While businesses all face risk, Massachusetts business owners must be aware that there are many other risks. A lot of businesses are vulnerable to lawsuits from employees and attorneys. Even though most businesses can't eliminate these risks entirely, Massachusetts businesses can use business insurance policies to help them protect against financial loss. Find out how to protect your company and the common risks Massachusetts businesses face.
Workers' Compensation Insurance
If your business is located in Massachusetts, you need to obtain workers' compensation insurance for your employees. To purchase workers' comp insurance, the state requires that all business owners have a minimum of $52,100 in payroll. The minimum corporate payroll is $11,960. There are several factors to consider in order to ensure your business has the proper coverage for your employees. These are some tips to help you select the right policy for your company.
Commercial general liability insurance
The most important factors that affect the cost of a Massachusetts Commercial General Liability Policy are the type and product of the business. The general rule is to have coverage of $500k-1 million. Your business may be considered high-risk, or your home-based business may require more coverage. Even home-based companies should purchase some type of commercial general liability coverage. Below are some suggestions on how to select the right policy for you business.
Insurance for commercial property
Massachusetts commercial property policy can cover a wide array of risks. It covers the replacement cost for a commercial building as well as its equipment, even though the business does not have a physical property. It does not have a limit on liability, so businesses might consider a commercial package that includes both commercial property coverage and general liability insurance. This package policy generally offers more extensive coverage options.
Employees' personal property
Massachusetts business insurance protects employees' personal items in several ways. If any of your computer, communications, or energy-generating items are stolen, the policy will pay the costs to repair or replace them. The policy can cover the costs of such losses as a lawsuit, if an employee becomes ill, or if a fire breaks out in a business' warehouse. Massachusetts business insurance can also protect the business against lawsuits that may arise from the employment of employees.
Business insurance costs
Massachusetts small business owners should have business insurance. There are several types of policies available, including general liability and property damage insurance. It is important that you understand the coverage of each type insurance. No matter if you are looking for liability insurance to protect your company's assets, or personal property coverage, there is a policy that will suit your needs. It is a good idea to start protecting your company by purchasing general liability insurance. Buying additional insurance policies may be necessary for your business, but this will increase your coverage.
FAQ
What is the average cost of a lawyer?
You should ask yourself what information you require from your lawyer when you hire him/her. You should expect to spend at least $1,000 to $2,500 per hour. Many people don't realize the amount of time that is required to research the options, prepare paperwork and meet with a lawyer. Even though you may think that you are only paying for their advice, in reality, you end up spending much more.
You also need to consider whether the lawyer is available part-time. Hourly rates are common for full-time lawyers. Part-time lawyers generally bill by the project. If you only need help once or twice a year, it makes sense to use a part-time lawyer. A full-time lawyer is best if you need continuous assistance.
Consider whether you prefer to have a solo practitioner or a full-service firm. Solo practitioners tend to charge lower hourly rates, but often lack the resources needed to provide professional representation. Firms offer greater experience and expertise as well as better access to resources.
Finally, you should factor in the cost of malpractice insurance. Some states require that all lawyers have professional liability insurance. Others do not. In any event, you should check with your state bar association to determine which insurers are available in your area.
What are the required years to become a Lawyer?
The answer is not always as simple as it seems. After high school, you will need to work hard for at minimum four years. But there are other factors.
To get into law school, it is necessary to pass all exams. After graduation, you will continue your studies in law for another two years.
After all of this, your law school degree will be awarded. If you pass that, you're now a licensed attorney.
What is the difference in a transactional lawyer versus a litigator lawyer?
An attorney who specializes in transactional law is likely to encounter different legal issues than one who focuses on litigation. Transactional lawyers specialize in contracts, real property transactions, business formation, and intellectual property issues. Litigation attorneys deal with disputes involving corporations. Partnerships, trusts, estates. Insurance claims. Personal injury cases.
There are different types of attorneys and each one has a different set of skills and knowledge. For example, if you were considering hiring a transactional attorney, he would probably need to know how to draft agreements, prepare documents, negotiate terms, handle conflicts, etc. A litigation attorney must be familiar with the rules of evidence, statutes of limitations, rules of discovery, etc.
In addition, there may be other differences based on where the client is located. A New York City attorney might not have the same knowledge as an attorney practicing in California. And a Florida attorney would be less familiar with Texas laws than someone practicing in Texas.
Which type of lawyer is the most in-demand?
It is best to simply say there are two types. There are two types of lawyers: transactional lawyers or litigation lawyers. Transactional lawyers are involved in business and contract law. Lawyers who specialize in litigation deal with lawsuits. A generalist is a lawyer who specializes in both. The best-known type of generalist is the "Big Law", which refers to an attorney who practices in large firms and deals with many different types. Generalists could be either transactional, or litigation lawyers.
Transactional lawyers can handle many legal matters including divorces. Many of these lawyers work on a contingent fee basis. The lawyer is only paid if their client wins. If the client loses the case, the lawyer is not paid. These lawyers are also known as "trial lawyer" since they have to go through trials to win the cases.
Litigation lawyers handle lawsuits. They represent clients in courtrooms as well as administrative hearings. Some litigators also do transactional tasks. For example, they might draft documents for their clients. A company can use litigation lawyers to defend it from a lawsuit brought in by another. They may also be hired to represent the plaintiff in a lawsuit against the defendant. Some law firms are solely focused on personal injury cases. Others concentrate on commercial disputes. Others specialize in commercial disputes.
Lawyers who work in litigation need to be able argue and present evidence in front of juries and judges. They need to know the rules of civil procedural and other aspects governing litigation. They must be able and willing to conduct research and analyze issues. They must be skilled negotiators.
Which type of lawyer do you prefer?
A legal professional is not afraid to ask for what they want and need. To ensure that clients get the best representation, they will go above and beyond their duty.
Because they know that they can't win these cases, other lawyers will turn them away.
A legal professional knows how to negotiate and use their skills to get the best deal for their client.
Someone who is committed to providing excellent service and quality results. Someone who can think outside the box to find solutions that other people wouldn't.
Someone who is ethically and honestly. An individual who adheres to the rules and regulations set forth by courts and government agencies.
A legal professional who has integrity and a strong working ethic.
Statistics
- Just 59.2 percent of 2015 law school grads held full-time, long-term jobs as lawyers 10 months after graduation, according to data from the American Bar Association (ABA). (rasmussen.edu)
- Though the BLS predicts that growth in employment for lawyers will continue at six percent through 2024, that growth may not be enough to provide jobs for all graduating law school students. (rasmussen.edu)
- The median annual salary for lawyers in 2016 was $118,160, according to the U.S. Bureau of Labor Statistics (BLS). (rasmussen.edu)
- According to a 2019 Robert Half Legal Consulting Solutions survey, 54% of law firms were planning to expand their legal teams. (stfrancislaw.com)
- The states that saw the biggest increase in average salary over the last 5 years are Rhode Island (+26.6%), Wisconsin (+24.1), Massachusetts (23.2%), Wyoming (18.3%), and North Dakota (18.1%). (legal.io)
External Links
How To
How to make a will with a lawyer
A will is an important legal document which determines who gets the property after you die. It also includes instructions for how to pay off any debts or other financial obligations.
A solicitor (lawyer) should prepare a will. Two witnesses must sign it. If you wish to leave everything to someone without any restrictions as to how they use it, you can choose to not make awill. This could cause problems later if you are unable to consent to medical treatment or choose where your family lives.
If you do not have a will, the state will appoint trustees to manage your estate until you die. This includes paying off all your debts and giving away any property you own. If there is no will, the trustees will sell your house and distribute the proceeds among your beneficiaries. They may charge a fee to manage your estate.
There are three main reasons you should make a will. First, it protects your loved people from being left bankrupt. It protects your loved ones from being left without a will. Thirdly, it makes it easier for your executor (the person appointed to fulfill your wishes).
First, contact a lawyer to discuss your options. The cost of a will varies depending on whether you are single, married, or widowed. Solicitors can also help with other matters like:
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Give gifts to your family
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The choice of guardians for children
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Loan repayments
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Managing your affairs while you are alive
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Avoid probate
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How to avoid capital gains Tax when selling assets
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What happens to your house if you pass away before it is sold?
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Who pays the funeral costs?
Either write the will yourself, or have a relative or friend help you. It is important to remember that you can't change a will signed at the request or of another person.