There are more than 1,000 small businesses operating in the town of Ashland, Massachusetts. From the shops, offices, and restaurants that line Union and Main Streets to sole proprietorships that are run out of people’s homes, each plays an important role in the local economy.
Business insurance products help these companies avoid bankruptcy and stay profitable in times of trouble.
Independent agents make it easy to find the best insurance policies to cover your business. These agents work for you, not for a particular insurance company, so they can shop around to find the coverage your business needs at the most affordable prices. Find an insurance agent near you to learn more.
How Does Liability Insurance Protect Ashland Businesses?
No matter how big or small your company is, you should be prepared for the possibility of a liability lawsuit. Business liability insurance products are designed to cover the associated expenses such as court costs, legal defense fees, settlements, judgements, and other damages.
There are several different types of commercial liability insurance products available. You will want to be sure that you have the right coverage in place to insure against each of your company’s liability exposures.
Here are some of the liability products you may want to consider including.
- Premises liability insurance: This covers third-party injuries and property damage that occur due to an accident on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
- Cyber liability insurance: This covers your business’s obligations to affected individuals if cybercriminals hack into your computer system and steal sensitive information like personal or financial data.
- Liquor liability insurance: This covers against potential liabilities if someone who becomes intoxicated at your establishment goes on to cause injuries or property damage to others.
- Employment practices liability insurance: This covers against accusations of illegal employment practices like harassment, discrimination, retaliation, or wrongful termination.
- Errors and omissions insurance: This covers individuals in professional positions if an error in judgement or other professional mistake causes their clients to experience financial losses or other damages.
It is a good idea to review all of your business liability insurance options when deciding which policies are a good fit for your company.
How Does Property Insurance Protect Ashland Businesses?
Commercial property insurance is designed to cover the cost of repairing or replacing your business property if it is lost or damaged due to a covered event. Businesses in Ashland are most at risk for damage caused by the following hazards.
- Accidental fires
- Severe storms
- Harsh winter weather
- Property crimes
Fortunately, each of these hazards are all covered by commercial property insurance. Some risks, however, are not. Most notably, flood damage is excluded from coverage even though many parts of Ashland are designated flood zones.
That is why some business owners in Ashland find it beneficial to supplement their commercial property coverage with other policies such as the following.
- Commercial flood insurance: This covers against damage caused by floods. Businesses in Ashland can purchase up to $500,000 in both structural and contents coverage with a policy through the National Flood Insurance Program (NFIP).
- Inland marine insurance: This covers your business’s portable property whenever it is in transit or is being stored in a location other than your business premises.
- Boiler and machinery insurance: This covers repair costs and business losses related to mechanical malfunctions of your well-maintained, essential business equipment and machinery.
- Bailee’s insurance: This covers your customers’ property whenever it is in your business’s custody, care, or control. It is designed for businesses that offer services such as alteration, maintenance, or repair work.
You will want to be sure that all of your businesses assets are suitably covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace all your property if it is lost or damaged by a covered event.
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How Does Business Interruption Insurance Protect Ashland Businesses?
Despite its proximity to the coast, Ashland is located in a rather low risk area when it comes to hurricane damage. Even so, this town and its surrounding areas have been hit by 32 hurricanes and tropical storms since 1930.
If a disaster like a hurricane or a structure fire causes significant damage to your business, it may become necessary to shut down for several weeks while repairs are made. Most small businesses do not have the financial strength to withstand a long-term forced closure like this.
Business interruption insurance offers a solution to this problem. Business interruption insurance can provide the funds necessary for your company to continue paying regular expenses like rent, bills, loan installments, and employee salaries during the times that your company is not generating any revenue due to damage caused by a covered event.
What Is Workers’ Compensation Insurance and Is It Required in Ashland, MA?
If an employee is injured on the job or ends up developing an occupational illness due to exposure to toxins at the workplace, workers’ compensation insurance can cover the associated costs.
This insurance can pay for any necessary medical costs including treatments, follow-up care, prescription medications, and equipment like slings and wheelchairs. It can also cover disability pay while injured workers are recuperating and provide death benefits in the worst of cases.
With very few exceptions, the state of Massachusetts requires all employers to carry workers’ compensation insurance.
Rates are based primarily on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job is, the more your coverage will cost.
What about Employee Benefits for Businesses in Ashland?
You can make your company more attractive to highly qualified workers by offering a competitive employee benefits that includes perks like an employer-matched retirement plan, paid vacation days, sick time, life insurance, and health insurance.
If you are looking for suitable insurance policies to include in your employee benefits package, you may find it beneficial to seek the assistance of an experienced insurance professional.
Why Work with an Independent Insurance Agent?
Building a comprehensive, yet affordable, business insurance policy package isn’t easy when you do it alone. Independent insurance agents are available to do a complete risk assessment of your business and to offer guidance and advice as you navigate through your many insurance options.
These local agents can also obtain customized quotes from a variety of top-rated insurance companies on your behalf. That way, you can be sure you are purchasing suitable coverage at a competitive price. Arrange and obligation-free consultation with an insurance agent near you get started.