Your burning personal and commercial insurance questions: answered

Why should I choose Berry Insurance?

Berry Insurance is a customer-centric, community focused, independent insurance agency serving a full range of insurance and risk management services to individuals, families, and businesses throughout New England. At Berry Insurance, we’re real people just like our clients. We understand your needs because we share those needs. We believe our value is in consultation, education, personal relationships, and community advocacy. But don't just take our word for it -- read our Google reviews!

What kinds of clients does Berry Insurance have?

Currently, about 55% of our clients are businesses and 45% are individuals or families, and we have dedicated support teams to serve each of them. Our commercial clients range in size from solopreneurs to complex multi-million dollar operations, and everywhere in between. We protect contractors, public entities, municipalities, water/sewer districts, manufacturers, tech services, sushi restaurants, photographers, nannies, professional services, and everywhere in between. We strive to have a good balance so that we can ensure we have dedicated team members on staff to answer all your insurance questions - whether that be business, personal, life or more.

I see you only have one location. Do I have to come into the office to work with you?

We can make any long-distance relationship work. We make ourselves available to you how you prefer to do business. Phone. Email. Web or video chat. Fax. Regular mail. And yes, even in person. But if you’d prefer to keep our relationship from a distance, we have the technology in force to work electronically - safely and securely.

Do I have to talk to someone? Can’t I just get a quote online?

If we never talked, what kind of relationship would we have? Seriously though, we don’t offer an online quoting tool because your protection matters to us. An online quote form cannot ask you in depth questions to make sure everything that is important to you gets covered. And we can’t sleep at night knowing you aren’t properly protected.

Who do I call if I have a question or problem? Will I be dealing with a call center?

We’re committed to you. And that commitment means we’ll never send you to a 1-800 number, a call center or put you through an automated phone system. You’ll work with your dedicated account manager on everything you need. And if he or she is out of the office, our team-based approach means we’ll never stand you up.

What do I do if I have a claim?

If you have a claim, your first priority is to make sure everyone is safe and out of harm's way. As soon as it is safe to do so, give us a call so we can get your claim reported to your insurance carrier. We have a dedicated 24/7 claims line answered by our team to help if anything were to happen.

But before a claim happens, check out these resources:
 - [Video] What Happens When I File
   A Claim For My Car?
- [Video] What Happens If I Have a Claim
  for My Home?
- [Article] What to Expect During a Business     Insurance Claim
- [Article] Everything You Need to Know
   About Filing a Home Insurance Claim
- [Article] Should I Hire a Public Adjuster
  for my Claim?
- [Article] What Happens After a
  Car Accident? (MA Auto Insurance Claims      Process & Timelines)

Does Berry Insurance go to the Registry?

As a general practice our agency does not offer Registry runs. But we will prepare all the paperwork you need and assist you with any additional forms so that you can make sure your trip is quick and stress-free!

Am I getting a good deal?

When looking for the best value in insurance, there's a lot more to it than simply finding the cheapest option. You want to be sure you have the coverage you need to provide the protection you deserve. Oftentimes, that creates a trade-off (better coverage = higher cost or lower coverages = cheaper cost.) At Berry Insurance, we work to find the right balance based on your needs. We only work with insurance companies that have a strong reputation, and an equally strong financial rating, so we know they can pay your claim. These companies adjust their rates frequently, and also offer many discounts to consumers. It is our job to shop for you, making sure you always take advantage of the right protection and the right price.

Will my premium increase next year?

Insurance companies can file for rate increases or rate decreases at any time throughout the year. Unfortunately, it is not something we can predict. But one promise we can make is to fully understand your situation so that we can place your insurance with the best carrier possible for your needs. If pricing causes those needs to change, or we hear that your insurance carrier will be significantly increasing the rates, we have the advantage of shopping your insurance with many other carriers that may be a better fit.

I'm not familiar with this insurance carrier. Are they any good?

Just as you do research before making a purchase decision, we also do our research and take our time when considering which insurance companies to do business with. You should feel confident that we only work with insurance companies that have a strong reputation, and an equally strong financial rating, so that we know they can pay your claim. We also find working with a good balance of both regional, national and specialty carriers allows us to customize the best insurance plan for you - both with good rates and great service.

In addition, many regional and specialty insurance companies (albeit lesser known) have the advantage of making faster decisions on claims, and can be more flexible with underwriting, as they are familiar with New England from living and working here too!

To learn more, read How Much Should Online Reviews Affect my Insurance Company Selection?

Am I getting all the discounts I should be?

During our discussions together, we asked you questions to help us get a good feel for your current situation and so we can make sure you take advantage of all the discounts available to you. Insurance carriers offer a variety of discounts. If you are concerned you are missing one, be sure to let us know so we can review it with you. And don't forget - insurance carriers often give multi-policy discounts when we insure more than one policy with them.

How do I know if this is the right coverage for me?

What is right for you today might not be right for you a year from now. During our discussions together, we asked you questions to help us get a good feel for your current situation so we can present you with options to fit your needs. Only you can decide what is the right coverage for you. (But there are a few coverage recommendations we ask you to consider.) Just don’t forget - as things change in your life or business, be sure to let us know so we can review your coverage to determine if updates need to be made.

But don’t worry - if we don’t hear from you, we’ll reach out every year to get a quick update.

Do I have to fire my current agent?

Even if you are unhappy with your current agent, it doesn't mean you are necessarily excited about cutting them loose.

We get it! Breaking up is hard to do. At Berry Insurance, we’ll handle that part for you - and we promise to let them down gently. We may need your signature on a few forms in order for us to cancel your existing coverages, but otherwise, we’ll take care of the rest.

What if I've already paid my other policy?

No worries! We can still put your new policy into place. We will notify your existing insurance company and request that they refund you the overpayment right away. (Note: It could take them a few weeks to process the refund.) You will still be billed the required 20% deposit from your new company, but hopefully you’ll have received your refund before your bill is due.

How can I pay?

Your insurance company will bill you directly and offers a variety of payment options, including pay in full (which may give you an additional discount), monthly installments, and even the ability to pay via electronic funds transfer (EFT) or ACH from your checking account (which saves you on monthly billing fees). Just let us know which plan would work best for you and we’ll take care of the rest! Keep in mind though, most insurance companies require a 20% deposit for a new policy.

How do I get in touch after-hours?

At Berry Insurance, we have a 24-hour emergency claims line set up for your convenience. If you have a claim-related emergency, just call us at (508) 528-5200 and leave a message in our Claims Voicemail Box. It will notify someone on our team right away, and we’ll be in touch ASAP. If you have a question not pertaining to a claim, you can leave us a phone message, text us, or send us an email, and we’ll be in touch the next business day. And don’t forget - you can access your account through our app - download at the Google Play Store or Apple Store - or through our online client portal!

Do I need car insurance?

If you live in Massachusetts, you must at least have a policy including coverage for bodily injury to others, personal injury, bodily injury caused by an uninsured auto and property damage, all at the state minimum limits. If you finance or lease your vehicle, you will be required to have other coverages as well.

We firmly believe that the state required minimum coverage is not enough to protect you. Without a substantial car insurance policy, you may have several gaps in coverage and could find yourself with a significant out-of-pocket bill if you were to have a claim.

For more information, read How Much Car Insurance Do I Need? (And Why the State Minimum Isn’t Enough).

What does car insurance cover?

At a minimum, car insurance covers the Massachusetts-required coverages outlined in the first FAQ. However, with optional coverages, you can also receive coverage for damage to your vehicle from a collision or other cause, medical payments, glass replacement, rental vehicles, towing and labor and more.

For more information, read What is Not Covered by Car Insurance? 

How much does car insurance cost?

We wish we could give you a straight-forward answer to this, but we can’t. It’s not that we have anything to hide, but car insurance is complex, and the cost can vary significantly based on several factors including your vehicle, coverages and limits, where you live, your driving record, how much you drive, what you use your vehicle for, who drives your car, payment methods, and discount eligibility.

For more information, read How Much Does Car Insurance Cost? 

What happens if I need to file a claim?

If you’ve gotten in a car accident or had damage to your vehicle, don’t panic. We can help you through it.

Once you’ve made sure you and your vehicle are moved to safety, there are a number of details you’ll want to gather for if/when you decide to file a claim, including details of the accident, the people/vehicles involved, photos of damage/license plates/registrations/drivers licenses, police report, crash report, and auto insurance policy numbers of everyone involved.

Once you’ve collected that information, report it to your insurance agent who can navigate the claims process for you by reporting it to your insurance company and getting an adjuster assigned to review your claim information and make a determination.

For more information, read What Happens After a Car Accident (MA Auto Insurance Claims Process and Timelines). 

Do I need homeowners insurance?

In Massachusetts, homeowners insurance is required if you finance your home (and let’s be real, most of us do). But even if your home is paid off, you will more than likely still want the coverage. If you spend many years in your house, chances are you will have a claim once or twice, and even a simple claim can cost several thousands of dollars.

Without the coverage, you would be risking a huge financial setback -- potentially even the total loss of your home and all possessions. It’s not worth the risk to go without.

How much home insurance do I need?

This isn’t an easy question to answer, and that’s because … it depends!

The amount of homeowners insurance your property needs is unique to your home’s location, size, construction, materials, possessions, risks, and more.

Reach out to one of our client success managers to get a more accurate assessment based on your specific conditions.

How much does homeowners insurance cost?

This question is not easy for us to answer. We aren’t hiding anything (we promise!) -- It’s just that it can vary greatly from property to property.

The cost of homeowners insurance depends heavily on your home’s location, size, materials, possessions, risks, the coverage limits and deductibles you select, and so much more.

To learn more about what you can expect your home insurance to cost, read this article: How Much Does Homeowners Insurance Cost in Massachusetts?

What happens if I need to file a claim?

If you’ve had an incident requiring a home insurance claim, don’t panic. Your insurance agent can help you navigate through it easily.

Once you’ve made sure you and your family are safe, you’ll want to gather information about the claim including what happened, when it happened, what was damaged, if anybody else was involved, and photos of the damage.

Once you’ve collected that information, inform your insurance agent who will report it to your insurance company and get an adjuster assigned to review your claim information and make a determination.

For more details, read: Everything You Need to Know About Filing a Home Insurance Claim.

Do I need condo insurance? What if I have a policy through my HOA?

Every condo association has their own master insurance policy (included in your HOA fees), which covers damage to the condo’s building, common areas, and outdoor features.

In many cases, your mortgage lender or condo association will require you to purchase an individual policy. It is not always required, but is always recommended for property and liability protection.

Without it, you could lose a significant amount of your possessions through theft or a disaster.

How much condo insurance do I need?

For the most part, if you want full coverage, you should make sure your policy covers the cost of all your possessions.

To figure this number out, you don’t need an exact calculation. Just roughly estimate the value of your possessions, overestimating to ensure full coverage.

For items with any limitations, such as jewelry, you will need to purchase extra coverage to cover the value of all your items.

However, that isn’t the only thing to keep in mind.

How much coverage is actually really dependent upon what is covered by the association and what the association deductible is. Some condo associations cover walls-in, some don't, meaning you may need some building coverage. And the deductible on the master will help decide how much loss assessment is needed.

Fortunately, your agent can dive deep with you to make sure you get the right amount.

How much does condo insurance cost?

Condo insurance costs can vary depending on building factors (such as age, materials, etc.) as well as the coverage amount you decide to purchase based on the value of the possessions you own.

Somebody with valuable jewelry, art, etc. will pay much more for condo insurance than someone with minimal valuable possessions.

Some insurance companies also offer a discount if the master insurance policy and the unit owner policy are both with the same insurance company.

Expect to pay roughly $200 to $1,000 per year ($16 to $83 per month) for an individual condo insurance policy, but reach out to your insurance agent for a more specific estimate.

For more information, read this article: How Much Does Condo Insurance Cost in Massachusetts?

What happens if I need to file a claim?

If you’ve had an incident requiring a condo insurance claim, don’t panic. Your insurance agent can help you navigate through it easily.

Once you’ve made sure you and your family are safe, you’ll want to gather information about the claim including what happened, when it happened, what was damaged, if anybody else was involved, and photos of the damage.

Once you’ve collected that information, inform your insurance agent who will report it to your insurance company and get an adjuster assigned to review your claim information and make a determination.

Do I need renters insurance?

In some cases, your landlord or apartment complex may require you to have renters insurance, but often it is not required. However, we always recommend it for property and liability protection.

Without renters insurance, you could lose a significant amount of your possessions through theft or a disaster. You could also be uncovered in a lawsuit if someone were to get hurt in your apartment, or even if someone accused you of libel, slander, or defamation.

How much renters insurance do I need?

The answer to this one is pretty simple. If you want full coverage, you should make sure your policy covers the cost of all your possessions.

To figure this number out, you don’t need to work too hard. Just roughly estimate the value of your possessions, overestimating to ensure full replacement coverage.

For items with any limitations, such as jewelry, you will need to purchase extra coverage to cover the value of all your items.

For a more accurate estimate, reach out to your insurance agent.

How much does renters insurance cost?

Renters insurance costs can vary depending on building factors (such as age, materials, etc.) as well as the coverage amount you decide to purchase based on the value of the possessions you own.

Somebody with valuable jewelry, art, etc. will pay much more for renters insurance than someone with minimal valuable possessions.

The average cost of a renters insurance policy in MA is $194 (approximately $16 a month), but as we said, it can vary.

To learn more about what renters insurance might cost for you, read this article: How Much Does Renters Insurance Cost in MA?

What happens if I need to file a claim?

If you’ve had an incident requiring a renters insurance claim, don’t panic. Your insurance agent can help you navigate through it easily.

Once you’ve made sure you and your family are safe, you’ll want to gather information about the claim including what happened, when it happened, what was damaged, if anybody else was involved, and photos of the damage.

Once you’ve collected that information, inform your insurance agent who will report it to your insurance company and get an adjuster assigned to review your claim information and make a determination.

Do I need life insurance?

Life insurance is by no means a requirement, but it can be a very wise and affordable way to make sure your family would be financially comfortable if you were to die.

While we can’t directly answer this question, it may help for you to consider what your family’s situation would be if you were to die tomorrow.

Would they be able to maintain their standard of living without your income? Would they be able to pay outstanding loans? Would they be able to cover funeral expenses? Would they be able to pay for the future plans you wanted to help out with?

A single person with no dependents may be able to skip life insurance, but we usually recommend coverage to any person who plays a role in supporting a family unit.

What is the difference between term and permanent (whole) life insurance?

Term insurance provides coverage for a certain time period, often 10 to 30 years, typically for a level premium. If the insured passes away during the term, their beneficiaries receive a death benefit payment.

Permanent (whole) insurance offers lifetime coverage including both a (tax free) death benefit, which is the compensation paid to the beneficiary once the insured passes away, and a cash benefit, which is a forced savings available to the insured while he or she is still alive.

Term insurance is significantly cheaper than permanent insurance, and is usually what we recommend for most of our clients.

But before you select an insurance policy, you will want to make sure you fully understand the differences between term and permanent insurance to evaluate which best meets your needs. To learn more, read Term vs. Permanent Life Insurance: Which is Better for Me? 

When should I get life insurance?

Generally, as soon as you have a family you play a role in supporting, or if you have debts that will leave anybody with a financial burden. The rule of thumb with life insurance is the younger and healthier you are when you buy it, the cheaper it is.

But there are also some more specific times that are better than others to get a life insurance quote. Learn more by reading When are the Best and Worst Times to Get Life Insurance? 

How much does life insurance cost?

Many people think they can’t afford life insurance, but the good news is, life insurance premiums have come down significantly in the last several years.

The cost of life insurance can vary significantly depending on the type of life insurance, the age and health of the applicant, and the amount of coverage being purchased.

But let’s look at a realistic example to give you a better idea.

If a 40-year-old healthy male were looking into acquiring a $50,000 life insurance policy, this is an estimate of what he might pay for each type of policy:

20-year term policy: $107/year
Universal life (permanent): $505/year
Whole life (permanent): $1,036/year

For more details, read this article: How Much Does Life Insurance Cost in Massachusetts?

Do I need umbrella insurance?

Honestly, we think anyone with an active auto and home/renters/condo insurance policy should get an umbrella policy. This is because umbrella insurance is an affordable coverage that could prevent you from a life-altering setback if a claim exceeds your existing insurance limits.

People with additional exposures (greater opportunities for accidents) have even more reasons to get the coverage.

Some of these exposures include:

- Pools
- Trampolines
- Jungle gyms/playsets/swing sets
- Boats/watercraft
- Snowmobiles
- ATVs/Go Karts, etc.
- Dogs
- Parties and playdates
- Youthful/inexperienced drivers
- Investment properties
- Membership on boards or volunteer groups
- Significant savings/assets

For more information, check out this article: What is Umbrella Insurance and How Do I Know if I Need it?

What are some situations that might require umbrella insurance?

There are countless claim situations that have the potential to exhaust your standard home/renters/condo and auto policies. These are just some examples of incidents, but multiple variations of property damage, bodily injury, or personal injury could necessitate umbrella coverage:

- You cause a car accident resulting in injuries, fatalities, or property damage
- Your dog bites someone, causing injury
- Someone gets injured or drowns in your pool (this can happen whether you’re monitoring pool use closely, or if some neighborhood kids sneak into your pool while you aren’t home)
- You have your child’s friend over for a playdate and they get injured on your trampoline, playset, stairs, etc.
- Someone gets injured by or while using watercraft you own
- You (or your child) speak or publish something false or negative about someone, or someone claims you spoke or published something false or negative about them

How much umbrella insurance do I need?

That’s a great question, and at the end of the day, only you can answer that based on how much risk you’re willing to tolerate.

Many suggest your policy should cover the value of all your assets, but because umbrella policies are offered in $1 million increments (with a $1 million minimum), you don’t need to do any precise or complex calculations.

Most of our clients opt for a $1 million policy, because it is affordable, and probably enough to cover any of the more likely incidents that could occur.

People with multiple properties and/or significant monetary assets, or who own a business, may want a policy limit of $2 million, $3 million or more to further protect themselves if they are targeted in a lawsuit.

How much does umbrella insurance cost?

Here’s the good news - probably not as much as you think.

Costs of personal liability umbrella policies range based on various factors such as (number of properties, number of autos, driver history, number, age and experience of drivers, number of watercraft/snowmobiles, etc.), but a $1 million policy may cost between $160 and $300 per year.

As you increase policy limits beyond $1 million, the premium cost increases in smaller increments.

For example a $2 million policy might only cost 1.8 times the cost of the million dollar one (rather than double), a $3 million dollar policy might cost 2.55 times the million dollar policy (rather than three times) and a $10 million dollar policy might cost 8.9 times the million dollar policy (rather than ten times).

To learn more about umbrella insurance cost, read this article: How Much Does Massachusetts Umbrella Insurance Cost?

Do I need non-owner car insurance?

If you don’t own a vehicle, non-owner auto insurance isn’t legally required. However, if you drive at all, you need one.

Whether you rent cars regularly, or borrow a friend’s vehicle once in a while, a non-owner policy will ensure you won’t be stuck with a costly bill if you were to get in an accident.

If you own a car, you do not need a non-owner policy because your car insurance policy will cover personal injury and liability coverage (but you will probably also need additional coverages)

Also, If you regularly use the same person’s car, you should probably just be listed on that person’s car insurance rather than having a non-owner policy.

How much non-owner insurance do I need?

Only you can decide how much non-owner auto insurance you want based on your risks and financial situation, but at a minimum, we recommend $100,000 bodily injury per person, $300,000 bodily injury per accident and $100,000 property damage.

How much does non-owner insurance cost?

The cost of non-owner insurance varies on factors on driving record, credit, risks, age, location, and the amount of coverage you want, but the average cost for a non-owner policy in Massachusetts costs around $700 per year.

To find out more about what a non-owner policy may cost you, read this article: How Much Does Non-owner Car Insurance Cost in Massachusetts?

What happens if I don't have coverage and I get into an accident driving someone else's car?

If you get into an accident in someone else’s car, that person’s car insurance will automatically cover injuries and property damage you caused up to the limits on their policy.

However, a non-owner policy will cover any costs that exceed their limits, so without it, you could be stuck with a large out-of-pocket bill.

Do I need this coverage if I have my own car insurance for my car, but I sometimes drive someone else's car?

If you have your own car insurance policy, you do not need a non-owner policy. Car insurance policies cover everything non-owner auto insurance covers and more.

How can I get physical damage covered since it isn’t included in non-owner coverage?

Non-owner car insurance covers injuries and property damage that you cause to others, but it does not cover damage to the borrowed car or your medical expenses like a normal car insurance policy would.

While your health insurance may cover much of your medical expenses, you’ll also want to make sure you have coverage for damage to the vehicle you’re driving.

Make sure the owner of the car has physical damage included on their vehicle’s car insurance policy.

How is classic car insurance different from regular car insurance?

Classic car insurance offers most of the same protections as regular car insurance, such as collision, comprehensive, property damage, and bodily injury liability, but is specifically catered to your classic car.

Classic car policies are only intended for occasional vehicle use, so the premiums are much cheaper than a normal policy.

Also, unlike a standard auto policy, your vehicle value does not depreciate. Once your vehicle price is established that coverage amount is guaranteed on your policy.

A classic car policy does not have mileage limitations, whereas, if you listed your classic car under a standard policy, it might be subject to restrictions.

How do I know if my car qualifies for coverage?

Classic car insurance covers a variety of classic cars, trucks and other vehicles, including antiques autos, collector and vintage cars, some modified and newer vehicles, motorcycles, and other specialty vehicles.

Whether or not you qualify depends on usage, driving records, and risk.

You can’t get a classic car policy for a vehicle you have for everyday use, or off-road or recreational vehicles, commercial-use vehicles, motorcycles with performance modifications. In some cases, however, you may be able to insure your everyday vehicle under your classic car policy, if you already have a classic car.

Some policies may even require you to store your car in a garage or similar protection and you may not qualify for a policy if you cannot.

Reach out to your insurance agent to find out if you qualify.

Do I need classic car insurance if I have a classic car?

Technically, no.

But as long as you are driving your classic car at all, you need some sort of car insurance policy. And classic car insurance might make the most sense since it is cheaper than a standard auto insurance policy.

How much does classic car insurance cost?

Classic car insurance can vary significantly based on several factors including your vehicle, coverages and limits, where you live, your driving record, how much you drive, what you use your vehicle for, who drives your car, payment methods, and discount eligibility.

However, the premiums for classic car insurance are on average 36% lower than a standard auto insurance policy, which usually costs somewhere between $700 - $3,000 per year or $58 - $250 per month.

For more information, read this article: How Much Does MA Classic Car Insurance Cost?

Do I need RV insurance?

In Massachusetts, if you have an RV, you are required to have an RV policy with at least liability and uninsured/underinsured motorist coverage at the state minimum required limits.

However, you will probably need a lot more than that.

Without a substantial car insurance policy, you may have several gaps in coverage and could find yourself with a significant out-of-pocket bill if you were to have a claim.

For more information, read How Much Car Insurance Do I Need? (And Why the State Minimum Isn’t Enough).

How much RV insurance do I need?

As we mentioned, in Massachusetts, you are required to at least have liability and uninsured/underinsured motorist coverage for your RV, but you may also need optional coverages such as collision, comprehensive, towing, and more.

Choosing your coverage limits and optional coverages depends on the features of your RV, your perceived risks, and financial comfort. Since every RV and personal situation is so different, the best way to get a good idea of how much RV insurance you need is by talking with an insurance agent.

We will say however, since an RV is a large investment and is capable of significant damage, we usually recommend a pretty substantial policy.

How much does RV insurance cost?

Not to beat around the bush, but the cost of RV insurance can vary significantly based on RV features, frequency of use, driving history, and the coverages, limits, and deductibles you select.

Generally, an RV policy will cost around $1,000 - $2,500 per year ($83 - $208 monthly).

To learn more about what RV insurance may cost for you, read this article: How Much does MA RV Insurance Cost?

What happens if I need to file a claim?

If you’ve gotten in an accident or had damage to your recreational vehicle, don’t panic. We can help you through it.

Once you’ve made sure you and your vehicle are moved to safety, there are a number of details you’ll want to gather for if/when you decide to file a claim, including details of the accident, the people/vehicles involved, photos of damage/license plates/registrations/drivers licenses, police report, crash report, and auto insurance policy numbers of everyone involved.

Once you’ve collected that information, report it to your insurance agent who can navigate the claims process for you by reporting it to your insurance company and getting an adjuster assigned to review your claim information and make a determination.

For more information, read What Happens After a Car Accident (MA Auto Insurance Claims Process and Timelines). 

Do I need watercraft insurance?

While watercraft insurance is not required for boats in Massachusetts, if you finance your watercraft, your lender will most likely require it. If you keep your boat in a marina, the marina may also require you to have it.

If you do not finance your boat, choosing whether or not to buy coverage is up to you, but we usually always recommend it because the protection is worth the cost.

Homeowners insurance may offer some protection to your watercraft, it likely does not cover the whole value.

If you have an expensive boat, or if you would not be able to pay out-of-pocket if it were to be damaged, you should have boat insurance.

If your boat is inexpensive or has depreciated significantly and you are comfortable paying to repair or replace it, you might not need a policy for physical damage, but probably should still get one for the liability coverage.

To learn more, read this article: What is Watercraft Insurance? (Everything you Need to Know).

What types of watercraft insurance are there?

There are several types of watercraft insurance available. Some of these types include:

Hull insurance: covers damage to your boat and property damage your boat costs

Third-party liability insurance: covers property damage your boat causes and damage caused from fuel spills, towing, medical expenses, and rescue operations.

All-risk insurance: covers ice damage, freezing, pollution liability, reef damage liability, mechanical breakdown.

Actual cash value insurance: covers the actual cash value of your boat or an agreed value predetermined when you buy your policy.

Yacht insurance: covers boats 27’ or larger.

How much does watercraft insurance cost?

The cost of boat insurance can vary depending on type of boat, boat age, value, size, speed or horsepower, condition, location of operation, storing/docking location, operators of the watercraft, accidents/violations, coverage choices, and discount eligibility.

However, you can generally expect your annual premium to be about 1-2% of your boat’s market value.

To learn more about what watercraft insurance might cost you, read this article: What does MA Watercraft Insurance Cost?

What if I need to file a claim?

If you’ve gotten in an accident or had damage to your boat, don’t panic. We can help you through it.

Once you’ve made sure you and your watercraft are moved to safety, there are a number of details you’ll want to gather for if/when you decide to file a claim, including details of the accident, the people/boats involved, photos of damage, and police report.

Once you’ve collected that information, report it to your insurance agent who can navigate the claims process for you by reporting it to your insurance company and getting an adjuster assigned to review your claim information and make a determination.

Do I need flood insurance?

While flood insurance is not required, flood damage is costly, so getting the insurance might be worth it. Here are some things to consider when deciding if you need flood insurance:

Would your home be affected by any flat or downward sloping land, causing water to accumulate?

Are you in an area that has warm springs and cold, snowy winters?

Do you have any streams, rivers, or large bodies of water near your business?

Are you located near any dams or levees?

If you answered yes to any of the questions above, you may be at more of a risk for flooding than other houses, which means flood insurance would be worth looking into.

What if I'm not in a flood zone?

If you’re not in a “flood zone,” you may think you are safe from flooding, but think again. According to FEMA, 25% of flood-related claims are from low to moderate flood risk areas. Simply living in New England creates many opportunities for weather-related flooding. Thankfully though, those in low risk areas will receive the best pricing for coverage.

Read More: Do I Need Flood Insurance Even if I’m Not in a Flood Zone? 

How much does flood insurance cost?

The cost of flood insurance varies greatly (from $500 to $12,000 annually) depending on what risk zone you are in, what your coverage limits are, and what you choose as your deductible.

If you’re renting, coverage for your personal belongings will generally cost a couple hundred dollars.

To learn more about what flood insurance might cost you, read this article: How Much Does Flood Insurance Cost in Massachusetts?

If I don’t buy flood insurance, can’t I just get help from FEMA?

If you don’t have a flood insurance policy, FEMA may provide emergency assistance, but only if your location has been declared a disaster area. Reimbursement will be limited to certain coverages and repairs.

Even still, flood insurance is the only way to know you'll be covered and don't have to worry about potentially not being eligible for federal funding.

Do I need pet insurance?

Do you need it? No.

You also don’t need medical insurance…..but you have it anyway, right?

If you’ve owned your pet for any amount of time, you know how easily they can get themselves into trouble, especially if they are still very young. And as they grow older, you can only imagine the types of accidents or illness that may happen. Sometimes these can cost thousands in medical and further care.

So if the potential of uncovered medical expenses could create a financial burden for you, then you definitely want to consider it.

To learn more about if pet insurance might be right for you, read this article: What is Pet Insurance?

What if I have a pet that is not a cat or dog, can I get pet insurance?

Possibly. Most pet insurance policies cover cats and dogs as they are the most expensive to treat, but some insurance companies offer coverage for birds, reptiles and other pets. At Berry Insurance, we offer policies only for our 4-legged cat and dog friends.

How much does pet insurance cost?

Pet insurance is relatively affordable, but the cost does depend on the breed, age, size, location, indoor/outdoor exposure, and coverages selected. Generally, the younger your pet is, the more affordable the policy will be. A good estimate would be about $50-$75 per month.

But to learn more about what it could cost you, read this article: What Does Massachusetts Pet Insurance Cost?

How do I get reimbursed for my pet’s vet bills?

You will be responsible for payment of your pet’s treatment. Once paid, you can submit your veterinary bills and paperwork to your insurance company for reimbursement, based on your coverages, deductibles and reimbursement percentage chosen.

Your insurance company may request additional paperwork from your veterinarian directly, and there may be a waiting period, typically a few days, before you will be reimbursed.

Do I really need to insure my second property?

If you finance your second property, your lender is going to require you to insure it. But even if you don't finance, you will more than likely still want the coverage.

A vacation home should be a luxurious getaway. An investment property should be financially fruitful. Neither of these situations can be true if you don't have the right insurance to cover you from an unexpected disaster which could set you back thousands of dollars.

To learn more, read How to Insure an Investment Property.

How much does it cost to insure my second property?

Well, it depends!

If you are insuring a second/vacation home: the cost of homeowners insurance can vary based on many factors, but you can usually expect it to cost around $700 - $5,000.

If you are insuring a small, tenant occupied home: The cost of dwelling fire coverage can range based on a number of factors including the dwelling limits, size, location, and more, but we typically see them fall in the $1,500 - $3,000 range.

If you are insuring a vacant property not under renovation: Because of the risks associated with a vacant property, these policies are typically about 50% more expensive than home insurance policies.

If you have a vacant property under renovation: A standard builder’s risk insurance policy will cost 1-4% of the total construction cost.

If you are insuring a multi-unit property: the cost of insuring this type of property can vary significantly depending on the size of the building, number of units, cost, and location, but you can generally expect to pay somewhere from $1,500 to $5,000 per year.

How much insurance do I need?

This isn’t an easy question to answer, and that’s because … it depends!

The amount of insurance your property needs is unique to it’s location, size, construction, materials, possessions, risks, and more.

Reach out to one of our client success managers to get a more accurate assessment based on your specific conditions.

What happens if I need to file a claim?

If you’ve had an incident requiring an insurance claim, don’t panic. Your insurance agent can help you navigate through it easily.

Once you’ve made sure everyone is safe, you’ll want to gather information about the claim including what happened, when it happened, what was damaged, if anybody else was involved, and photos of the damage.

Once you’ve collected that information, inform your insurance agent who will report it to your insurance company and get an adjuster assigned to review your claim information and make a determination.

Do I need nanny insurance for my nanny?

Yes. In Massachusetts, any business that has one or more employees who works more than 16 hours a week is legally obligated to have this coverage.

But even if your nanny works less than 16 hours, you should probably still consider the coverage to protect yourself and your nanny.

Shouldn't health insurance cover my nanny's injuries?

If you think your nanny's health insurance is enough to cover any injuries they acquire on the job, you might be wrong.

Many Massachusetts health insurance companies have a “work related injury” exclusion in their coverage terms and conditions. So if your nanny or au pair is injured in the course of their work, and seek medical care under their health insurance plan, they could be denied coverage.

How much does nanny insurance workers compensation insurance cost?

Workers compensation insurance is regulated in Massachusetts, meaning that it will cost the same from any insurance agent or company you choose to work with.

For each nanny that works for you, the base charge is $141 per year. (With fees and state assessment charges, the total cost for one nanny on a $1 million workers compensation policy is $286.)

Do I need builders risk insurance?

It depends. If you have a construction project in the works, you’ll first need to find out who is responsible for buying the insurance. Your general contractor may already have a policy in place, but if not, it could be up to you to protect your investment.

At Berry Insurance, we always recommend that the business owner or building owner be the person that buys the insurance coverage for their project.

For more information, read Do I Need Builders Risk Coverage? or Do I Need Builders Risk Coverage for my Home Project? 

What does a builders risk insurance policy cover?

A builders risk insurance policy can cover a new construction, remodel or renovation, or an installation. They can also be customized to cover one specific project or can be designed to cover many projects at the same time.

I’ve already started construction. Is it too late to get a builders risk insurance policy?

Most likely, yes it’s too late. Typically a builders risk insurance policy needs to be purchased before the project starts.

If your project takes longer to complete than planned (as most tend to do), you can extend your policy. But unfortunately, if you’ve started before you had coverage in place, most insurance companies won’t be able to help.

How much does builders risk insurance cost?

It depends.

Policies can range anywhere from a few hundred to several thousands of dollars, depending on your unique project needs and how much of an investment you wish to cover.

Some of the factors that will determine the price of this insurance are the project location, what protection and controls you have in place to keep your property safe, how much coverage you need, who is completing the work, the project timeline, and more.

To learn  more about what builders risk might cost you, read this article: How Much Does Builder's Risk Insurance Cost in Massachusetts?

Do I need workers compensation insurance?

Yes. In Massachusetts, any business that has one or more employees is legally obligated to have this coverage. However, just buying the policy doesn’t guarantee you have what you need. Depending on how you structured your business, and what and where your operations are, you may need additional coverages.

I’m a sole proprietor with no employees, but I do have personal health insurance, do I need workers compensation insurance?

Probably.

Many Massachusetts health insurance companies have a “work related injury” exclusion in their coverage terms and conditions. So if you are injured in the course of your work, and seek medical care under your health insurance plan, you could be denied coverage. We always recommend checking with your health insurance agent to see if you are covered.

For more information, read Do I Need Workers Comp if I am a Remote Worker, Independent Contractor or Sole Proprietor? 

I’m a business owner. Am I covered under workers compensation insurance?

It depends. In Massachusetts, if you are a sole proprietor (operating as an individual), or a member or partner of an LLC or partnership, you are not automatically covered. You will need to submit a request for coverage on your company letterhead to the Massachusetts Workers Compensation Rating & Inspection Bureau.

If you are a corporate officer, owning 25% or more of your business, you are automatically covered.

I’m a business owner and I don’t want workers compensation insurance. Can I opt out?

Yes, but we usually don’t recommend it. (See question 2 above)

If you are a corporate officer, owning 25% or more of your business, you can request an exemption from workers compensation insurance coverage.

To learn more, read this article: Do I Need Workers' Compensation for Myself as a Business Owner?

How much does workers compensation insurance cost?

Workers compensation insurance is regulated in Massachusetts, meaning that it will cost the same from any insurance agent or company you choose to work with. The cost is determined by your total payroll, job duties performed, locations worked, claims history, and additional coverages your business may require.

To learn more about what workers' comp might cost your business, read this article: How Much Does MA Workers' Compensation Insurance Cost?

How does commercial auto insurance work?

Commercial auto insurance works much like a personal auto insurance policy, except that the coverages are designed to protect your business vehicles and your liabilities associated with them. The policy can be customized with the coverages that are relevant and necessary for your business operations, and will help protect you if sued as a result of you or your employees actions on the road.

How much coverage do I need?

Great question! And the answer is, usually more than you think.

For most insurance companies, the maximum commercial auto insurance that can be purchased is $1,000,000. Unfortunately, with today’s litigious society in combination with the rising costs of vehicles and vehicle repairs, this might not be enough.

Many business owners often choose to buy commercial umbrella insurance to protect against large claims that exceed the policy limits.

What if I use my company car for personal use? Am I covered?

This one is tricky.

Any auto policy, personal or commercial, provides coverage for damages to the vehicles insured, as well as provides liability protection for the policyholder. Therefore, a commercial auto insurance policy covers your business’ liability, not your personal liability.

So, if you are driving a company-owned vehicle for business use, and are involved in an accident, your commercial auto insurance policy would cover any damages to the company vehicle, and any business liability associated with the accident.

Now, if you drive a company-owned vehicle to the grocery store and cause an accident, your commercial auto insurance would cover damages to the vehicle, but you personally would not have liability coverage. For that you’d need a personal auto insurance policy. (Note: in this instance you’d either need to buy non-owner car insurance or, in some cases, you may be able to buy personal auto liability coverage on your business auto policy. Be sure to ask your agent about this.)

To learn more, read this article: What You Need to Know When Supplying a Company-Owned Vehicle to an Employee.

How much does commercial auto insurance cost?

We wish we could give you a straight-forward answer to this, but we can’t. It’s not that we have anything to hide, but commercial auto insurance is complex, and the cost can vary significantly based on several factors including your vehicle, coverages and limits, what you use the vehicle for, how far you drive, what (if anything) you transport, who drives your vehicles and previous claims experience.

For more information, read How Much Does Commercial Auto Insurance Cost in Massachusetts?

Why is commercial auto insurance more expensive than personal car insurance?

Commercial auto insurance is typically more expensive than a personal auto policy due to the extra risks your business assumes by using your vehicles to transport goods or services. In addition, a commercial auto policy offers much higher coverage limits, and will protect not only your business, but your employees while driving for your business.

Do I need commercial property insurance?

Maybe.

If you are just starting out, and don’t have a lot of property used in your business, you might not. But if you have anything of significance, or more importantly, anything that would create a financial burden should you have to replace it, then you will likely want to purchase commercial property insurance.

You may also be required to purchase property insurance if you are a tenant with a lease, a building owner with a mortgage, a business with a line of credit, or have leased or rented any type of equipment (such as copier, postage machine, equipment and more).

Do I have to buy a business owners policy to get commercial property insurance?

No, but you’ll probably want to.

A business owners policy (BOP), also known as a commercial package policy, combines commercial property insurance and commercial liability insurance into one policy. The advantage of this is you get a combination of coverages, usually at a lower price than if you were to buy each policy separately. And who doesn’t want to have more coverage for less money?

How much does a commercial property insurance policy cost?

It depends.

Policies can range anywhere from a few hundred to several thousands of dollars, depending on your unique business needs and how much property you own and wish to cover.

Some of the factors that will determine the price of this insurance are the upkeep and condition of your business location, what protection and controls you have in place to keep your property safe, how much coverage you need, and your annual gross revenues.

For more information, read How Much Does Commercial Property Insurance Cost in Massachusetts?

How can I reduce the cost of my commercial property insurance?

Thankfully, there is a lot you can do to help reduce your overall insurance costs.

First, partner with an independent insurance agent that understands your industry, can provide expertise and advice, and will shop your insurance to always make sure you have the best protection at a price that fits your budget.

Next, work to mitigate any potential claims before they happen. Making building upgrades, installing alarms, creating a disaster plan, and adapting safety protocols are always a great idea. Berry Insurance is able to provide many tools and templates to help get you started.

Lastly, you can elect a higher deductible (if you’re comfortable) and enroll in automatic payments to reduce your cost and eliminate billing fees.

Do I need liability insurance?

Yes.

It really is that simple. Whether you are a sole proprietor operating under your personal name, an LLC, partnership, non-profit or corporation - you need business liability insurance. In today's litigious world, you never know what you could be sued for. And without the proper protection, you’d be left paying for a claim out of pocket.

How much liability insurance do I need?

That’s a great question, and unfortunately the answer is, we can’t answer that for you. Only you can.

But what we do know is that typically the price for the “best” protection is nominal when compared to the price for “good” protection. We always recommend at least $1,000,000 of coverage to start. This might seem like a lot, but believe us when we say, you probably need to consider much more.

How much does liability insurance cost?

Well, it depends. While you may think you should be paying the same as someone else in your industry, the fact of the matter is, you’re different. The cost of your liability insurance will depend on a variety of factors, including your business type, industry, location, gross revenues, gross payrolls, subcontractor labor costs, and more.

For more information, read How Much Does Business Insurance Cost? 

How do I provide proof of liability insurance coverage?

Your clients, vendors or suppliers may ask you for a “certificate of insurance” or proof of insurance coverage. This is a one-page document that outlines what you have for insurance. Your independent insurance agent can generate this document for you.

For more information, read What is a Certificate of Insurance and Why Do I Need it? 

Do I need professional liability insurance?

If you offer any type of advice or professional services, then yes, you should purchase this coverage. You might even be required to have a professional liability policy as part of a contract with a vendor or client.

People are finicky, and change their minds often. If you could ever be at risk of failing to meet a client’s expectations, then you should consider a professional liability policy. Still aren’t sure? Call your independent insurance agent to discuss your unique situation.

I’m still not convinced, can you give me some examples of claims that would be covered by professional liability insurance?

Great question! While we can’t be exhaustive, here are a few examples to consider:

- A client sues their investment broker after a deal goes bad, even though the client knew the risks involved
- A mortgage broker forgets to disclose certain fees required of the client at closing
- A printer makes an error on a mass produced document for a client
- An architect makes an error in the design of a new home construction
- An interior designer works with a client on several variations of furniture designs, makes a mistake and orders the wrong furniture
- A client forms unrealistic expectations for your work, and decides to sue when you don’t deliver on what they expected
- You miss a deadline and your client doesn’t get what they need on time

These are just a few examples. If you’d like to learn more about potential claims for your unique business, reach out to your independent insurance agent to review your exposures.

What is errors and omissions insurance? Is this the same thing?

Yes. These two terms are often used interchangeably.

What is the difference between professional liability insurance and general liability insurance?

General liability insurance protects your business for claims of bodily injury or property damage arising from your day to day operations. Professional liability insurance protects your business for claims of negligence or professional mistakes.

To learn more, read this article: General Liability vs. Professional Liability Insurance: A Comparison.

How much does professional liability insurance cost?

General liability insurance protects your business for claims of bodily injury or property damage arising from your day to day operations. Professional liability insurance protects your business for claims of negligence or professional mistakes.

Well, it depends. While you may think you should be paying the same as someone else in your industry, the fact of the matter is, you’re different. The cost of your professional liability insurance will depend on a variety of factors, including your business type, industry, location, years in business, gross revenues, number of employees, coverage limits, existing or prior insurance coverages, and more.

For more information, read How Much Does Commercial Professional Liability Insurance Cost in Massachusetts?

Do I need commercial umbrella insurance?

Unfortunately, we can’t answer that for you. We live in a litigious society, where the threats of a lawsuit are very real. And regardless of whether the lawsuit is valid, defending your business won't be cheap. So if you ask us, there are very few businesses that don't need a commercial umbrella policy.

To decide if this coverage is right for you, we recommend assessing how much risk you have and what types of business exposures you face.

Here are a few things to consider when deciding if this coverage is right for you and your business:

- Do you have a substantial amount of assets that you want to protect in the event of a lawsuit?
- Does your business have any contractual obligations or services?
- Do you have employees?
- Do you have a business that is open to the public or your customers?
- Do you have any high-profile or high net-worth clients?
- Does any of your business require a lot of driving or deliveries?
- Does your marketing and branding, website or brochures make any promises or guarantees?
- If you answered yes to any of the questions above, you may have more of a risk than other businesses, which could put you at a higher chance for a lawsuit.

How much business umbrella insurance do I need?

That’s a great question, and at the end of the day, only you can answer that based on how much risk you’re willing to tolerate.

A commercial umbrella policy starts with a minimum of $1,000,000 in coverage. Additional coverage is available in $1,000,000 increments.

How much does commercial umbrella insurance cost?

Here’s the good news - probably not as much as you think.

Umbrella insurance may even cost less than the underlying coverages you pay for. This is because your umbrella insurance coverage won’t kick in until your underlying coverage has been exhausted.

As with every policy, the cost will depend on a variety of factors, including how much coverage you wish to buy, your business type, industry, location, gross revenues, gross payrolls, subcontractor labor costs, how many employees you have, and more.

To learn more about what a commercial umbrella policy might cost you, read this article: How Much Does MA Commercial Umbrella Insurance Cost?

What do I need to get a quote for commercial umbrella insurance?

First things first - talk to your independent insurance agent that handles your commercial liability, commercial auto and workers compensation coverages. They will be able to get you the best price and protection for your business.

If you want to shop around, be sure to have copies of your underlying policies, information about any claims in your business for the last 3-5 years, copies of any contracts in place, and the basic business information we outlined in the question above.

Gather all your information in one spot. Download this free Business Insurance Worksheet. 

Do I need commercial flood insurance?

Most commercial property insurance policies do not provide coverage for damages resulting from a food. Here are some things to consider when deciding if you need flood insurance for your business:

Would your business be affected by any flat or downward sloping land, causing water to accumulate? Are you in an area that has warm springs and cold, snowy winters? Do you have any streams, rivers or large bodies of water near your business? Are you located near any dams or levees?

If you answered yes to any of the questions above, you may be at more of a risk for flooding than other businesses, which means flood insurance would be worth looking into.

What if I'm not in a flood zone?

If you’re not in a “flood zone,” you may think you are safe from flooding, but think again. According to FEMA , 25% of flood-related claims are from low to moderate flood risk areas. Simply living in New England creates many opportunities for weather-related flooding. Thankfully though, businesses that are in low risk areas will receive the best pricing for a commercial flood insurance policy.

Read More: Do I Need Flood Insurance Even if I’m Not in a Flood Zone? 

Do I have to buy flood insurance from my lender?

No.

If you have a loan, and your business is located in a flood zone, your lender may require you to obtain flood insurance. But you don’t have to buy it from them.

In fact, if you did, it may be more expensive than what an independent insurance agent can provide. Reach out to your commercial property insurance agent to obtain alternative quotes.

If I don’t buy flood insurance, can’t I just get help from FEMA?

If you don’t have a commercial flood insurance policy, FEMA may provide emergency assistance, but only if your location has been declared a disaster area. Reimbursement will be limited to certain coverages and repairs.

In some instances, you may also be eligible for a SBA Disaster Loan.

Even still, commercial flood insurance is the only way to know you'll be covered and don't have to worry about potentially not being eligible for these federal programs.

Do I need cyber liability insurance if I already have a general liability insurance policy?

Yes. Your general liability policy will not provide coverage for cyber attacks or data breaches.

Do I really need cyber liability insurance?

Most likely, yes. Let’s face it, we live in a technology-driven word. If you use any form of technology to support your business operations, you should consider cyber liability coverage.

But if you still aren’t convinced, here are some questions to consider:

Do you collect, store, or send any personal or confidential data? Do you accept electronic payments, either directly or through a third party vendor or service? Are you in an industry that has regulations regarding your customer data? Do your employees have access to any customer data? Do your employees access company software or systems using a laptop, smartphone, or other electronic device? Do you have a WiFi network or allow access to your systems remotely? Do you use any cloud-based storage?

If you answered yes to any of the above, you're likely at risk for a hacker or data breach, and cyber liability coverage is the only insurance that will make sure you're covered from any damage that could result from it.

For more information, read this article: What is Cyber Insurance and Do I Need it?

How much does cyber liability insurance cost?

It depends.

The cost of your cyber security insurance protection will depend on a variety of factors, including your business type, industry, years in business, gross revenues, number of employees, number of customers, type of data you store, your data protection and risk management techniques, coverage limits, existing or prior insurance coverages, and more.

Here’s something to consider - how much will it cost if you’re the victim of an attack and you don’t have cyber liability insurance?

To learn more about what a cyber policy might cost you, check out this article: How Much Does MA Cyber Insurance Cost?

What can I do to prevent an attack?

This is a great question! Preventing an attack is far better than having one.

The first step you should take is to create a cyber security planning guide for your business. In this plan, you should detail your prevention methods and response plans.

Your prevention methods should enforce data backup measures, proper password maintenance, employee training, and other security protocols. Your response plan should identify how your business will notify your customers of an attack, what your public statement will be, and how you will work to restore the data and prevent future attacks from occurring. Keep in mind, even with all the right preparation, it's not always enough, and that's why this coverage is so essential.

To learn more, read this article: Ways You’re Making Your Business Vulnerable to Cyber Attacks.

Do I need pollution liability insurance if I already have a general liability insurance policy?

In some cases, general liability insurance offers pollution coverage as an optional coverage, however in recent years, many general liability policies have been excluding it. If this is the case for you, you would need to buy it as a separate policy.

Do I really need pollution liability insurance?

There are several situations that may warrant a need for pollution insurance.

For one, if you are in an industry where you directly deal with hazardous waste, such as a waste disposal company, an oil company, a construction company, an HVAC company, or a landscaping company, then yes, you definitely need pollution insurance.

If you are an independent contractor who deals with waste, you may actually be required to have pollution insurance and may need to show proof of coverage before obtaining jobs.

Even if your company doesn’t overtly deal with waste as part of daily operations, you could benefit from a pollution insurance policy because every company is capable of causing damage or injury with contaminants. Whether you choose to get one depends on how much risk you want to take.

If you’re a small business who doesn’t work with pollutants often, will you get sued for causing damage with hazardous materials? Probably not. But could you? Absolutely.

To learn more, read this article: Pollution Liability Insurance: Do I Need it?

How much does pollution liability insurance cost?

Unfortunately, we can’t give you a very clear answer here.

That’s because the cost varies significantly depending on factors such as company size, risk, the amount of coverage needed, deductibles, and discount eligibility.

However, we usually see annual premiums fall somewhere between $1,000 and $100,000.

Usually, insurance carriers require you pay the entire premium for pollution policies before coverage is initiated.

When should I get bonded?

Sooner rather than later. The process of obtaining a bond could take as little as a day or as much as several weeks. If you need an insurance bond to satisfy regulatory or contractual obligations, you’ll want to begin this process right away.

What will I need to provide to get bonded?

Depending on the bond, you could either need to complete a simple application, or a lengthy application may be required. You may also be asked to provide financial statements, resumes for owners, bank references, and details regarding current projects and works in process.

If I have professional liability insurance, do I need an insurance bond?

Possibly. You may need to be bonded if you have a contractual obligation to do so, or if your employees have access to money or private data of your client.

An insurance bond is designed to guarantee you (also known as the principal) fulfill your obligations. Any claim against you would be paid to the third party listed on the bond (also known as the obligee).

How much does an insurance bond cost?

We wish we could give you a definitive answer here, but with so many bonds to choose from, the costs significantly vary from one to another.

The cost of a bond depends on many factors, including the type of bond needed, industry experience, the financial stability of the entity or employee being bonded, credit score, and more.