If you own or operate a business or organization in the Commonwealth of Massachusetts the topic of insurance can be a bit confusing to say the least. There are so many things involved that it could make your head spin. However, understanding insurance policies is an incredibly important aspect to properly running your company. The bottom line is that the proper insurance coverage is there to protect the business from any losses that may very well happen while the business is in operations.

In essence, business related insurance should cover a combination of things including but not limited to employee related risks, legal liability issues, and of course property damage to any of the organization’s things. Some types of business insurance are required by the state, while others are optional. However, even the optional insurance policies should be considered because they are there to protect you and your business. Furthermore, understanding insurance policies involves evaluating your needs based on the risks that your organization takes on a daily basis.

Of course, those risks can vary greatly from one business to another. For example, if you operate a commercial fishing business, you take far more physical risks on a daily basis then let’s say a local toy store. If you own a construction related business than you are taking more risks by simply operating than a shoe shop. We used commercial fishing and construction business in the examples because they are both industries where workers get hurt often when performing their job duties. Although Massachusetts requires you to carry a workers compensation coverage policy, it is important for you to have the proper coverage in place.

If you don’t have the proper coverage in place, you may very well end up paying out of pocket for your employees medical bills, missed time at work, or even death benefits in a worst case scenario. Going back to the toy store and shoe shop examples, you are literally at risk each and every time a patron walks through your door. If they are hurt in any manner, such as a slip and fall or trip and fall accident while visiting your business, they may very well sue you for damages. Those damages can include pain and suffering, medical bills, and time off from work.

If you don’t have business liability insurance with enough coverage, chances are high that you will end up paying for part of even all of those damages out of pocket. That can cripple a small to medium sized business.  You simply cannot put yourself in that position. The good news is that you will have peace of mind when you have the right business insurance polices in place.

If you own or operate a business or other type of formal organization in the Commonwealth of Massachusetts you need to ensure that you have the proper insurance policies in place. Please consult with a professional insurance agent that specializes in providing business related insurance policies. It is important to fully understand exactly what you are buying when it comes to insurance policies. If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options. We look forward to helping you with all of your personal and or business related insurance needs now and in the future.