From the shops, restaurants, and offices that line Lakeview Avenue to small companies run out of people’s homes, businesses in Dracut, MA, play an important role in the local economy. If you own a company in this New England town, you can benefit from the protections offered by business insurance.
Choosing the right insurance products for your Dracut business can be complicated, but it doesn’t need to be. Local independent agents can help you build an affordable policy package that is fully customized to meet your company’s coverage needs. Talk to an insurance agent near you to get started.
What Kinds of Liability Coverage Do Businesses in Dracut, MA, Need?
Businesses of all sizes can have significant liability exposures. A liability lawsuit against your company has the potential to lead it into bankruptcy if is not property insured.
If your company is sued for a covered event, business liability insurance can help by covering expenses like court costs, legal fees, mediation costs, settlements, judgements, and other related expenses.
There are several different kinds of business liability insurance available. Here are some of the policies you may want to consider.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company sells or produces.
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents that occur on your business premises.
- Cyber liability insurance: This covers your company’s financial obligations to affected individuals if cybercriminals hack into its computer system and access sensitive information like personal and financial data.
- Employment practices liability insurance (EPLI): This covers against accusations of illegal employment practices like discrimination, harassment, breach of contract, and wrongful termination.
- Errors and omissions insurance: This covers individuals in professional positions against lawsuits related to errors in judgement or other professional mistakes if these errors have caused financial losses or other harm to their clients.
This is not an exhaustive list of the commercial liability products that are available to you. You will want to be sure that you have the right policies in place to cover against all your company’s liability exposures.
What Kinds of Property Coverage Do Dracut Businesses Need?
All business insurance policies include commercial property insurance. This insurance is designed to cover repair or replacement costs if your business-owned property is lost or damaged due to a covered event.
In Dracut, businesses are most at risk for hazards such as the following.
- Fires and explosions
- Severe storms (including hurricanes, tropical storms, windstorms, and electrical storms)
- Harsh winter weather (including heavy snows and ice accumulation)
- Property crimes
Fortunately, each of these risks is covered by commercial property insurance.
Some businesses in Dracut may benefit from supplementing their commercial property insurance with additional policies. Depending on what your business does, how it operates, and where it is located, you may want to consider these policies.
- Flood insurance: This covers against flood damage (which is not covered by commercial property insurance.) A commercial flood insurance policy through the National Flood Insurance Program (NFIP) can enable you to purchase up to $500,000 in both structural and contents coverage.
- Inland marine insurance: This covers your company’s portable property when it is being transported over land or is being stored in location other than your place of business.
- Boiler and machinery insurance: This covers the cost to repair or replace your company’s essential equipment and machinery if it malfunctions. It can also compensate your business for revenue lost due to the breakdown.
- Bailee's insurance: This covers your customers' property whenever it is in your business’s custody, care, or control. It is a good idea for businesses that provide services like repair, alteration, or maintenance work.
When all of your business property is suitably covered by the right policies, you do not have to worry about the financial ramifications on your company if it is damaged or destroyed in a catastrophic event.
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How Can Business Interruption Insurance Can Help Businesses in Dracut, MA?
If your business is seriously damaged in a covered event, replacing property is not the only thing you will need to worry about. If you have to shut down for a few weeks while repairs are made, the loss of revenue can be devastating.
Business interruption insurance provides a solution to this problem. Business interruption insurance is designed to provide a continuation of income during the times that a covered event leads to a necessary extended closure. That way, your company will have the funds it needs to continue paying regular expenses like loan payments, rent, bills, and salaries.
While businesses in Dracut have a low risk of sustaining serious damage due to severe weather, this insurance can be very valuable if it is damaged or destroyed by a catastrophic event like a fire or explosion.
Do Dracut Businesses Need Workers’ Compensation Insurance?
With very few exceptions, all employers in the state of Massachusetts are required by law to carry workers’ compensation insurance.
If your workers are injured on the job or develop an occupational illness, workers’ compensation insurance can cover the cost of any necessary medical care. It can also provide disability pay to injured workers, and in the worst cases, death benefits, to the employees’ family members.
The cost of workers’ compensation is based mainly on the number of employees you have, how much you pay them, and the types of jobs they do. The higher the risk that your workers will suffer serious injuries on the job, the more it will cost for you to cover them.
What about Insurance Products for Employee Benefits Packages?
A good employee benefits package that includes perks like life insurance, health insurance, paid vacation time, sick time, and employer-matched retirement savings plans can help your business attract and retain some of the area’s best workers.
When it comes to health insurance, in particular, you will be faced with making a lot of decisions such as whether you want to offer your employees an HMO, PPO, or managed care plan, what kind of prescription plan the policy will include, how high deductibles and copays will be, and other considerations.
That is why many of Dracut’s business owners consult an experienced insurance professional when shopping for coverage for their employees.
Why Work with an Independent Insurance Agent?
Every business has specific risks and exposures. That is why insurance providers make it possible to fully customize your company’s coverage. However, building a suitable policy package can be difficult if you try to do it alone.
Local independent agents can perform a complete risk assessment and can help you be certain that your business insurance policy package includes all the coverage your company needs. Your agent can also shop around to find these policies at the most competitive prices.
Arrange an obligation-free consultation with an independent insurance agent near you to get started.
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