Best Business Insurance in Massachusetts

Did you know most of our readers prefer The Hartford for their business insurance needs?

From the hustle and bustle of Greater Boston to the idyllic charm of Cape Cod, Massachusetts is home to over 650,000 businesses. While the Bay State’s range of business types are as varied as its geography, one thing all business owners have in common is the need to protect their investment with the right business insurance. 

Learn which business insurance types your business needs and compare rates from the best insurance providers in Massachusetts.

Quick Look: Best Business Insurance in Massachusetts

• Best Overall for Business Insurance: The Hartford
• Best for Tailored Coverage: Simply Business
• Best for Small Businesses: Hiscox
• Best for Self-Employed: Nationwide
• Best for Commercial Auto: Progressive
• Best for Instant Coverage: BiBERK

6 Best Business Insurance Options in Massachusetts

With industries ranging from serene fishing villages to budding tech companies that just might change the world, Massachusetts’ independent-minded entrepreneurs don’t fit a mold. Understandably, there’s no one-size-fits-all solution to business insurance. We selected a list of the best insurers in Massachusetts but also looked for providers that can customize coverage to the unique needs of each business.

1. Best Overall for Business Insurance: The Hartford

Headquartered in neighboring Connecticut, The Hartford has been protecting its clients for more than 2 centuries. Top financial strength ratings and a long history of service point to an insurer that will be there when your business needs it most. Outstanding ratings for claims service (4.8 out of 5 stars) promise a hassle-free experience if you have a covered claim. The Hartford was also named World's Most Ethical Company 11 times. 

You’ll find coverage options for nearly every type of business, ranging from general liability coverage and commercial property insurance to specialized coverages such as professional liability insurance. A vast range of products and policy types combined with personalized service makes The Hartford a solid choice for businesses of any size.

Start with a fast and free online quote, but expect to work with The Hartford’s experienced team to ensure you have the right coverage and limits to protect your Massachusetts business.

• Quote process: Online or over the phone
• Policy purchase process: Online
• States served: All 50 states

2. Best for Tailored Coverage: Simply Business

Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business. 

Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price. 

Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, business owner’s policies, liability for general and commercial purposes, commercial auto plans and much more that will cover everyone on your team, and you can get covered in accordance with Massachusetts law without overspending. 

Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.

• Quote process: Online or over the phone
• Policy purchase process: Online
• States served: All 50 states

3. Best for Small Businesses: Hiscox

Laser-focused on small business insurance, Hiscox leverages over 100 years of experience to bring small business owners a complete line of coverage options. Whether you're working a side hustle with big dreams or already run an established small business, you can count on Hiscox to help protect the business you’re building. 

Small businesses often have specialized insurance needs. Hiscox provides ready-made packages for businesses in nearly 200 fields and offers coverage in 49 states. You’ll enjoy the simplicity of Hiscox’s platform. Simply choose your state and profession. Hiscox will recommend coverages appropriate for your business. Just customize your coverage to your liking. If your Massachusetts business has employees, you can also add workers’ comp coverage to ensure your business is compliant and protect both your workers and your business assets.

Cash flow is key for many small businesses and Hiscox offers monthly payment plans to help keep premiums affordable. Start with a free quote to compare.

• Quote process: Online
• Policy purchase process: Online
• States served: All 50 states

4. Best for Self-Employed: Nationwide

Self-employed professionals range from sole proprietors or those working from home to multi-location business owners who aren’t on payroll. Insurance needs for this diverse group can vary dramatically. Nationwide offers core coverage types common to most businesses but also expands coverage options and services as your business grows, including group health insurance, banking and more.

With over a half-million small business customers, Nationwide has small business insurance down to a science.You’ll find a full complement of policy types, ranging from common coverages like general liability and commercial property to customized coverage such as professional liability insurance and cyber liability insurance. While Nationwide provides solutions for common business types, you’ll also find several specialty coverages to protect businesses with unique risks.

Nationwide ranked No. 1 in J.D. Power’s 2019 U.S. Small Commercial Insurance Study. Be sure to get a quote from Nationwide when you’re shopping for business insurance.

• Quote process: Online
• Policy purchase process: Online
• States served: All 50 states

5. Best for Commercial Auto: Progressive

Insurance for business use of autos can be confusing for small business owners and self-employed workers. Progressive makes commercial auto insurance easy to understand and with Progressive’s low prices, easy to buy. Vehicles often perform double duty in business and a personal auto insurance policy can leave troubling gaps that can put your personal or business assets at risk. With Progressive’s easy-to-use online platform, you’ll know which situations require a special policy. 

Whether you have an old Prius you use to deliver products or a fleet of vehicles, you can count on Progressive for commercial auto coverage. For other business insurance types, Progressive lets you compare rates from up to 4 insurance providers and offers a full range of coverage options.

• Quote process: Online
• Policy purchase process: Online
• States served: All 50 states

6. Best for Instant Coverage: BiBERK

Time is money, as the saying goes, but BiBERK, a Berkshire Hathaway company, lets you save both. In just a few seconds, BiBERK can recommend policy types based on the type of business you have. In minutes, you can be covered — and with advertised savings of up to 20%.

Choose from core insurance types like general liability insurance or commercial property as well as customized coverage such as professional liability insurance or a commercial umbrella policy. If your Massachusetts business has employees, you can also add workers’ comp coverage to remain in compliance with state requirements.

Getting covered through BiBERK is fast and easy. Get a quote to compare rates and see how much you can save.

• Quote process: Online
• Policy purchase process: Online
• States served: All 50 states

Types of Business Insurance

As a base coverage, consider general liability (GL) insurance for your Massachusetts business. This can protect your business against losses due to several types of lawsuits, such as injuries and damage to the property of others. Most insurers also offer business owners’ policies, which combine the protection of a GL policy with coverage for your business property. Here are some key coverages to consider.

General Liability

A GL policy provides a foundation for an effective risk management strategy by helping to protect your business against property damage claims, accidental injury to others, and advertising injury, such as unintentional copyright infringement. GL policies also provide legal defense and cover court costs in most cases, which can be valuable even if your business isn’t found liable for damages.

Product Liability

Although sometimes bundled with GL insurance as part of a larger insurance package, product liability insurance is a distinct coverage that offers protection against claims due to defective products or products that cause harm to others. With average jury awards of several million and a median loss of $1.5 million, product liability claims top the charts for litigated losses. A loss without coverage could be devastating. If your business makes, distributes or sells products, ask your insurer about this coverage.

Commercial Property

Another common coverage, commercial property insurance, helps protect things your business owns, ranging from real estate to inventory to supplies and equipment. Business owners often purchase commercial property insurance as part of a business owners policy, which also offers additional coverages.

Like many other states, Massachusetts requires all businesses with employees to carry workers’ comp insurance. Business owners employed by the company must also purchase coverage for themselves in most cases. Workers’ comp coverage offers protection for both the worker and the employer by creating a framework for medical coverage and payment of lost wages due to workplace injuries. From an employer standpoint, workers’ comp offers another advantage by preventing many types of workplace-injury lawsuits if the business has workers’ comp coverage.

Professional Liability

In some professions, the product is a service or even advice given to clients. If the actions of your business cause a financial loss for others, your business can be held liable, possibly resulting in costly court costs or a liability judgment. Professional liability insurance, also known as errors and omissions (E&O) coverage, shields your business against human error or oversights that affect others. 

Professional liability insurance can be purchased by businesses as well as individuals.

Cost of Business Insurance in Massachusetts

As you’d expect, business insurance costs in Massachusetts can vary based on industry, claims history and the insurance types and coverage limits you choose. However, it’s helpful to know how much other businesses are paying for coverage. 

Progressive, one of the top business insurance providers in our lineup, reports a median cost of $46 per month for a general liability policy. For a business owners’ policy, which offers both GL insurance and business property insurance, Progressive reports a median cost of only $62 per month. Combining coverage often leads to cost savings.

Bundling your coverage is among the most effective ways to save on overall business insurance costs and refers to purchasing multiple policies through the same insurer. A business owners’ policy is among the most common ways to save, but some insurers also offer discounts if you purchase business auto insurance with your other policies.

In many cases, discounting happens automatically as part of the rating process with your business earning lower rates based on industry type, claims history, safety measures, and more. However, some insurers also offer specific discounts, such as discounts available to certain trade groups. When comparing rates, be sure to ask about any additional discounts that may be available.

Choosing the Best Business Insurance in Massachusetts

Every great business starts with a plan based on the challenges you expect to face. Choosing the best insurance for your Massachusetts business provides a way to plan for the unexpected. An uninsured loss can alter your business trajectory permanently, making business insurance essential.

Fortunately, buying business insurance is easier than ever. With the help of today’s high-tech insurance platforms and the guidance of experienced agents, finding the right coverages is a snap. Collect some quotes to compare rates but also consider policy features and limits. The right coverage for your business may be more affordable than you think.

Frequently Asked Questions