Acton, MA is a beautiful suburban town located 21 miles northwest of Boston. Money Magazine recognized Acton as 11th of the "Best Places to Live" in the United States. This city is also a perfect place to start your own small business. With easy access to the amenities of Boston but the more casual vibe of small-town life, small businesses thrive in the slower pace of life in Acton.
During previous years, there were 615,775 small businesses in Massachusetts, providing jobs to 1,404,234 people. During the same years, these businesses were paid $6,530,654 for losses. As a business owner, you're risking everything to chase your dreams, so make sure you're protected with a comprehensive business insurance policy. Our Independent Insurance Agents specialize in helping Acton small businesses create customized insurance policies that protect against liability, property damage, and even cyber crime.
Liability Insurance for Small Business
Liability insurance is vital for every small business. If you face a lawsuit for injury or negligence, your liability insurance could be the one thing that saves your business. It's a wise investment that can pay off in big ways.
- General Liability: This basic liability coverage protects your small business against the most common risks like slip and fall accidents or personal injury claims. If a customer is hurt on your property, then you could be liable and have to pay for hospital fees. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. Make sure your business is prepared – talk to an Independent Insurance Agent today about general liability insurance.
- Product Liability: According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. If a customer claims your defective product caused them harm, you could be faced with this type of massive court-ordered settlement. Small business insurance gives you peace of mind that you can pay these damages and move forward with your professional goals.
- Professional Liability: Just because you offer services instead of products, that doesn't mean you won't need liability insurance. In this case, you'll want to find professional liability coverage. If your advice or services cause personal injury or property damage, you may be liable to pay for the damage. With professional liability insurance, your policy will pay the settlement, leaving you free to continue on with your business.
Business Interruption Insurance for Small Business
- Recent Gross domestic product: 2.2%
- Recent Massachusetts gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Take a moment to consider this scenario. A building next to your business property is hit by lightning and catches fire. Before the local fire department manages to contain the blaze, the fire spreads to your Acton business. Even if your property isn't completely destroyed, there's no way you'll be able to operate until the damage is repaired and the smoke is cleared. In the meantime, how will you recover from the lost profits? Business interruption insurance protects you against lost income due to uncontrollable circumstances. It is really a lifesaving policy for many small businesses, so take time to consider whether you should include it in your coverage.
Property Insurance for Small Business
- Number of recent national disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
As a high risk hurricane zone, Acton is a prime target for natural disasters. If a storm hit your small business property, would you have the money set aside to cover repairs? Property insurance for small businesses in Acton pays for repairs so you can get back to work quickly after unpredictable weather systems interrupt your normal operations.
Employee Coverages for Small Business
- Total recent spending on premiums in Massachusetts: $1,061,981
- Ranked 36th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family
- Average national cost of workers' compensation per employee: $612
The workforce in Acton has high expectations for employee benefits. With numerous big businesses in nearby Boston offering full benefit packages, you will want to have health care, life insurance and workers' compensation available to draw in the best employees. Our Independent Insurance Agents can help you find affordable employee coverage options no matter what price range you're working with.
Cyber Crime Insurance for Small Business
- 5,116 Identity theft complaints in Massachusetts in recent years
- Ranked 25th highest for identity theft complaints in the U.S.
It only takes one hacker to ruin your company's finances. Identity theft and cyber crime are a major concern for Acton businesses, but very few are taking active measures to protect against this risk. Only 22 percent of small businesses have a response plan in place for cyber crimes. If you're relying heavily on technology for your daily operations, make sure you are covered with cyber crime insurance for your Acton small business.
Start building your commercial insurance policy today with help from an experienced Independent Insurance Agent. Whether you're worried about liability, property damage, business interruption or cyber crime, our friendly agents can help you create a customized business insurance plan to put your mind at ease.
Contact an agent today to learn more about Acton commercial insurance.