Braintree, MA is home to many large companies, but it is also convenient for the entire Boston area. The South Shore is a great place to set up a business whether you are an entrepreneur in the growing high-tech corridor or a restaurant owner. But along with the dream of your own business come a lot of headaches, some of which you can’t possibly foresee. That’s where the right Braintree commercial insurance comes in. The small business climate in Massachusetts is dynamic and growing. Across the state in recent years the following was true:
- There were 615,775 small businesses operating.
- These employed 1,404,234.
- The total liability claims amounted to $6,530,654 in losses.
The best step to finding the right Braintree business insurance is to develop a good relationship with an Independent Insurance Agent. Because our agents understand the area and the laws that govern needs, they can help you navigate your options and find the best quotes for your business needs at a price you can afford. All business insurance starts with protection against general liability. This is coverage against claims for injuries by people who are on your property, including delivery personnel and customers. Your insurer will go to bat for you in a court of law if you are sued by anyone claiming a loss.
This is critical because any incident on your property can become very expensive very quickly. A recent Travelers Business Risk summary found that 60 percent of all businesses said that medical cost inflation was their biggest concern and over 30 percent said that they felt unprepared to handle this risk. If an injury takes place on your property, you have to be ready to handle these costs if you are held liable.
For any liability claims against your products, away from your property, you need to have product liability coverage. The issues are the same for this as well. The Insurance Information Institute found that in recent years that 71 percent of product liability awards and 53 percent of medical malpractice awards were for more than $1 million. Protection against these kinds of nearly unlimited costs are critical for any business.
Business Interruption Insurance for Braintree Businesses
If for any reason you can’t conduct normal business, this insurance coverage matches your income until you can get up and operating again. It covers you for any unforeseen event such as the following:
- Water pipe breaks
- Extended power outages
It’s based on the revenue you took in when times were good and continues until the problem is fixed and you are back on your feet.
Property Insurance for Braintree Businesses
In order to get your business back up and operating when there is some event beyond your control, you need to insure your property for the cost of putting it all back together. It’s not just a matter of getting it all fixed up, it’s about making sure it’s done in a timely manner without a lot of hassle. This is a particular concern when there is widespread damage all around from a storm.
Recently, there was a total of 119 official natural disasters across the U.S. With all the damage that they created, only 61 percent was covered by insurance. That left the property owners responsible for $9.7 billion in losses that had to be covered out of pocket. When disasters of any kind strike, the right business insurance coverage with good property insurance is critical to getting your business all fixed up so that you are back in business in the shortest time possible without having to find the money to do it on your own.
Workers' Compensation for Braintree Businesses
Workers' compensation insurance is usually known as “workman’s comp.” It covers the expenses incurred by your employees when they are injured on the job whether by a single incident or from repetitive motion over a long time. Massachusetts state law requires this for every employee that you have, and it pays out whenever an employee is unable to work.
- Nationally, this averaged $1.27 for every $100 in wages in recent years.
- That came to an average of $612 per employee.
The cost of this insurance is based on the kind of work your employees do, based on tables developed from claims taken out by employees in similar businesses. When you have a new business, a price is given to you that is not negotiable, but with time a lower rate of claims by your employees lowers your rate.
Employee Coverages for Braintree Businesses
Beyond the required workman’s comp, there are other forms of insurance that you need or may want to cover your employees. These include the following:
- Health plan insurance: This is now required by law for companies with 50 or more employees. Even if you don’t have a business this large, you may want to provide this as an option for your employees.
- Life insurance: It’s important to cover your most important employees should something untimely happen to them. They may also want to at least be able to buy into protection for their families through your business as well.
- Disability insurance: This is like life insurance, but it pays out when an employee cannot work anymore for any reason.
During previous years, Massachusetts-based businesses paid $1,061,981 for employee health care coverage. The average single person health plan cost $6,379 and a family policy averaged $17,424 – both of which are very close to the national average. It’s important to shop around and find a quote for a policy that fits your employees needs with a price that both you and they can afford.
Cyber Crime Insurance for Braintree Businesses
Protecting your business against all unforeseen circumstances is the key to a good commercial insurance policy. There are many areas that you may not be aware need coverage, such as protection against losses from cyber crimes. There were 5,116 reported identity thefts in Massachusetts in recent years, which was a fairly low incidence compared to other states. It is absolutely critical that your business be protected against this rampant and growing problem. If your business's identity is stolen, the potential liability is nearly unlimited if you don’t have the best insurance policy.
For all of your Braintree business insurance needs, the most important thing you can do is to contact your Independent Insurance Agent. Your agent will get to know the many needs of your business and will then be in position to help you navigate the complex array of coverage you need to be protected. Only then will your agent obtain multiple quotes to find the best price for you to compare your options.