Protecting small businesses in the Bay State
Small businesses are flourishing in Massachusetts, where they number more than 650,000, or 99.5% of all businesses in the state. This adds up to 1.5 million employees—or 46.1% of all employees in the private sector—and that number is growing every year, with more than 36,000 net new jobs created in 2015.
Small business owners in Massachusetts also enjoy some of the highest incomes in the country, with self-employed individuals in an incorporated business earning a median income of $60,670—the third-highest in the nation—and those in an unincorporated business earning a median income of $30,754, the sixth-highest in the nation. Because so many people depend on small businesses for their livelihood, it's essential for small business owners in Massachusetts to protect themselves with a comprehensive business insurance policy.
Top industries covered by Hiscox in Massachusetts
With an in-depth knowledge of numerous industries, Hiscox can tailor each small business's insurance policies to meet their specific needs. More than 86% of businesses in the construction industry are small businesses, so it's no surprise that Hiscox insures numerous handypersons and electricians. Other professionals in Massachusetts who commonly insure with Hiscox include janitors, lawn care providers and IT consultants.
More professions we insure in Massachusetts
Massachusetts Small Business Insurance
Hiscox offers Massachusetts small business insurance to professional services companies. We customize your coverage according to your business needs – no more, no less. Hiscox small business insurance products include:
Key Massachusetts laws and conditions driving increased business liability rates
The federal government guarantees a baseline level of protection for employees in every U.S. state. Employers with at least 15 workers must guarantee freedom from employment discrimination based on race, color, national origin, sex, religion and disability. Those with 20 or more employees must guarantee freedom from age discrimination, and those with four or more employees must guarantee freedom from discrimination based on citizenship status.
Massachusetts's employment discrimination regulations apply to all businesses with just six or more employees and, in addition to prohibiting discrimination based on race, color, national origin, sex, religion, mental or physical disability and age, also prohibit discrimination based on ancestry, genetic information, sexual orientation, gender identity and active military status.
And more protections for MA workers are constantly being added: In 2018, Massachusetts passed several new employment regulations, including the Act to Establish Pay Equity, which restricts employers from asking candidates about their salary history; the Pregnant Workers Fairness Act, which requires employers to accommodate the needs of pregnant people and new birth parents; and a landmark paid family medical leave act, among others.
All together, these numerous protections open the door for not only additional employment discrimination lawsuits, but also the growing number of retaliation lawsuits in which plaintiffs claim that an employer has disciplined them, fired them, or unfairly passed them over for a promotion because of their involvement in a discrimination complaint. While all business owners will do their best to mitigate risks like these through careful management practices, all small businessowners can obtain the additional peace of mind through a comprehensive insurance policy.
Massachusetts workers compensation laws and requirements
Workers compensation requirements in Massachusetts are some of the most stringent in the nation. In MA, every employer must obtain workers compensation for themselves and their employees, no matter how many employees they have or how many hours those employees work.
The only exceptions are for domestic employees, who must work at least 16 hours a week to be covered under a workers compensation policy, and for members of an LLC or LLP or for sole proprietors of an unincorporated business. Corporate officers who own at least 25% interest in the corporation may also request to exempt themselves from workers compensation coverage.
Employers may obtain workers compensation insurance from a commercial provider such as Hiscox, or they may apply to self-insure with the Workers Compensation Rating and Inspection Bureau of Massachusetts. Employers who fail to secure required workers compensation insurance are subject to a stop work order (SWO) and minimum fines of $100 per day, including weekends and holidays, that begin on the date that the SWO was issued. These fines continue to build up until the business secures insurance coverage and pays the fines, and employers who are issued SWOs may face criminal charges, one year in prison, and/or up to a $1,500 fine.
How can Hiscox help your Massachusetts small business?
At Hiscox, we tailor each insurance policy to fit the needs of each individual business. Whether it's liability insurance, a business owner's policy, workers compensation insurance or beyond, you can be confident that your business will be protected. We offer a range of benefits:
- Flexible payment options: Our no-added-fee monthly payment schedule can help you manage a growing business's cash flow.
- Customized insurance: With Hiscox, you'll never be stuck with a one-size-fits-all policy.
- Claims responsiveness: When a covered claim is reported, Hiscox will immediately assign a dedicated claim specialist to assist you.
- Worldwide coverage: A Massachusetts business insured with Hiscox is covered for work done anywhere in the world, as long as the claim is filed in the U.S., a U.S. Territory, or Canada.
Get a fast, free quote now, and get the protection you need for your Massachusetts business. If you have questions, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday – Friday, 7am – 10pm ET.
Hiscox Customer Reviews
Scott, Hanover, Massachusetts
“New business owner and happy with Hiscox so far.”
After 30 years working as an EMT for the city ambulance service, I retired and transitioned my part-time/casual photography business to full-time. Along with other issues to address, I knew I would need a business owner's insurance policy. I was referred to Hiscox through a fellow photographer who had good things to say about his experience with Hiscox over the years. I initially called the same insurance agent that I deal with for my car insurance. I have been quite happy with them dealing with my car insurance for about 40 years and although they did put together a quote for a BOP, I did not feel that they were confident in knowing what I needed for my small business. I had to make suggestions and even with that, they had to "look into it". When I called Hiscox, the agent seemed confident and (without any prompting from me) addressed all the areas that I felt needed to be addressed. As I said, I am new at this and so far have only just purchased the policy. I have not had any other interactions with them yet but thus far I am happy with their service.
Joseph, Lowell, Massachusetts
"My service feedback with Hiscox"
Rep that I spoke with was very helpful, suggested I have not just liability on myself also on the property my clts come into.
Dave, Middleboro, MA
“Easy, quick and cheap! It was very easy and quick to obtain the professional insurance I needed.
The website was straight forward and the reps I spoke to on the telephone were very nice and informative. PLUS it was much cheaper than what my local agent would offer.”
"Perfect for a small business. It was quick and easy."
Carol, Boston, MA
“Needed Liability Insurance as a contractor”
The process is simple and uncomplicated as it should be. Enter information and payment, and documents received within minutes.
For your convenience, we offer Massachusetts small business insurance across the state. Our products have been approved by the Massachusetts Division of Insurance, and are underwritten by Hiscox Insurance Company Inc., an Illinois insurance company whose license number is 622240000.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply any claim is covered. Coverage is subject to underwriting and may not be available in all states.
Administered by Hiscox Inc., a Delaware corporation that is a licensed insurance producer in all states and DC. 5 Concourse Parkway, 21st Floor, Atlanta, GA 30328.