Massachusetts Auto Insurance Best Practices:
In Massachusetts there are 12 parts to auto insurance. The first four parts are mandatory in order to protect drivers from bodily injury and have some property damage coverage.
The remainder of the coverages are optional but strongly recommended under the Massachusetts auto insurance programs.
For example you want you to have coverage if you have and auto accident that covers the other person’s vehicle should you be at fault and also, repairs your vehicle in the event of an accident. You would also want comprehensive coverage on your vehicle in order to cover anything other than collision coverage for you auto insurance. For example comprehensive insurance covers your auto’s windshield should it be cracked or damaged. This coverage also includes any vandalism to your vehicle.
We Insurance agents recommend the you carry high limits on your Optional Bodily Injury coverage. This protects you should you cause an accident and someone is injured. The last thing you want is to not have enough coverage on your auto policy to cover the entire accident. Usually 100/300 limits are recommended.
Make sure that anyone who operates the vehicles and is a household member is listed as driver on your auto insurance. This will prevent claims from being denied or any gaps in coverage.
Savings on auto insurance: There is many different programs available to Massachusetts drivers to help them save money on auto insurance. For Example, Multi-Vehicle discount, Multi-Policy/policy package discount (combining you home and auto policy with the same carrier) Green Discount/Paperless (you agree to receive all correspondence via email), EFT discounts (pay insurance automatically through your bank account), low mileage discount (if you drive 7500 or less miles), and even a good student discount (any student that is listed on the policy and has a 3.0 or better). Due to all the competition in the state of Massachusetts in the auto insurance industry there are lots of discounts offered in order to attract customers.
There are several types of essential insurance coverage for small professional service providers: professional liability insurance, general liability insurance, and business owners’ policies. Small businesses with one or more employees should also consider workers compensation insurance.
Small businesses that own their own buildings and have valuable business equipment may wish to consider a Business owners’ policy. This type of insurance protects against damage to the property owned and used by the business and also combines the coverage found in general liability.
Commercial insurance is one of the most important investments you can make when starting a new company. Good commercial insurance will protect your company from severe financial loss and can be the difference between going under and staying afloat in the case of damages or a lawsuit. It’s important to be knowledgeable of the different types of commercial insurance and work with a reputable agent to create the most appropriate policy for your business.
Commercial insurance is crucial for small businesses. 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.
Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
Home Insurance Best Practices:
When purchasing home insurance in Massachusetts you must keep in mind a few guidelines to make sure you are buying the correct coverage for you home. The first being that the home is insured 100% replacement cost (some companies even offer 125% replacement cost at no extra charge). This basically means that should the worst case scenario of a total loss occur, then you will receive enough money to restore your home completely.
Home insurance also helps you replace your personal property. If you have something that is very expensive for example a diamond ring. You can endorse this on your home policy and for an extra fee have world wide coverage and full replacement cost. This coverage is recommended for any large value item.
There are some perils that are not automatically covered by home insurance. For example mechanical breakdowns like a water heater stops working then that is not covered by the home insurance. You can by a rider that covers mechanical breakdowns. Earthquake is not covered by home insurance, but again you can purchase a rider for coverage. Intentional acts are not covered by home insurance, for example you get upset and breakdown a wall then that is not covered.
There are some discounts that a home owner can take advantage of, like: Multi policy discount (home and auto with same carrier), One pay option(where you pay the policy in full), safe home credit (no guns, dogs, or pools) No loss Credit(No losses reported within 5 years).