Business Insurance Basics

Business insurance Boston is for all commercial endeavors. What coverages any given company will need will depend on what type of company it is and what it does. A manufacturing risk’s insurance needs are going to be very different than those of a service type business. There are some basic coverages that commercial businesses do share.

If you own the building from which you conduct your business you will need building coverage. Some of the factors that will determine how much premium you will pay will be what type of business you are running out of your building, where you building is located, how big your building is, how old your building is, and other factors as well. You will also want your business insurance Boston to cover the contents of that building as well. The premium for this is again going to depend a lot on what type of business you are operating and where. The basics of contents coverage is anything you use in your business. One thing of note here is if a piece of equipment is permanently attached to the building it will be considered as part of the building coverage.

Another type of coverage written under the property section of a commercial insurance policy is what the insurance industry terms time element coverage. This coverage will pay for your company to relocate in the event of a covered loss until your old location is restored. It may also pay for lost revenue and in some cases pay for the lost wages of your employees.

A big part of any insurance coverage for business insurance Boston is the general liability coverage. This is the coverage that will pay if you have customers that are injured on your property. Of if you or your workers cause damage to someone else’s property. This is also the coverage that will come into play if you are sued. This is the coverage that pays for any legal fees that are required to defend and if there is a judgment will pay the settlement. One exception to this could be if the courts were to award punitive damages. The policy may exclude this because if your insurance company pays punitive damages, it isn’t punitive to you.

There are other types of business insurance Boston that your company may or may not need like: directors and officers coverage, errors and omissions coverage, some kind of crime coverage, inland marine coverages, automobile coverage, and the list goes on.

Business insurance BostonLooking for an insurance agency that will offer you the most suitable financial coverage you require. Sawyer Insurance Agency Inc. is one such company that can provide you quality service and take care of all your insurance needs.

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