Dorchester, MA may just be one of Boston's many neighborhoods, but its historical significance and cultural fluidity enable many entrepreneurs to thrive. In a state that takes pride in its innovation and financial security, Dorchester is a great place to start or expand a small business. In fact, 615,775 small businesses in Massachusetts employed 1,404,234 people in recent years. However, $6,530,654 was paid out in losses — showing that unexpected and unwelcome situations can arise without a moment's notice.
Our Independent Insurance Agents are your one-stop-shop when it comes to protecting your small business. Our expert agents aren't tied down to one carrier, so they can assess your needs, risks and specific situation to find you a comprehensive policy that fits your budgetary needs. Let us break down the complexity of Dorchester business insurance so you can feel secure knowing what you're covered against.
General liability is the most basic way you can protect what you've worked hard to create. The smallest of incidents could set you back financially, let alone if a larger negligence claim were to come through. Let an agent walk you through the basics when it comes to safeguarding your small business with liability insurance.
- General Liability: According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Whether a customer slips and falls on the way out or you spill coffee on a client's laptop, this protection gives you coverage against legal expenses and medical bills.
- Product Liability: Does your Dorchester small business sell, manufacture or distribute a product? According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. You need protection if something malfunctions, causes an injury, or leads to a lawsuit. Don't let naiveté get in the way of a smart business decision.
- Professional Liability: Also known as errors & omissions insurance, this liability coverage is designed for businesses that dish out advice on a regular basis. If you're an architect, consultant, lawyer or accountant, you need to talk to an agent about your professional liability policy options. You don't want a legal issue to be the downfall of your success.
Business Interruption Insurance for Dorchester Businesses
Massachusetts' gross state product increased by 0.6% less than the recent gross domestic product, which means your company's success is just as essential to you as it is to the state. But what happens when you're forced to close due to a natural disaster? Business interruption insurance covers you in such a scenario, compensating you for the profit or revenue you would have made during the closure. It helps you prevent a financial loss while keeping your employees and customers safe. Our agents can discuss the details so you're familiar with when this insurance comes into play.
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Property Insurance for Dorchester Businesses
Did you know that 119 natural disasters hit the U.S. in recent years? Being in such close proximity to the Atlantic Ocean is just asking for damage from hurricanes, flooding and harsh winter weather. Considering that only 61% of losses from natural disasters were covered, leaving $9.7 billion in damage uncovered, your Dorchester small business needs proper property insurance. Let your agent find an insurance company that compensates you for broken windows, impacted roofs, and damaged office equipment.
Employee Coverages for Dorchester Businesses
Small businesses take pride in their employees. It's increasingly important to offer your hard workers comprehensive health and life insurance so they can stay afloat themselves. Recently, Massachusetts ranked as the 36th highest state for premiums, at $1,061,981. The annual cost of health care came in at $6,379 for an individual and $17,424 for a family. While the numbers may be unappealing, good employee coverages help boost morale and show them the boss cares.
On the other hand, you need to protect yourself just the same. National workers' compensation rates in recent years amounted to $1.27 for $100 in wages, or $612 per employee. If your employee is injured on the job, your policy takes care of it. It's a necessary coverage that won't significantly alter your bottom line, so talk to an agent about your options.
Cyber Crime Insurance for Dorchester Businesses
A mere 22% of small businesses have a response plan in place to protect themselves if a cyber hack or data breach were to occur. But the reality is that such an event could happen when you least expect it. Massachusetts saw 5,116 reported identity theft complaints in recent years — the 25th highest in the country — with serious financial and overall business devastation as a result. Don't let the bad guys win. Talk to an independent insurance agent about how cyber crime insurance fits into your Dorchester commercial insurance plan.
Whether you're just getting off the ground or have been a community staple for decades, our agents want to help keep you protected. Our agents have the expertise necessary to assess your unique risks and find the best quote that meets your needs. Comprehensive, affordable coverage for your Dorchester small business doesn't have to be complicated; just start by contacting your local agent today.