Question About Small Business Insurance?

Question

I am starting a new small rental business in Boston, MA and was wondering that the process is for getting business insurance. Is it just like getting car or homeowners insurance? Are the premiums the same as those, too (as far as monthly payments or one time per year payment)? If you started your own business, what steps did you take for insurance purposes?

Thank you in advance!

Answer 1

Different companies will have different requirements and pre coverage conditions. Premiums will also vary sometimes by several hundred dollars. It is always a good idea to start with the company that carries your auto and home owners insurance so that you also may be able to be covered by an umbrella policy. Shop around for business insurance just as you would any other kind.

Answer 2

There is a lot more detail required for business insurance than car or home insurance.  Premiums can be monthly or annual.  

You should contact your local insurance broker for help and quotes.

Answer 3

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Answer 4

It's NOT like car or house insurance.  When you say rental business, it could mean, that you're renting out apartments.  Or, maybe you're renting out jet skis, or automobiles.  Or maybe heavy construction equipment.  Or handguns.  

New businesses, you don't usually get a company to give you "monthly payments".  You CAN finance the premium, with a premium financing company, at roughly 20% interest.  

Depending on the business type (and rental isn't specific enough!), and the types of insurance you might need, you're looking at $1,000 on up, for the insurance.

You are going to HAVE to contact a local, independent agent to get quotes.  I'd suggest starting at www.abodeely.com , in Worcester.

Local, because they have to be licensed to sell insurance in MA.   Indepdendent, because most likely, a captive agent isn't going to be able to place the coverage.