicles owned by Massachusetts small businesses. It helps cover financial losses from an accident, along with other types of damage.
- Injuries caused by your vehicle
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Commercial umbrella insurance
An umbrella policy boosts the coverage of your general liability, commercial auto, and employer's liability insurance. It can help your small business comply with requests for higher liability limits.
- Personal injury lawsuits
- Auto accident lawsuits
- Workplace injury lawsuits
Fidelity bonds
A fidelity bond reimburses your clients in the event of employee theft. Your clients may ask you to secure a bond before they will work with your business.
- Embezzlement
- Forged signatures
- Theft of cash or property
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in Massachusetts?
State laws can affect which policies you need. These insurance products are required for Massachusetts businesses.
Workers' compensation insurance
Massachusetts state law requires businesses with one or more employees, full-time or part-time, to carry workers’ compensation insurance.
This policy covers medical costs for work-related injuries and illnesses. It also provides disability benefits for injured Massachusetts workers.
Most policies include employer's liability insurance, which helps pay for lawsuits related to employee injuries.
Commercial auto insurance
Vehicles owned by limited liability companies (LLCs), startups, and other businesses in Massachusetts must have commercial auto coverage.
Massachusetts' requirements for auto liability insurance coverage are:
- Bodily injury liability: $20,000 per person / $40,000 per accident
- Property damage liability: $5,000 per accident
- Uninsured motorist coverage: $20,000 per person / $40,000 per accident
- Personal injury protection: $8,000
Personal, rented, and leased vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost in Massachusetts?
Commercial insurance can be affordable for small business owners with low risks. Based on policy data from TechInsurance customers in Massachusetts, the average premiums are:
General liability: $44 per month
Workers' compensation: $40 per month
Professional liability / E&O: $99 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Edgartown or Nantucket
- Policy limits and other coverage options
- Claims history
Why Massachusetts business owners choose TechInsurance
Gain financial protection
The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.
Find insurance policies for your small business in Massachusetts
Whether you need coverage to sign a contract, rent an office, or get a license, TechInsurance can help you find the right business insurance policies. Our insurance agents are licensed in Massachusetts and can help you find affordable policies from top-rated insurance carriers.
Get started today by filling out our easy application. You can chat with an agent about your business insurance needs and get answers to any questions. When you're ready, pay for a policy online and get a certificate of insurance (COI) immediately to show clients that your business is protected.
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