During previous years, there were 615,775 small businesses, employing 1,404,234 people, headquartered in Massachusetts; and nearly 8,000 of these businesses were based in Brookline, MA. This town features a varied mix of independent shops, boutiques, and dining venues, but the businesses that are most abundant here are those in the health care industry and in the professional, scientific and technical services industries. Regardless of what industry your business operates in and no matter whether you work as an independent contractor with no employees or you own a business that employs many, it is important that you protect your investment with an appropriate Brookline commercial insurance policy.
Consider this: Businesses in Massachusetts collected $6,530,654 in business insurance claims in recent years. Building a Brookline business insurance package that can properly protect your business against its various exposures is often complicated. That is why many business owners turn to an independent insurance agent for help. These agents can take the time to understand your business, make appropriate policy recommendations and answer your insurance-related questions. They can also contact different insurance companies to provide you with a selection of customized Brookline business insurance quotes that you can review and compare together. Find an agent near you to get started.
Liability Insurance for Small Business in Brookline
- 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 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, so this coverage may be crucial.
- That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Liability insurance can shield your Brookline-based business from large financial losses related to lawsuits. This insurance covers your company’s court costs, legal defense fees, and financial damages, but you need to have the right types of coverage in order to be compensated. All business policies include commercial general liability insurance. The main components of this coverage are the following:
- Premises liability insurance: This covers third-party injuries, illnesses and property damage that occur because of an accident on your business.
- Product liability insurance: This covers your business against lawsuits due to injuries, illnesses or property damage caused by products it produces, sells or promotes.
Your agent can recommend other liability types that may be appropriate for your particular business. Some commonly purchased types are pollution liability, employment practices liability and commercial vehicle liability coverage. If your business employs professionals, you may want to recommend that they purchase errors and omissions insurance:
- Errors and Omissions insurance: This is professional liability insurance that covers those in the professional fields against charges of negligence, mistakes, failure to complete a job competently and other professional errors. There are specific policies to cover all kinds of professionals, from doctors to real estate agents to wedding photographers.
Business Interruption Insurance for Brookline Small Businesses
- Recent gross domestic product (GDP) for the U.S.: 2.2%
- Recent gross state product (GSP) for Massachusetts: 1.6%
- The recent GSP increase was 0.06% less than the recent GDP increase
Businesses in Brookline contribute to Massachusetts’ gross state product. However, if a covered disaster, such as a hurricane or a structure fire, forces you to stop commercial operations for an extended period while repairs are made, your business will have limited opportunities for generating revenue during the closure and it can suffer financially — possibly ending up in bankruptcy court.
You can avoid this pitfall by making sure that your Brookline commercial insurance portfolio includes business interruption insurance. This insurance delivers a continuation of income during the time that your company is not operational due to a covered event. These funds make it possible to pay employee salaries and keep up with monthly expenses until you can resume your normal business operations. Business interruption insurance coverage is typically limited to one year of coverage.
Property Insurance for Small Business in Brookline
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Weather-related disasters, like hurricanes; and man-made disasters, like accidental explosions, can lead to loss or damage to your business-owned property. Fortunately, your commercial insurance policy includes general property insurance, which covers most of your business assets, including such things as inventory, merchandise, computers, tools, outdoor signs, and furniture. Because of the diverse coverage needs that businesses in different industries have, it is beneficial to work with an agent who can recommend supplemental property-coverage offerings such as inland marine insurance and boiler and machinery insurance, which you may want to add to your policy package if they are appropriate to your business.
Workers' Compensation for Brookline Businesses
If your employees are injured on the job or suffer illnesses related to the work they do for your company, your business is liable for covering the associated costs. Workman’s comp insurance covers medical treatments and paid time off for work-related injuries and can even pay death benefits to family members if a workplace injury is fatal. In Massachusetts, all employers are required to carry workman’s comp coverage regardless of the number of employees or the number of hours they work each week. The only exception is for those who hire domestic help so long as their employees work fewer than 16 hours a week. Your agent can help you find competitively priced coverage that is well-suited to your business industry.
Employee Coverages for Small Businesses in Brookline
- 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
If your Brookline business has at least 50 full time employees, the “employer mandate” portion of the Affordable Care Act (ACA) of 2010 requires you to provide them with affordable, subsidized health insurance coverage. Even if your business has fewer than 50 employees, offering benefits such as life and health insurance can help you attract and retain good employees and may even qualify your business for federal tax credits of up to 35 percent of your cost for premiums. Talk to your agent to learn about your coverage options.
Cyber Crime Insurance for Brookline Small Businesses
- Number of identity theft complaints in Massachusetts in recent years: 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 relatively new liability insurance option. Because electronic data theft is on the rise, this coverage is becoming increasingly important and more and more businesses are purchasing policies. This insurance covers your business against lawsuits and damages that are likely to result if criminals hack into your computer system and steal sensitive customer information, including personal and financial data you may keep about your customers, employees or other individuals. Talk to your agent to learn more about how adding cyber crime insurance to your Brookline business insurance portfolio can be of benefit to your company.
Find the Right Brookline Commercial Insurance for Your Business
Every business has specific coverage needs that can be influenced by its location, size, and industry and by the services it provides. Therefore, building a suitable commercial insurance policy can sometimes be tricky. Experienced agents can help you identify the many exposures faced by your business and can recommend the right insurance policies to mitigate those risks. These independent agents are free to work with different insurance companies so they can help you find the most affordable Brookline business insurance coverage. There are many agents with offices in Massachusetts, including in and near the town of Brookline.
Find an agent near you to get more information, discuss your coverage needs and compare customized Brookline commercial insurance quotes.