Business Owners

As a business owner, you take calculated risks every day in order to keep your business thriving. But there may be risks that you have not considered. Having the proper Business Insurance will allow you to concentrate on what you do best, without being blindsided by unexpected liability issues. If you currently rely simply on property insurance, you are protecting your assets and inventory but not your business itself. If there is a business interruption or lawsuit, you need business insurance to ensure that you can keep your everyday schedule going.

Commercial Auto Insurance

There are many areas of commercial auto insurance that are not covered by a personal auto insurance policy. If you use your personal car for business, or have a car or fleet of cars for your business, a commercial auto policy is necessary. This policy will cover any physical damage to the automobile, and liability situations that you or one of your employees may encounter while using a vehicle for business purposes.

One significant difference between an individual auto policy and commercial auto policy is that only drivers named on the policy may operate the automobiles and/or trucks covered on the policy.

Commercial Auto Insurance provides the following coverage:

• Bodily injury liability coverage – you are at fault for accident-related injuries to others.
• Property damage liability coverage – you are at fault for damages to someone’s property like a car or home.
• Comprehensive physical damage coverage – your vehicle suffers damage from weather, theft or other situations.
• Collision coverage – your vehicle suffers damage in an auto accident.

Commercial Auto Insurance requirements differ from state to state. Massachusetts requires business owners to have a minimum bodily injury liability coverage of $20,000 per person, a minimum of $20,000 for uninsured motorist bodily injury coverage, and a minimum of $5,000 of coverage for property damage.

Commercial Umbrella

A commercial umbrella insurance policy provides your business an extra layer of liability protection. If you own a business, chances are you have some form of general liability insurance. General liability insurance can help protect you in the event of a lawsuit; however, what if the limits of your policy aren’t enough?

If an employee gets into a car accident while they are out making a delivery to a customer, the property damage and bodily injury costs could exceed your business’ commercial auto insurance limits. If you don’t have a commercial umbrella insurance policy, you would be responsible for paying the amount that exceeds your policy limits.

Commercial umbrella insurance can help cover claims of bodily injury, whether it’s an injured customer or employee, and property damage your business causes to someone’s belongings. Without a commercial umbrella insurance policy, you may be responsible to pay out of pocket for legal costs, medical bills, property damage, and judgements and settlements if they exceed your general liability insurance limits.

Cybersecurity Insurance

Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is a contract that an entity can purchase to help reduce the financial risks associated with doing business online.  

While some cyber insurance policies contain specific provisions for E&O, most providers sell these as separate and distinct policies. E&O insurance does not cover the loss of third-party data, such as customer credit card numbers; customers needing such protection can purchase a cyber insurance policy that covers it.

The loss, compromise or theft of electronic data can have a negative impact on a business, including the loss of customers and revenue. Businesses may be liable for damages stemming from the theft of third-party data. Cyber liability coverage is important to protect businesses against the risk of cyber events, including those associated with terrorism. Cyber-risk coverage can assist in the timely remediation of cyberattacks and incidents.