Business Insurance – Natick, MA – Fair & Yeager Insurance – Dover, Sherborn, Wayland, Metrowest

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Here is some very helpful information on Business Insurance from a local Natick, MA Insurance Agency.

Running a small business involves a significant investment. Business insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster. Unless you are an employer, business insurance is generally not required by law, however, it is common practice to purchase enough insurance to cover your assets. If your business is an LLC or a corporation, your personal assets are protected from business liabilities; however, neither business structure is a substitute for liability insurance, which covers your business from losses.

Your state government determines insurance requirements for businesses. Most states require businesses with employees to pay for workers’ compensation insurance, unemployment insurance, and state disability insurance.  Specifically, every Massachusetts employer is required to provide workers’ compensation insurance coverage for their employees. Refer to M.G.L. Chapter 152, Section 25A. An employer may be an individual, partnership, joint venture, corporation, limited liability company, association, or a fiduciary such as a trustee, receiver or executor, or other legal entity. Your state may require insurance of specific business activities. For example, if you own a car or