Barnstable Business Inusrance

The Complete Barnstable, MA Business Insurance Guide

Find the right business insurance policy for you.

In 2014, there were 615,775 small businesses, which employed 1,404,234 people, headquartered in Massachusetts. Nearly 6,600 of these businesses were based in the Town of Barnstable, MA. Companies in the construction, accommodation and food services and in the health care industry sectors do especially well in this town, but businesses of all types have the potential to thrive in this Cape Cod town. Whether you are a businessperson with many employees or you are an independent contractor with no employees, it is important that you protect your business assets with a Barnstable commercial insurance policy.

In 2014 alone, businesses in Massachusetts collected $6,530,654 in business insurance claims, which highlights how important this coverage is. Building a comprehensive insurance portfolio for your business can be complicated, but you can simplify the process by discussing your coverage needs with a Trusted Choice® agents. These agents can make suitable coverage recommendations and can work with different insurance companies to help you find the best price for your coverage. Find a local agent near you to compare an assortment of customized Barnstable business insurance quotes.

Liability Insurance for Small Businesses in Barnstable

  • According to the 2015 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 unprepared to handle this concern.
  • According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
  • That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

If a liability lawsuit is filed against your company, it can be financially devastating if you do not have insurance against it. Even if the courts ultimately rule in your favor, just your legal defense costs can amount to thousands of dollars. That is why it is so important that your Barnstable business insurance portfolio include general liability insurance as well as any other liability insurance types that are appropriate for your particular business. Liability insurance shields your business from significant losses by covering your legal defense fees, court costs and financial damages. Your independent insurance agent can further explain the benefits of such coverage types as these:

  • Premises liability insurance: This covers the costs associated with property damage, illness or injuries suffered by third parties because of an accident that takes place on your business property. This coverage is included with your policy’s general liability insurance.
  • Product liability insurance: This covers the costs associated with property damage, illness or injuries caused by a product your company produces, sells or promotes. This coverage is also included as part of your policy’s general liability insurance.
  • Errors and omissions insurance: Also called professional liability insurance, this covers professionals against liability lawsuits brought about because of errors in judgement, failure to act in a timely manner or other professional mistakes. There are errors and omissions policies designed for professionals of all stripes, from hairdressers to tax consultants.

There are a number of other liability insurance policies available to business owners. Your Trusted Choice agent can identify those that may be a good fit for your company so that you can consider adding them to your Barnstable commercial insurance policy package.

Business Interruption Insurance for Barnstable Small Businesses

  • 2014 gross domestic product (GDP) for U.S.: 2.2%
  • 2014 gross state product (GSP) for Massachusetts: 1.6%
  • The 2014 GSP increase was 0.06% less than the GDP increase

Businesses in the Town of Barnstable contribute to Massachusetts’ GSP. However, if a disaster such as a fire forces you to stop business operations for an extended time while repairs are made, your lost income can significantly affect your bottom line. A closure that goes on for several weeks or months can even lead some small businesses into bankruptcy.

Protect your business from this risk by making sure that your Barnstable commercial insurance portfolio includes business interruption insurance. When you have this coverage, your company continues to collect the income it needs to pay employee salaries, monthly bills and other important expenses while your business is closed because of a covered event. This coverage lasts until you are able to resume normal business operations but is usually limited to 12 months.

Property Insurance for Small Business in Barnstable

  • Number of natural disasters in the U.S. in 2014: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not

Major disasters can also cause expensive property damage. Your Barnstable business insurance includes commercial property insurance, which covers your business-owned property, such as merchandise, outdoor signs, computers, furniture, tools and machinery. Businesses in different industries frequently have varying coverage needs. That is why it is beneficial to work with a knowledgeable Trusted Choice agent, who can recommend supplemental property insurance, such as spoilage insurance or inland marine insurance — when it is appropriate for your business.

Also, bear in mind that flood damage is excluded by nearly all business insurance policies. Because of the very high risk of flooding in Barnstable, it is a good idea to supplement your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). Your Trusted Choice agent can help you secure this important insurance.

Workers' Compensation for Barnstable Businesses

All employers in the state of Massachusetts are required to carry workers' compensation insurance. The only exceptions are those who hire domestic help for fewer than 16 hours per week. Workman’s comp, as it is frequently called, covers the treatment of work-related illnesses and injuries as well as paid time off if it is needed during recuperation. It can even pay out benefits to the employee’s family in the unfortunate event that a work-related injury proves fatal. Workman’s comp not only protects your employees, but it also protects your business by helping it avoid potential liability lawsuits associated with workplace injuries. Your Trusted Choice agent can help you secure an affordable policy that is well-suited to your particular business.

Employee Coverages for Small Businesses in Barnstable

  • Total 2013 spending on premiums in Massachusetts: $1,061,981
  • Ranked 36th for highest premiums in the U.S.
  • Annual cost of health care for small businesses in 2013: $6,379/person or $17,424/family

The Affordable Care Act (ACA) requires businesses with 50 or more full-time employees to provide these workers with affordable health insurance coverage. Even if your business has fewer than 50 employees, offering a benefits package that includes health and life insurance can make your business more attractive to prospective employees — and it may even qualify your small business for a federal tax credit. If you would like to learn more about your employee coverage options, your Trusted Choice agent can help you review some affordable policies.

Cyber Crime Insurance for Barnstable Small Businesses

  • Number of identity theft complaints in Massachusetts in 2014: 5,116
  • Ranked 25th highest for identity theft complaints in the U.S.
  • Only 22% of businesses have a cyber/data breach response plan

Cyber crime insurance is a new type of liability insurance that was created to meet the rising costs associated with electronic data theft. If your company electronically collects or stores sensitive personal and financial information about your customers, employees or other individuals, this data is at risk of being accessed by hackers. If this happens, your company can be held responsible for compensating the affected individuals as well as their banks and credit card companies for substantial financial damages. You can include cyber liability insurance as part of your Barnstable commercial insurance portfolio to shield your business from losses related to this type of crime.

Find the Right Barnstable Commercial Insurance for Your Business

Every business has a variety of insurance coverage needs relative to its industry, size and location and the services it provides. That is why insurance companies do not make one-size-fits-all business insurance policies. When you work with a Trusted Choice agent, you can get advice about your many coverage options and you will have an easy way to compare customized Barnstable business insurance quotes. That way, you can be sure that you are purchasing the right coverage at a competitive price.

There are several local agents in Massachusetts, including in and near the Town of Barnstable. Find an agent near you to learn more about building a strong Barnstable business insurance policy package.

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