Business Insurance Services Methuen MA
There are several types of essential insurance coverage every Methuen MA small businesses needs. Commercial insurance is crucial, it protects you from commonly experienced losses including property damage, theft, liability and employee injury. With adequate insurance, companies can more easily recover from these types of losses. Without it, you risk going out of business.
Business Owner's Policy
BOP is a special type of commercial insurance designed for small and medium-sized businesses.
By bundling general liability insurance and property insurance into a single policy, BOPs typically offer a reduced premium, often making them a more cost-effective option than separately purchased policies.
Most policies require that businesses meet eligibility criteria to qualify.
Workers' Compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to a businesses employees injured in the course of employment.
Terms can be made for weekly payments in place of wages, compensation for economic loss, reimbursement or payment of medical expenses and benefits payable to the dependents of workers killed during employment.
General Liability & Professional Liability
Liability insurance is designed to offer specific protection against third-party insurance claims, therefore, payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract.
In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made the insurance carrier has the duty to defend the insured.
