During previous years, there were 615,775 small businesses, employing 1,404,234 people, headquartered in Massachusetts. More than 3,000 of these businesses were based in Danvers. This city is an ideal location for small business owners of all types, particularly those in the healthcare, manufacturing, and retail sales industries. Whether your business employs several people, like Hospice of the North Shore, or you are an independent contractor with no employees, it is important that you protect the investment you have made in your business with a suitable Danvers commercial insurance policy. Consider this: businesses in Massachusetts collected $6,530,654 in business insurance claims in recent years.
Building a suitable Danvers business insurance policy package for your company can be complicated. You may therefore benefit from working with someone who is familiar with the ins-and-outs of commercial insurance. Local independent insurance agents can help you identify the exposures that are unique to your particular industry and can work with a number of reputable insurance companies to provide you with a selection of Danvers business insurance quotes for policies that are suitable to meet your business’s needs. Find an agent near you to get started.
General liability coverage is part of every commercial insurance policy. It can provide your company with compensation for legal defense fees, court costs, and financial damages that result from covered lawsuits. An agent can explain the various aspects of this coverage and can identify any other types of liability insurance, such as employment practices liability or commercial vehicle liability coverage, that you may want to include in your Danvers commercial insurance portfolio. Your agent may talk to you about such as:
- Premises liability insurance: This is part of your general liability coverage. It is designed to cover your company’s liability for third-party illnesses, injuries, and property damage that may occur because of an accident on your business premises. According to a recent Travelers Business Risk Summary, 60% of small business owners ranked medical cost inflation as their highest concern and over 30% say they feel the least prepared to handle this concern. Premises liability insurance can cover many of the unexpected medical costs for which your business may be deemed liable.
- Product liability insurance: This is also part of your general liability coverage. It is designed to cover your company’s liability for third-party illnesses, injuries or property damage caused by products it produces, sells or promotes. According to a national study, 71% of product liability awards by the court amounted to $1 million or more, so this insurance coverage can prove quite valuable.
- Professional liability insurance: Also known as errors and omissions insurance, this is designed to cover the professionals who work for you in the event that they are sued for mistakes, errors in judgment, or other professional missteps. Medical malpractice insurance is one example of professional liability insurance. Considering that 53% of medical malpractice awards by the court amounted to $1 million or more, it is easy to see the significance of having this coverage.
Business Interruption Insurance for Danvers Small Businesses
- Recent Gross Domestic Product (GDP) for the US: 2.2%
- Recent Gross State Product (GSP) for Massachusetts: 1.6%
- The recent GSP was 0.06% less than the recent GDP
Businesses in Massachusetts make a significant contribution to the gross domestic product. However, if a disaster—such as fire or an explosion like that one that destroyed the Arnel Company facility and neighboring homes and business—forces you to shut down commercial operations for an extended period while repairs are made, your business may be unable to generate any revenue at all and the financial hit can lead to a corporate bankruptcy.
Protect your company’s finances by making sure that your Danvers commercial insurance portfolio includes business interruption insurance. This insurance provides a continuation of income while your business is not operational because of a covered event. With these funds, you can afford to pay employee salaries and monthly expenses until you can resume normal business operations. Business interruption insurance coverage is typically limited to one year.
Property Insurance for Small Business in Danvers
- Number of recent natural disasters in the US: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damages were not.
Danvers businesses are most at risk for damages caused by severe storms and structure fires. Disasters such as these can all lead to significant damage to your business-owned property, which is why business property insurance, which is part of your policy package, is so important. Commercial property insurance can cover your business-owned property such as display cases, outdoor signs, inventory, computers, machinery, furniture, and more. Because the coverage needs of businesses in different industries are often quite diverse, it is beneficial to work with an agent who can recommend additional property coverage and policy offerings, such as inland marine insurance, when they are appropriate to your business.
Worker’s Compensation for Danvers Businesses
Every state has its own laws pertaining to worker’s compensation insurance. In Massachusetts, all employers are required to purchase this coverage regardless of the number of employees they have or the number of hours the employees work per week. The only exception is for domestic help so long as the employee works fewer than 16 hours per week. Worker’s compensation insurance, which is often referred to as workman’s comp, is designed to cover medical costs and lost wages associated with workplace injuries and work-related illnesses, and it can protect your business from liability lawsuits related to these employee injuries.
Employee Coverages for Small Businesses in Danvers
- Total recent spending on premiums in Massachusetts: $1,061,981
- Ranked 36th for highest premiums in the US
- Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family
Healthcare coverage can be pricey. However, if your Danvers business has at least fifty full-time employees, you are required by the Affordable Care Act (ACA) of 2010 to provide them with subsidized health insurance coverage. Even if you are not required to offer it, offering benefits such as life and health insurance can help you attract and retain talented employees, so you may want to talk to your agent about reviewing some affordable options.
Cyber Crime Insurance for Danvers Small Businesses
- Number of identity theft complaints in Massachusetts in recent years: 5,116
- Ranked 25th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Electronic data-theft is on the rise and companies that use computers to collect, store, or track sensitive information about their customers, employees, or other individuals are at risk. Cyber crime insurance can help to protect your business, but because it is a somewhat new insurance offering, many businesses are still without this important coverage. Cyber crime insurance is liability coverage designed to shield your company from losses related to lawsuits and damages that may result from criminals hacking into your computer system. Talk to your agent to learn more about how adding cyber crime insurance to your Danvers business insurance portfolio may be advantageous for your company.
Compare Customized Danvers Commercial Insurance Quotes
Every business has its own coverage needs, and different types of commercial insurance cater to different industries. Our insurance agents can help you identify the specific hazards faced by your business and can recommend the right coverage types to mitigate these risks. These independent agents are free to work with several different insurance companies to help you find the most affordable coverage as you build your Danvers business insurance portfolio. There are many agents with offices in Massachusetts, including in and around the town of Danvers.
Find an agent near you to get more information, discuss your coverage needs, and compare customized Danvers commercial insurance quotes.