The town of Concord, MA, is home to hundreds of businesses. From large companies like Emerson Hospital to the many shops that line Main Street, each plays a crucial role in maintaining a healthy local economy. Business insurance can help these companies stay profitable when disaster strikes.
Selecting the right commercial insurance products for your business can be complicated, but you do not need to do it on your own. Independent agents in Concord can help you identify your company’s specific risks and can recommend the best policies to cover against them.
Set up a one-on-one consultation with an insurance agent near you to learn more.
Why Do Concord, MA, Businesses Need Liability Insurance?
Liability insurance is an important part of every business insurance policy package. It is designed to pay your company’s court costs, legal fees, and damages if your business is sued for a covered event.
You will need to be sure that you have the right kinds of insurance policies to cover against each of the liability risks that your Concord business faces. A local independent agent can help you determine your company’s specific liability coverage needs so you are not left with any unintentional coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This is designed to cover against lawsuits related to third-party injuries, illnesses, and property damage that occurred due to an accident on your business premises.
- Product liability insurance: This is designed to cover against lawsuits related to third-party injuries, illnesses, and property damage that were caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This is designed to cover against your company’s financial responsibilities if cybercriminals hack into your computer system and steal sensitive customer data such as credit card information, social security numbers, and personal data.
- Employment practices liability insurance: This is designed to cover against lawsuits related to accusations of perceived illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Environmental liability insurance: This is beneficial for businesses that use or produce toxic substances. It is designed to cover cleanup costs, damage, and financial responsibilities if an accident at your business leads to the pollution of the ground, water, or air.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in Concord.
What Insurance Products Cover Your Concord Business Property?
Commercial property insurance is included in all business policies. It is designed to cover against loss or damage to your commercially owned assets. This insurance covers a wide range of property including such things as computers, furniture, supplies, merchandise, outdoor signs, and more.
Businesses in Concord, MA, are most likely to experience property loss or damage due to hazards such as property crimes, structure fires, severe storms, heavy winds, hail, and hurricanes. Fortunately, commercial property insurance is designed to cover against each of these risks.
Sometimes additional property insurance products are necessary. Depending on the type of business you own, your insurance agent may recommend supplementing your commercial property insurance with products such as:
- Inland marine insurance: This covers your company’s valuable portable property whenever it is in transit or is being kept away from your place of business, such as while it is on location at a job site or being stored in a warehouse.
- Bailee insurance: This covers your customer’s property whenever it is in your company’s care, custody, or control, such as while you are providing repair or maintenance services.
- Boiler & machinery insurance: This covers the cost to repair or replace essential machinery if it breaks down. It can also cover any business losses you may sustain due to mechanical malfunctions.
- Flood insurance: This covers damages caused by flooding. It is necessary for many businesses, particularly those located near the Assabet and Sudbury Rivers because flood damage is specifically excluded from commercial property coverage.
A local insurance agent can help you be certain that are all your business assets appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace when necessary.
Why Is Business Interruption Insurance a Good Idea in Concord, MA?
A major disaster like a structure fire or a hurricane can do more than just damage your company property. If the damage is particularly severe, it could also force your business to remain closed for several weeks while repairs are made. This can be financially devastating for many businesses.
Disasters in Massachusetts
- Number of federally declared disasters in MA since 1953: 54
- Most common reasons for declared disasters: Severe storms, hurricanes, and heavy snows
- Average number of tornadoes in MA per year: 1.4
Business interruption insurance provides a solution to this problem. This coverage can provide your company with a continuation of income while it must remain closed for repairs and can continue until your business resumes normal operations.
This insurance enables your company to have the funds necessary to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even though it is temporarily unable to generate revenue.
Business interruption insurance is not a good fit for every commercial venture. Consult a local independent insurance agent for help determining whether or not this coverage is right for you.
Do Businesses in Concord Need Workers’ Compensation Insurance?
As a business owner in Concord, you are required to provide your employees with a safe and healthy workplace. Unfortunately, even when all reasonable precautions are taken, workers sometimes get injured on the job.
If this happens, your business is responsible for covering your employee’s medical bills and related financial losses. That is why, with few exceptions, all employers in Massachusetts are required to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to protect your business from financial losses by covering the cost of medical treatment, disability pay, and other expenses related to workplace injuries and occupational illnesses of your employees.
In the event of a fatal work-related injury, workers’ compensation insurance can also provide long-term benefits to surviving family members and dependents.
Talk to an independent insurance agent to learn more about workers’ compensation insurance and for help finding a competitively priced policy from a provider who specializes in covering businesses in your industry.
What about Insurance Products for Employee Benefits Packages in Concord?
While it is true that health insurance can be rather expensive, offering subsidized coverage to your employees may have cost-saving benefits.
- Annual amount spent on healthcare coverage by MA businesses: $1,064,684,000
- Average annual cost of healthcare in MA: $6,379/person or $17,424/family
Businesses that offer competitive employee benefits packages find it easier to attract and retain the most qualified employees. This has been proven in several studies conducted by human resource professionals. Additionally, employees who have health insurance tend to call in sick less frequently.
When shopping for products to include in your employee benefits package, you will discover that there are many different life insurance and health insurance options available to choose from. This can make it difficult to determine which policies are the best choices for your business.
An experienced independent insurance agent in Concord can go over the pros and cons of each of your various options so you can make an informed decision.
Why Work with an Independent Insurance Agent in Concord, MA?
Every business has specific risks. Insurance companies therefore enable business owners to fully customize their commercial insurance policy packages. Independent agents can offer guidance and can shop around to help you find the best and most affordable policies to cover against all of your company’s various exposures.
Find an insurance agent with an office in Concord to get more information. You will soon discover how easy it can be to build a comprehensive business insurance policy package for your company.
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