ma small business insurance

Small businesses work on a tight budget, but this doesn’t mean owners should ignore proper insurance coverage. Avoiding risk doesn’t make it disappear and the implications of poor insurance coverage are far-reaching. We know that starting your own business can be hard, and choosing the proper insurance coverage can be difficult without help. 

Small Business insurance is vital for your stability as a business owner. Your coverage or plan should be tailor-made to fit your business needs. If you’re considering options for your small business in Massachusetts, take action from the start. Read through this article to learn the importance of Small business insurance. 

Small Business Insurance For My Coffee Shop

Small Business Liability Insurance

Facing potential lawsuits and legal fees for said situations could be extremely harmful to your business without liability insurance. Few small businesses could withstand these costs. Small business liability insurance provides financial protection from lawsuits and legal fees resulting from bodily injury or property damage. If you’re confused about your legal needs and what’s right for your small business, your agent can help you. Be sure to find the correct, comprehensive coverage for your investment.

Small Business Insurance Logistics

Lawsuits are Very Costly

All it takes is a single accident or injury, one disgruntled employee, or a contract dispute to trigger a lawsuit. 

Claimants have up to 3 years to file personal injury and product liability lawsuits too and they occur more often than you might think. In 2017, lawyers filed over 18,000 civil cases in Massachusetts alone.

Six and seven figure settlements aren’t unusual, plus steep legal fees since lawsuits often take years to settle.

Property Losses Can Cripple Small Business

A fire, flood, or other peril could destroy some or all your property and interrupt your operation. Could your small business afford to replace these items or survive without an income?

In Massachusetts, a business owner’s policy bundles many coverages under one premium. Typically, it includes property, general liability, income loss, and compensation for normal operating expenses such as rent and utilities. However, your insurance agent can tailor your policy to your specific needs.

Small Business Insurance For Boutiques & Clothing Stores

Small Business Insurance Requirements:


A small business that leases or rents their building needs insurance since the landlord does not cover you. If you work from home, your homeowner’s insurance policy may exclude or severely limit coverage. Lenders:

Most lending agreements demand insurance to protect their investment. If you want to borrow money for property, equipment, or operations you’ll need proper insurance.

Barber Shop Insurance & Benefits

Small Business Insurance Benefits:

Increases Credibility For Your Business

New clients may ask you for a Certificate of Insurance before they work with you, especially when liability and large loss are a concern. If your business provides a service, you need proper insurance for potential clients.

Protects Key Stakeholders In Your Small Business

If your small business is your primary source of income, what happens if you can’t work? Proper insurance can compensate for your loss of income due to disability or funds to buy out a key stakeholder’s interest if they’re disabled or die when they’re insured too.

Insurance can also protect the directors and officers of your organization from the costs associated with a lawsuit. 

Protects Your Business Data & Information

In today’s computer-oriented world, data is often one of a company’s most valuable assets. Lost or breached data can lead to business interruption, lawsuits, hefty fines, and substantial costs to notify clients, retain clients, and restore operations. Cyber liability insurance policies can help offset these costs.

Caring For Employees Of Your Small Business

Whether your small business in Massachusetts has a few employees, or if you’re a larger organization with many employees, everyone working for you is valuable. You can’t generate revenue or grow your business without them, so protecting them from the consequences of accidents or illness makes sound business sense. It’s your responsibility as a business owner to take care of your employees. This is done by providing benefits, offering accident support, worker’s comp, sick time, and more.

Providing adequate benefits is a strong signal to potential employees that you’re a great employer. After salary, top-notch employees look at things such as health, life, and disability insurance before they accept a job.

No one can predict the future, but you can protect your small business from risk. Discuss your needs with your Massachusetts insurance agent so they can tailor coverage to address your most relevant risks. They can provide you with affordable coverage so you can have peace of mind and focus on your business.

Phil Richard Insurance is located in Danvers, MA. Ask us about how we offer high-quality small business, startup, and entrepreneur insurance services to new businesses in the North Shore of Massachusetts