General Liability Insurance

Unfortunately, we live in a society that is becoming more litigious by the minute. If you think your company is unlikely to face a claim for a million dollars or more, think again. Imagine the time, money, energy and other resources that would be depleted if you had to fight against a claimant on your own. That’s time better spent running and growing your business.

That’s where the General Liability policy comes in. We call general liability the superhero of insurance because it protects your company’s assets and pays for obligations — medical costs, as the most common example — incurred if someone gets injured on your property or if you or an employee causes damage to someone else’s property. In the event that you are served with a lawsuit, this policy will provide coverage for a settlement up to the policy limit for any covered loss, and defense costs are typically covered outside of the policy’s limits.

General Liability can protect your business against:

  • Injuries to others including slip-and-falls
  • Damages to a rented/leased premises
  • Damages to others’ property
  • Lawsuits arising out of your completed operations
  • Suits alleging false or misleading advertising, libel, and slander
  • Claims of copyright infringement

Coverage is available as a stand-alone policy or included in a Business Owners Policy (BOP) or bundled into a Commercial Package Policy. Coverage, such as those mentioned above, vary and may not be available on all policies.

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Your Commercial & Small Business Insurance Team

"I’m very grateful for the depth of knowledge possessed by our team at M&M Assurance, and their excellent commitment to customer service. Knowing that they are handling our risk management means I am freed up to focus on our restaurant and our guests."


Nora Mulkern-Bean, The Shannon Door Pub & Restaurant

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How to Save Money on Workers’ ...

Many industries are experiencing a skilled labor shortage, and the residential construction trade is no exception. The cost of finding and retaining skilled workers is becoming increasingly burdensome on a construction company’s bottom line. You may find yourself increasing your employees’ compensation in order to retain their services and prevent them from accepting attractive financial packages from your competitors. Increasing your costs can make being competitive in job bidding more difficult. 

Striking a balance between losing a job because of a high bid and losing money on a job is a constant battle. It’s imperative to the success of your business that you understand your costs and know how to keep them down. As a residential contractor, you know one of your highest costs is workers’ compensation. But did you know that workers’ compensation offers a program that can put money back in your pocket?

The Massachusetts Construction Classification Premium Adjustment Program (MACCPAP) can help you save money on your workers’ compensation cost! Applications are included in every workers’ compensation policy that contains a construction classification and the hourly rate limits vary by specific class code. For example, if you pay any of your carpenters $31.04 or more and complete the application (included in your policy or online), you may receive a credit check! The higher you pay your employee(s) over $31, the more you can save!

Please contact us if you have questions about your insurance or would like more information on how to access the MACCPAP.


Con-DO or Con-DON’T – Condo Insurance ...

There are some advantages to condominium living. One, people feel, is that the association handles insurance so they skip the hassle of having to arrange their own coverage.  While that’s true to some degree, as with most things in life, it’s more complicated than it appears. There are traps for the unwary. To know what the association is going to take care of you need a copy of the by-laws and the master deed. These documents should be made available to your insurance advisors in order that they may design your coverage to coordinate with the “master policy”.

Questions to ask yourself when determining what kind of coverage you need:

  • Will the master policy cover the parts of the unit that you own? – Many associations are obligated to purchase property insurance that covers all building elements including those owned by an individual.  Others are not and the master policy covers only commonly owned elements of buildings.  The master deed identifies commonly owned elements and delineates the boundaries of individually owned units.  The by-laws indicate the association’s obligation.
  • What deductible has been chosen for the master policy? – If damage occurs in your unit only there is little doubt you will be responsible for the deductible even if the master policy provides coverage.  Many associations choose higher deductibles than an individual would be comfortable with in order to keep condo fees low.
  • Who will provide coverage if you improve your unit by adding higher end cabinetry, counter tops or other enhancements? – The master deed and by-laws will answer this question.
  • What is your exposure for assessments due to uncovered or inadequately covered damage to common elements or high deductibles?
  • Is your investment protected in the event of a total loss? – Again, look to the master deed and by-laws as well as the limit available under the master policy.
  • What will you need to adequately cover your personal property and your personal liability exposures? – Of course, the association will not provide any protection in these areas.  They are usually handled with a Condominium Unit Owners Policy.
  • Is the master policy written on a specialized condominium form? – Forms and endorsements have been developed for condominiums that recognize the special relationship of unit owners and the association in relation to the insurer.  These forms are important in reducing the exposures of individual unit owners.

Don’t assume. Whatever you do, don’t assume that your condo association has you covered. Do some research, get answers and get peace of mind.


Who’s Your Star?

Small and medium-sized businesses often have employees that are “stars.” Sometimes the star is the CEO or president, other times there is a salesperson who consistently outsells every other sales team member by a two to one margin. Maybe you’re a software company that has a star coder whose ideas led to your product being a number one editor’s choice. The point is that most companies have an employee or two that helps their business thrive. What happens to your business in the short-term if a star employee, referred to by the insurance industry as a “key man,” dies?

According to a study conducted by the National Association of Insurance Commissioners (NAIC), only 22% of small businesses carry this type of coverage.

Death is an issue that most people do not like discussing, so many small and medium-sized businesses do not have detailed succession plans, and key person life insurance remains an unresolved issue. It is a discussion that helps your company survive the difficult times that can follow the death of a key person.

What is Key Person Life Insurance?

Key man life insurance protects a business from economic loss relating to the death of a key employee. The company buys the insurance, owns the policy, and is the beneficiary of the policy in the event of the sudden death of the insured. Payment from the insurance company to the business is a lump sum, and there are no restrictions on how the company can use the money. Most companies use the money to stabilize the business until they find the key person’s replacement.

Types of Key man Life Insurance

Businesses gravitate to two kinds of policies for key employee life insurance.

Term Life Insurance. Startups favor this type of policy. Startups always try to conserve cash, term life insurance is cheaper than any other kind of personal life insurance.

Policies that build cash value. Whole life or universal life insurance builds cash value that increases the cash value of the policy and is an asset on the company’s book. The company can get access to the excess cash value of the policy at any time for any purpose since the money from the cash buildup belongs to them.

Life insurance premiums vary between companies and smart companies comparison shop for the best insurance program.

The discussion is uncomfortable, but if you do not have key man insurance, it’s worth talking about.