Commercial Insurance in Boston – The Basics (PART 1)

Starting a new business can be overwhelming, so purchasing business insurance in  Boston, MA  should not be.   There are three basic insurance policies that all business should have.  When talking to commercial insurance agency in Boston, it helps to go into meeting with basic understanding of all three types of coverage; property, general liability, and workers compensations.   The first is property which is typically sold as a Commercial Property Policy or CPP.  A CPP typically consists of the following pieces:

• Policy Cover   – This is exactly what it sounds like.  It is literally the physical jacket of a policy which has the information of company that is insuring you, as well as a table of contents or index.
• Declarations Sheet – Just like the declaration page for your Boston, MA auto insurance, this includes details such as how much is coverage,  who is covered, as well as other pertinent information on the business.
• Conditions Pages – These pages contain information on what is expected of the customer when a loss does occur.  It also details how to take steps to settle loss when the insurance company and client disagree over the actual amount of the loss.
• Causes of Loss – These pages details what causes of loss that the insured is and is NOT covered against.
• Coverage Pages – Pages that describe the type of property that is included and is excluded in policy.  It also explains things such as insurance limits, definitions, deductibles and any other important provisions included.

Keep in mind, these aspects can all be modified or supplemented depending on your individual business needs!