Cambridge is famous for two of its educational institutions – Harvard University and Massachusetts Institute of Technology (MIT). This city has become associated with innovative sectors like pharmaceuticals, biotech research and other high-tech industries.
Recent storms in the northeast have cost businesses millions in recovery expenses, demonstrating the risks that business owners can face. It's a good idea to acquire Cambridge, MA business insurance to protect your company's finances in the face of disaster. An independent agent in the Trusted Choice® network can assess your needs and help you choose the package that is right for your business. Contact a local member agent for assistance today.
Major Industry Sectors in Massachusetts
What Cambridge Business Insurance Coverage Do You Need?
The coverage you will need to fully protect your enterprise will depend on many factors, including:
- The type of work you do, and whether you provide products or services
- The size of your business and how many workers you employ
- The specific liability risks in your line of work
- Whether you have commercial drivers
- Whether you want to offer group health and life insurance to your employees
If you have a small business, you may be able to combine all of your Cambridge business insurance needs in a bundle known as a business owner policy, or BOP. A larger business will need a more complex assortment of coverage and higher limits.
As commerce and commercial transactions have become more complicated, so have the risks associated with doing business. There are now over 20 coverage areas that a business needs to consider, and even the smallest of enterprises typically needs at least three types of coverage to protect valuable assets.
Major Types of Cambridge Business Insurance Coverage
The coverage you may need to consider includes:
- Property insurance: Coverage for your business premises, equipment, machinery, and materials in the event of damage from a fire, severe weather or theft.
- Liability coverage: Today, there are many forms of liability insurance that cover various types of risks, including:
- General liability, which includes protection for many different liability risks all businesses face while providing services to consumers.
- Professional liability, which covers liability claims due to a consumer's loss or personal injury due to errors on the part of the business. This is a recommended coverage for lawyers and doctors, for example.
- Product liability, which covers personal injury a consumer experiences due to use or consumption of a product your business manufactured or sold.
- Premises liability, which covers injuries that an indidivual may incur on your property.
- Directors and officers liability, which specifically covers liability risks associated with the acts or business decisions of company leaders.
- Business interruption: Covers loss of income coverage to bridge any period when you are unable to generate income due to property damage or other causes.
- Commercial vehicle insurance: Any business that uses commercial cars, vans or trucks needs to cover those vehicles and drivers against the risk of damage. This is also designed to sheild your business from major costs after one of your employees causes an accident that results in bodily injury or property damage to a third party.
- Workers compensation: This coverage is required in the state of Massachusetts, whether or not you have employees. All businesses must carry a basic workers comp policy to remain in compliance with the Department of Industrial Accidents, but you can expand coverage as needed. This policy will provide compensation to workers who become ill or injued as a result of the work they do.
- Other risks: Many other types of insurance are available to help you manage the specific risks you face. These include coverage for cybercrime, data loss and employee fraud as well as fidelity bonds.
An independent agent in your area can help to assess your business risks and provide Cambridge commercial insurance quotes based on your specific concerns.
Improving Safety Can Help to Control Insurance Costs
There are many ways to save money on your premiums, such as bundling several of your policies together under one insurance company. Additionally, there may be many things you can do to improve your company's safety and security, which can potentially result in savings. Some of these measures may include:
- Improving the security of your buildings.
- Ensuring that all hired drivers have a clean driving record.
- Implementing a worker safety program including on-site safety standards and disaster preparedness training.
- Installing fire sprinklers throughout your facility.
Such measures can reduce your business risks, and will also reduce the likelihood of needing to file a claim. Consult with an independent agent about available discounts and how to qualify.
How to Compare Cambridge Commercial Insurance Quotes
Your business is unique, and the precise coverage you need must be tailored to your commercial operation, risks and the types of products or services you offer. This also means that it is important to work with a knowledgeable agent who can ensure that there are no gaps in coverage, and that you are not over-paying for your policies.
A local member agent in the Trusted Choice network can help you compare multiple Cambridge commercial insurance quotes and select the right package for unique business. Contact a member agent today for personalized assistance.