While most businesses face some level of risk, there are more than a few types of risks that Massachusetts business owners should consider. Many businesses could be sued for negligence by their lawyers or employees. Even though most businesses can't eliminate these risks entirely, Massachusetts businesses can use business insurance policies to help them protect against financial loss. You can learn more about the most common risks Massachusetts businesses face as well as what you can to protect your company against these potential threats.
Workers' compensation Insurance
Massachusetts businesses must obtain workers' comp insurance. The state requires that business owners use a minimum payroll of $52,100 to purchase workers' compensation insurance. For corporate officers, the minimum payroll is $11,960. There are many factors you need to consider to ensure that your business has adequate coverage for your employees. Here are a few tips to help you choose the best policy for your business.
Commercial general liability policy
The most common factors that impact the cost and coverage of a Massachusetts general liability policy for commercial businesses are the type of product and business. As a general rule, you should have coverage that covers $500k to $1 million. You may need more coverage if your business is considered high risk, or you may have only a home-based business. Even home-based businesses can purchase commercial general liability insurance. Listed below are some tips on how to choose the right policy for your business.
Commercial property insurance
Massachusetts commercial property insurance can cover a wide range of risks and exposures. It pays for the replacement cost of a commercial building and its equipment, even if the business does not own a physical building or land. The policy does not have its own liability limit, so a business may want to consider a commercial package policy that includes both commercial property and general liability insurance. This package policy offers more coverage options.
Employees' personal property
Massachusetts business insurance protects employees' personal items in several ways. If computer equipment, communications equipment or energy-generating devices are stolen or damaged, it will pay for the repair or replacement costs. 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 also covers employees' employment.
Cost of business insurance
Massachusetts business insurance is essential for small businesses. 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 whether you're looking for liability insurance for the company's property or for personal property, you will find the policy that suits your needs. A good first step towards protecting your business is to purchase general liability insurance. Not only will you have more coverage, but it may also be necessary to buy additional insurance policies.
FAQ
What is the difference between paralegals and legal assistants?
Paralegals are trained in specific tasks, such as filing, typing, or researching. As legal assistants, they may be able to assist lawyers in writing pleadings, researching, and drafting motions. Both types help attorneys to complete their work.
What is a "pro bono" lawyer?
Pro bono lawyers provide free legal services to those who are unable to pay. Although they are lawyers who do this part of their work, many do it in their spare time. This can include helping elderly clients with their estate planning or representing indigent defendants.
What is the difference in a personal injury lawyer and one who represents civil rights?
People who are hurt by no fault of theirs can have personal injury lawyers representing them. These injuries could include car accidents, slip-and-falls, dog bites, and many more.
These civil rights lawyers represent individuals whose constitutional rights have not been respected. This could include discrimination based racial, gender, sexual orientation, disability, and so on.
How much does it take to get into law school?
Although tuition costs vary by law school, they are generally between $50,000-$60,000 annually. Law schools offer financial aid packages to low-income students. Students with federal loans (including Stafford Loans), might be eligible for loan forgiveness once they graduate.
Do lawyers make more money than other professions?
No. Lawyers typically earn less than doctors, dentists, engineers, architects, teachers, nurses, accountants, pharmacists, and veterinarians. Lawyers average $55,000 annually.
What is the distinction between a transactional attorney and a lawsuit lawyer?
There is a big difference between attorneys who specialize in transactional and lawyers who specialize in litigation. It's the type of legal problem they are most likely to encounter. Transactional lawyers are primarily concerned with contracts, commercial transactions, corporate formations, intellectual properties, and the like. Litigation attorneys focus on disputes involving corporations, partnerships, trusts, estates, insurance claims, personal injury cases, etc.
Both types of attorney require different knowledge and skills for each case. If you are looking to hire a transactional lawyer, for example, he will need to be able to prepare agreements, negotiate terms, and handle conflicts. A litigation attorney must be familiar with the rules of evidence, statutes of limitations, rules of discovery, etc.
Additionally, the differences could be based on the client's location. For instance, a New York City attorney might not be as familiar with California laws as an attorney practicing in California. A Florida attorney may not be as familiar in Texas with Texas laws, than someone who practiced in Texas.
Statistics
- 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)
- According to the Occupational Outlook Handbook published by the Bureau of Labor Statistics, the national average annual wage of a lawyer is $144,230. (legal.io)
- According to the Bureau of Labor Statistics, the average annual salary for lawyers in 2020 was $126,930. (stfrancislaw.com)
- 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)
- According to the Law School Admission Council, the number of people applying for these programs was up 13% last fall. (stfrancislaw.com)
External Links
How To
How can I find legal help for no cost?
It can be difficult to find a pro bono attorney because there are many people who would love your business. There are many options for finding a pro-bono attorney. There are many options. You can ask your local bar associations for help, search the internet to find pro bono lawyers, or contact your state's bars association. Another way to find a pro bono attorney is through a local law school. Many law schools offer students the chance to help low-income clients in order to provide them with justice. If none of these options appeal to you, you might consider reaching out to a non-profit organization like Legal Services Corporation (LSC). LSC funds organizations across the country that provide free civil legal assistance to people living below the poverty line. It helps low-income families with housing matters, child support enforcement issues, family law matters, consumer protections, bankruptcy, immigration, public benefits, and other legal assistance. LSC offers financial assistance and also guides grantees in how to best serve clients. Some examples of services include:
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Financial counseling
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Assistance in filing for bankruptcy
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Family violence cases can be resolved by helping families
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Representation in front of administrative agencies
If you're looking for a pro bono attorney, but aren't sure where to start, here are some things to keep in mind :
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You don't have to spend your time searching for a lawyer who is experienced in your particular case. Pro bono lawyers often represent different types of clients, which means they'll likely have little experience working with your particular kind of issue.
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A lawyer with experience in representing clients of low income should be considered. This means he or she already knows what it takes to communicate effectively with this demographic.
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Ask if the lawyer is certified in your specific area. For example, if you're dealing with landlord/tenant issues, ensure the lawyer you choose has experience handling those kinds of cases.
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Find out if the lawyer accepts new clients. You might not find a lawyer who only takes on certain types cases.
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Avoid lawyers who claim they are experts in one particular area of law. Many lawyers claim that they specialize in different areas of law, but don't have any knowledge about the subject.
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Check that the lawyer has a good reputation. Ask friends and relatives for recommendations. Also, search online for reviews from other clients.