Located a mere 39 miles south of Boston, Attleboro, MA is a pretty town that was once referred to as the “Jewelry Capital of the World” in honor of the many jewelry manufacturers that called the townhome. Today, Attleboro enjoys a diverse range of large and small businesses. Whether you are a current owner of a thriving Attleboro business or you are in the early stages of planning one, you need to set aside some time to think about Attleboro business insurance.
It’s not something you can afford to be without, a lesson some Massachusetts business owners and investors learned the hard way. During previous years, there were 669,224 small businesses in Massachusetts, providing jobs to 1,500,00 people. However, recent years have also brought some serious risks for business owners, with $6,530,654 paid out for losses. The best way to make sure your business stays afloat is by investing in comprehensive business insurance. Our Independent Insurance Agents specialize in helping business owners in Attleboro find the best coverage at the most affordable prices.
A single liability lawsuit, no matter how frivolous or insubstantial it might seem to you, can eat up thousands of dollars just in legal expenses. It’s an expense that most business owners aren’t prepared for and that they can’t afford. 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. Our Independent Insurance Agents understand the importance of good liability insurance and will work closely with you to make sure your business is protected.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. All it takes is a single faulty product to lead to a costly legal battle. Most businesses can’t handle the financial fallout of a product liability lawsuit, which is why they need product liability insurance. The peace of mind this policy brings makes the premium worthwhile.
- Errors & Omissions/Professional Liability: Don’t fool yourself into thinking that because you offer a service rather than a product that you don’t need Attleboro liability insurance. You still need coverage, but you should opt for a professional liability policy instead. Professional liability insurance protects you from lawsuits and keeps your assets safe if you ever do end up in a legal battle.
Business Interruption Insurance for Attleboro Businesses
- Recent Gross domestic product: 2.2%
- Recent Massachusetts gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Although some people try, it really isn’t possible to accurately predict what the Attleboro weather will be like or if a heavy snowfall or straight-line winds will damage the building your business is housed in. If the damage is severe enough to force you to shut down until repairs are made, you will experience a costly interruption in revenue that you may never recover from. The best way to prevent an unexpected profit loss is by investing in business interruption insurance. This policy steps in to compensate you for revenue your business losses after an eligible interrupting event.
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Property Insurance for Attleboro Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total recent uncovered property damage: $9.7 billion
The cost of repairing a commercial building adds up fast. If a hurricane sweeps across Attleboro and causes a tree to fall through your roof, is your business able to absorb the cost? The best way to make sure you can always afford the needed repairs is with comprehensive property insurance. A good commercial insurance policy could save you thousands or maybe even millions of dollars.
Workers' Compensation for Attleboro Businesses
If your business hires employees, you need to carry workers' compensation insurance, something that most states require. This type of insurance policy makes sure that an employee who has been hurt while on the job has medical expenses paid. Workers' comp also acts as a buffer to protect you against lawsuits if an employee suffers from a job-related illness or injury.
Employee Coverages for Attleboro Businesses
- 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
Finding the right health insurance for yourself and your employees doesn’t have to be complicated. In fact, our Independent Insurance Agents make the whole process simple. Our experienced agents can provide free rate quotes on multiple policies so you have a chance to browse all of your options and find a plan that is the right fit for your business and budget.
Cyber Crime Insurance for Attleboro Businesses
- 5,116 Identity theft complaints in Massachusetts in recent years
- Ranked 25th highest for identity theft complaints in the U.S.
With identity theft and data breaches on the rise, it’s more important than ever to invest in cyber crime insurance for your business. Studies show that only 22 percent of small businesses have a response plan in place to protect against data breaches. Make sure your company is prepared to deal with hackers by adding cyber crime coverage to your commercial insurance plan. It may be one of the best business decisions you’ll ever make.
Choosing the right commercial insurance for your Attleboro small business can feel overwhelming. With so many coverage options, it’s hard to know where to start. Our Independent Insurance Agents will walk you through the process of building a customized plan. Our friendly agents offer personalized support to each business owner by providing multiple rate quotes and pointing you toward the coverages that will best protect your business investments.
Contact an agent today to learn more about Attleboro business insurance and to get your free complimentary quote.