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Businesses are exposed to a variety of risks by the very nature of what they do. It’s near impossible to conduct business without assuming at least some level of risk, and that level is quite high in many industries. Business insurance is a class of insurance policies that help Massachusetts businesses protect themselves from many of the risks they’re exposed to.
Business insurance, or commercial insurance, distinguishes insurance policies written for businesses from those written for individuals. Policies written for individuals are often called “personal policies.”
While almost every business faces at least some risks, businesses often aren’t exposed to the same set of perils. For this reason, insurers offer many different commercial insurance policies a few common ones are:
In addition to these policies, some insurers also provide highly specialized commercial policies that fewer businesses need. A few such policies include pollution liability policies, equipment leased or borrowed from others policies, and farm income policies.
Business owners policies are package insurance policies designed for small businesses. These policies combine several individual coverages together, and they provide savings in the process. The coverages included in business owners policies often are:
(Business interruption coverage may provide compensation for revenue losses that are caused by covered events.)
Some business owners policies also make commercial auto or other coverages available.
Commercial package policies are another type of package insurance policy that combines multiple coverages together. Compared to business owners policies, commercial package policies tend to offer more robust and flexible coverage options. They might include almost any of the coverages listed above, as well as many others.
Because commercial package policies provide more robust and flexible coverage, these policies tend to be purchased by businesses that have more specialized insurance needs. Such businesses can include larger businesses and those that have specialized risk exposures.
Generally speaking, commercial insurance premiums that are used to insure a business can be deducted when filing taxes. They’re usually written off like any other business expense, reducing a business’ profit.
Because tax laws change and must be applied to a business’ specific situation, this general information should be confirmed with a qualified tax professional before writing off a policy’s premiums.
As mentioned, most Massachusetts businesses face at least some risks and therefore, should have insurance protection. The kinds of policies that businesses need vary greatly, but there are few businesses that could stand to lose assets or go through a liability lawsuit without any insurance in place.
When selecting business policies, there are many decisions that must be made. Businesses have to determine what coverages they want, how they want to package those coverages and which of the available policies offers the best protection.
For help making these decisions, businesses in Massachusetts can contact an independent insurance agent who specializes in business insurance. An agent who’s helped many businesses find policies will know how to select and compare policies, and they’ll be able to consider any insurer's policy if the agent is independent.