Beverly, MA is nicknamed “Garden City” for its miles of scenic parks and beautiful coastland just waiting to be explored. This diverse city offers a thriving downtown area that serves as a hub for local small businesses. During previous years, there were 615,775 small businesses in Massachusetts, providing employment to 1,404,234 people. Despite all the potential benefits of owning a small business in this state, there are still some serious risks. Recently, loss payouts to Massachusetts businesses reached $6,530,654.
It’s clear that starting a business comes with a lot of risks, but Beverly business insurance can give you peace of mind that you’re covered even if things don’t go your way. Our Independent Insurance Agents offer Beverly’s small businesses one-on-one support in creating customized commercial insurance plans. Our experienced agents will guide toward the most important coverage options, from liability to property insurance to cyber crime insurance.
One of the most serious risks you will face as a business owner in Beverly is liability. It only takes a single lawsuit to do lasting damage to a small business. 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 you’re prepared for liability lawsuits by investing in commercial liability insurance.
- Product Liability: Product liability is a serious issue that leads to common and expensive lawsuits. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. If you want your business to succeed, it’s really crucial that you always have a product liability plan in place just in case a defective product causes damage to a customer’s home or health.
- Errors & Omissions/Professional Liability: Some businesses revolve around public services rather than selling any type of physical product. In that case, professional liability insurance is the safest bet. This type of plan safeguards your company against claims of “errors” or “omissions,” leaving you with peace of mind that you’re covered even if something goes wrong.
Business Interruption Insurance for Beverly 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
For the small business or startup in Beverly, even a tiny disruption can lead to major profit losses. It’s hard to recover from these setbacks, but business interruption insurance can help. This type of policy steps in and pays you for lost revenue if you have to shut down temporarily. For instance, if a hurricane does damage to your property and you need to close for a few weeks to make repairs, your business interruption insurance pays you for the profits you lose during the time you are closed.
Property Insurance for Beverly Businesses
- 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
Beverly’s unpredictable weather puts local businesses at risk on a daily basis. The high risk for hurricanes and coastal storms can be worrisome, and winter isn’t much better with heavy snowfall and frequent ice storms. Our Independent Insurance Agents can help you find a property insurance policy specifically designed to protect small businesses and provide a backup plan in case you need to make repairs.
Workers' Compensation for Beverly Businesses
If one of your employees gets injured on the job, the responsibility ultimately falls on you to take care of the resulting medical bills. Workers' compensation does just that by providing medical care and even lost wages to employees after a work-related injury or illness. Best of all, having a workers' comp policy protects you from lawsuits, a major perk for a small business that simply cannot afford a lengthy legal battle.
Employee Coverages for Beverly Businesses
- Total recent 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 recent years: $6,379/person or $17,424/family
Selecting the best health and life insurance policies for your employees can go a long way if you’re trying to build up a long-term, loyal staff. These benefits can be expensive, but our Independent Insurance Agents specialize in finding the most affordable rates. Our experienced agents can offer quotes on multiple policies so you have a chance to see all of your options before you choose a plan to offer to your Beverly employees.
Cyber Crime Insurance for Beverly Businesses
- 5,116 Identity theft complaints in Massachusetts in recent years
- Ranked 25th highest for identity theft complaints in the U.S.
Cyber crime is one of those threats that most of us never think about until it’s too late. Research shows that only 22 percent of small businesses have a response plan in place to deal with cyber attacks and data breaches. If a hacker targets your small business, how would you respond? Cyber crime insurance can protect a small business’s assets and make sure that your finances are secure at all times.
Shopping for Beverly commercial insurance can seem like an overwhelming task. There are just so many coverage options to take into consideration, and every business will need something different. Our Independent Insurance Agents can ease the burden by helping you build a customized business insurance plan that is specifically designed to protect your company from Beverly’s most serious threats.
Contact an agent today to learn more about commercial insurance, and get a free rate quote.