Are you the owner of a small business in the Bay State? One of the key factors you will need to decide on is the sort of Massachusetts insurance you will need. Standard coverage such as property, liability, and workers compensation may be necessary, but have you thought outside the box? What if your company was forced to close for a temporary period of time, perhaps as a result of a fire or natural disaster?
This is where business interruption insurance can be vital. The coverage is designed to help maintain the temporarily-closed down business in a viable financial position. This type of coverage may typically offer compensation for loss of profits during the closure. Also, it can reimburse you for relocation expenses and ongoing costs, such as wages, rent, and advertising. It is generally confined to the interruptions caused by the type of events that are included in your business policy.
The cost of premiums for this type of Massachusetts insurance for business may depend on the risk involved. For example, a restaurant may incur higher costs than an office because of the perceived higher risk of fire. However, business interruption insurance may turn out to be the difference between business recovery and a business being forced to close its doors permanently. Interested in more information? Talk to one of our agents!
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