There are about 3,000 businesses located in the city of Everett, Massachusetts. From the shops that line Broadway to small companies run out of people’s homes, each plays an important role in the health of the local economy. Business insurance protects these companies in times of disaster.
A local independent insurance agent can help you build a commercial insurance plan that will provide suitable coverage against all of your company’s potential risks. Contact an insurance agent near you to learn more and to start comparing customized quotes for business insurance.
Why Do Businesses in Everett, Massachusetts Need Liability Insurance?
Liability lawsuits can be extremely expensive for your company, even when the courts rule in your favor. That is why liability insurance is a crucial part of every commercial insurance policy.
Business liability insurance can cover the various expenses related lawsuits, including court costs, legal defense fees, and financial damages. All business insurance policies include commercial general liability insurance (“CGL”). Its main coverage components are:
- Premises liability insurance: This covers third-party injuries, illnesses, and damage that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.
Most businesses will need to carry additional liability policies in order to be fully covered against all of their liability exposures. Examples of other liability policies you may want to consider include:
- Cyber liability insurance: This covers your business’s liability exposures if hackers break into your computer system and steal customer data like credit card numbers, Social Security numbers, or personal data.
- Environmental liability insurance: This covers your business if an accident involving toxic materials used or produced by your company results in the pollution of the land, water, or air.
- Employment practices liability insurance: This covers your business against accusations of illegal practices such as discrimination, harassment, and wrongful termination.
An independent insurance agent in Everett can make recommendations about which of the many other commercial liability insurance products are right for your particular business.
How Does Property Insurance Protect Everett Businesses?
Commercial property coverage is another major part of every business insurance policy. It is designed to cover loss or damage to your company-owned property and assets.
Hazards that are most likely to cause damage to your Everett business property include fires, property crimes, hurricanes, severe storms, hail, freezing temperatures, heavy snows, and floods. Commercial property insurance covers against all these hazards except for floods.
In addition to the commercial property coverage included in your business insurance policy, you may want to consider adding the following policies in order to keep your business assets fully covered:
- Commercial flood insurance: A policy through the National Flood Insurance Program (NFIP) can provide your business with up to $500,000 in structural coverage and $500,000 in contents coverage against floods. Businesses near the Mystic River are most at risk, but flash flooding can occur anywhere in this city.
- Inland marine insurance: This is designed to cover your valuable portable business property whenever it is in transit or away from your business location, such as while being used or stored at a job site.
- Bailee's insurance: This is designed to cover your customers’ property whenever it is in your business’s custody, care, or control, such as if you are performing maintenance or repair work as a service.
- Boiler & machinery insurance: This covers your losses related to business equipment and machinery malfunctions. It can help cover repair costs as well as business losses related to the malfunction.
Talk to your local insurance agent to learn more about your many options when it comes to covering your business-owned property.
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Is Business Interruption Insurance a Good Idea in Everett, MA?
A major disaster, like a hurricane or a structure fire, can force you to close down your business for several weeks while repairs are made. Business interruption insurance provides your company with a continuation of income during such times.
- 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
This optional insurance enables you to have the income you need to cover your monthly expenses, loan installments, employee salaries, and other regular business expenses until you are able to resume normal operations. Most policies will provide this coverage for up to twelve months.
Business interruption insurance isn’t a good fit for all businesses. A local independent insurance agent can help you evaluate whether it is right for you.
Do Businesses in Everett Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover the cost of medical treatment, follow-up care, prescriptions, lost wages, and other expenses related to work-related injuries and occupational illnesses.
The state of Massachusetts requires all employers to carry workers’ compensation insurance. However, there are a few exceptions. It is not necessary to cover:
- Sole proprietors, corporate partners, or LLC members
- Domestic servants who work fewer than 16 hours per week
- Workers engaged in interstate or international commerce
- Salespeople working in real estate or consumer goods paid by commission
Rates for this coverage are based on how dangerous the work your employees do is. A construction worker would cost far more to insure than a loan officer at a bank.
A local independent insurance agent help you obtain a competitively priced policy through a commercial provider that specializes in covering businesses like yours.
What about Employee Benefits for Businesses in Everett?
- Annual amount spent on healthcare coverage by MA businesses: $1,064,684,000
- Average annual cost of health care in MA: $6,379/person or $17,424/family
There is no denying that subsidizing health insurance coverage for your employees is expensive. However, many small businesses that do so can qualify for tax deductions, and there are other cost-saving benefits as well.
Studies done by human resources professionals have demonstrated that when businesses offer attractive benefits packages, they are more likely to recruit and retain ideal employees. Also, workers who have access to healthcare tend to use fewer sick days.
If you are interested in purchasing health or life insurance for your employee benefits package, an independent insurance agent can help you find good policies at a competitive price.
Why Work with an Independent Insurance Agent in Everett, MA?
Every business has its own specific coverage needs. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options available to business owners in Massachusetts enables you to fully customize your commercial coverage.
Independent insurance agents can help you navigate through the many choices you will need to make while building your policy package. That way, you can select the coverage that is best for your particular business. Contact an insurance agent in Everett to start comparing customized business insurance quotes.
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