As a suburb of Boston, Belmont offers some lucrative opportunities for small-business owners. Massachusetts has a business-friendly environment that has led to many success stories for young entrepreneurs chasing their professional dreams. 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.
If you own a small business in Belmont, MA, you are putting your heart and soul into helping your company succeed. You can minimize the risks by investing in comprehensive business insurance. Our Independent Insurance Agents can offer one-on-one support to help you find Belmont business insurance to meet your company's unique needs. Liability coverage is the foundation of any small-business insurance policy. Whether you're dishing up meals to hungry patrons or building houses on the prestigious Belmont Hill, make sure you're covered against liability threats with these three layers of coverage.
- General Liability: General liability insurance is a smart choice for any small business. If someone slips in your parking lot, your liability policy will pay for the medical bills. 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. You'll have peace of mind that you're always ready when you're covered by 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. This is a massive financial burden that can far exceed the financial resources available to most small businesses. Product liability insurance is a smart way to protect your company's financial assets in case of lawsuits.
- Professional Liability: When you give advice to a customer, you're probably just trying to do a favor as part of your job. But what will you do if that customer comes back to sue you, claiming that your advice actually caused harm? Lawsuits for negligence or personal injury are a serious risk to Belmont small businesses, but professional liability insurance protects you against this common threat.
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
Business interruption insurance can be the difference between success and bankruptcy for a small business. If your business is demolished by a hurricane, business interruption insurance protects against loss of income. Talk with an Independent Insurance Agent today if you have questions about how business interruption insurance can help you manage your risk.
Property Insurance for Small Business
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Belmont's high risk for hurricanes is a serious threat to small businesses. If a natural disaster causes major devastation in your neighborhood, having commercial property insurance will make it possible to make the necessary repairs so you can get back to work quickly.
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
Finding affordable health care for employees is a major challenge for Belmont small businesses. Our Independent Agents can pull quotes from a wide network of coverages, giving you the chance to compare premiums and find employee coverage that makes sense for your small business.
Cyber Crime Insurance for Small Business
- 5,116 Identity theft complaints in Massachusetts
- Ranked 25th highest for identity theft complaints in the U.S.
Only 22 percent of small businesses have a response plan in place to deal with cyber breaches. This is really an alarming thought when you stop and consider how much you use technology for daily operations. If an angry employee wanted to do damage, would it be easy to access sensitive financial information? Make sure you're prepared with cyber crime insurance for small business.
Choosing the best Belmont commercial insurance starts with a call to our experienced Independent Insurance Agents. Our friendly agents can walk you through your coverage options, offer quotes on multiple policies and help you piece together a plan that is right for your small business.
Contact an agent today to learn more about your options for Belmont business insurance.