There are many forms of commercial insurance, and your need for the various forms depends on the risks you take in your industry. Certain types of commercial insurance are nearly universal for businesses large enough to have several employees, while others are based on your industry and your company’s legal form (such as sole proprietor or corporation). While we present some general rules of thumb, we suggest consulting with a trusted insurance agent, such as the Smoller Insurance Agency, serving the Boston, MA, market.
Matching Commercial Insurance and Industry
A broad range of businesses need certain commercial insurance coverage, including:
- General liability
- Commercial property
- Worker’s compensation
- Cyber liability
Businesses that provide professional services need professional liability/errors and omissions insurance, and those in the medical field need malpractice insurance. Many manufacturers need product liability, machinery damage, and environmental hazard insurance. Also, those using motor vehicles need commercial vehicle insurance, and those transporting or storing goods generally need inland marine insurance.
The list of examples could go on, so the broader strategy is to review relevant trade journals, industry association websites, or other information sources in your industry for information about insurance practices. Conversations with suppliers and customers can often be helpful as well.
More broadly, you should review your assets and consider potential legal threats to your firm and others in your industry or sector. Another step is to review your supplier and customer contracts for legal obligations.
After consolidating that information, meet with a trusted insurance agent for their thoughts and recommendations.
Working with the Smoller Insurance Agency
The Smoller Insurance Agency serves individual and business clients in the Boston, MA, area. Call (671) 965-1830 today to gain the protection you need for your business and personal assets.
