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Which policies are recommended for Massachusetts businesses?
Small businesses in Massachusetts most often buy these types of insurance.
General liability insurance
A commercial general liability policy covers the most common risks at Massachusetts businesses. Most commercial leases require this type of business liability insurance.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Slander and other advertising injuries
Workers’ compensation insurance
Workers’ comp insurance is required for all Massachusetts businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees related to employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in Massachusetts. It covers injuries and property damage in an accident, along with vehicle theft and some types of damage.
BEST FOR
- Accidents involving business vehicles
- Theft of a business vehicle
- Damage to a company vehicle
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Massachusetts business.
BEST FOR
- Customer injuries and property damage
- Business property damage
- Business interruption coverage
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects Massachusetts businesses that provide professional services. It covers lawsuits related to work performance.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Errors and omissions insurance
E&O, sometimes called professional liability insurance, is common with professional services in Massachusetts. It can cover the cost of lawsuits related to your work performance.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber insurance
This business insurance policy covers financial losses from data breaches and cyberattacks. It's recommended for businesses that handle credit cards and other sensitive data.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Investigation of a data breach
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
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Which business insurance policies are required in Massachusetts?
State laws affect which business insurance coverage you need. These policies are required everywhere in Massachusetts, from Boston to Worcester.
Workers' compensation insurance
According to Massachusetts state law, all businesses, from Boston to Cambridge, must carry workers' compensation insurance, regardless of the amount of hours worked by employees. Even employees in domestic service must be covered if they work at least 16 hours a week.
Workers' compensation covers medical costs for work-related injuries and illnesses. It also provides disability benefits to injured Massachusetts workers.
Commercial auto insurance
All business-owned vehicles in Massachusetts must be covered by commercial auto insurance. This policy covers the cost of accidents involving commercial vehicles.
The minimum requirements for auto liability insurance in Massachusetts are:
- $20,000 bodily injury liability per person
- $40,000 bodily injury liability per accident
- $8,000 personal injury protection (PIP)
- $5,000 property damage liability per accident
- $20,000 uninsured motorist coverage per person
- $40,000 uninsured motorist coverage per accident
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal 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 MA?
Commercial insurance can be affordable for small business owners. Average premiums in Massachusetts are:
General liability: $41 per month
Workers' comp: $30 per month
Professional liability/E&O: $64 per month
Factors that affect business insurance costs include:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
How to get insurance for your Massachusetts business
View video transcript.
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When you are ready to get insurance for your Massachusetts business, you can complete Insureon's easy online application to get quotes from top-rated insurance companies.
FAQs about Massachusetts business insurance
Review answers to frequently asked questions about Massachusetts small business insurance.
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill Massachusetts requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Massachusetts data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Does my industry affect state business insurance requirements?
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance to get licensed in their state.
State law requires that practicing physicians carry professional liability insurance coverage. Physicians and surgeons are required to carry a liability limit of $100,000 per-occurrence and $300,000 aggregate per year/policy period.
Cannabis businesses in Massachusetts need to carry general liability insurance, product liability insurance, and a surety bond to operate legally.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on Massachusetts business insurance?
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated insurance carriers by filling out a free online application.
Other ways to save include bundling insurance products for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.