There are over 607,000 businesses operating in Massachusetts, with over 5,000 in Fall River. Fall River's location at the mouth of the Taunton River allowed it to become the leading textile manufacturing center in the US during the 19th century. While Fall River is not the textiles powerhouse that it once was, textile mills remain an important part of the city’s economy. The healthcare and construction industries are also significant in Fall River.
If you own any kind of business in Fall River, you need a comprehensive business insurance program to protect your assets when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Fall River, MA
Businesses of all shapes and sizes are commonly accused of negligence. Unfortunately, accusations that your business has caused harm to an individual or another business might be one of the most financially devastating events you encounter. One lawsuit or unexpected event can force you to declare bankruptcy and close your doors for good.
Liability insurance is one of the most important ways in which you can protect your business assets from lawsuits. Commercial general liability insurance, or CGL, is the most basic form of business liability insurance. It can protect your business from costs related to bodily injury and property damage claims. It pays for medical expenses, legal costs, and settlements or judgments. Your CGL policy even covers costs related to personal injury claims such as libel and slander.
To protect your business from certain specific types of liability claims that are excluded from CGL coverage, you might need to purchase additional liability policies. Talk to your independent insurance agent about why you might need employment practices liability insurance, environmental liability insurance, or professional liability insurance to complete your business liability insurance protection.
Cyber Liability Insurance for Fall River Businesses
If a data breach or some other cyber incident negatively affects your customers or business partners, your business could be responsible for paying damages to all of the affected parties. If you are sued, you’ll have to pay legal fees, court-ordered judgments or settlements, and any other court-mandated costs. Your general liability insurance may not appropriately cover the costs associated with an electronic data breach.
- Number of identity theft complaints in Massachusetts per year: 5,116
- Ranked 25th highest for identity theft complaints in the US
- Only 22% of US businesses have a cyber/data breach response plan
Cyber liability insurance covers a variety of expenses related to a data breach. Most cyber liability insurance covers your legal defense costs as well as any settlements and judgments that you are ordered to pay. Cyber liability insurance also helps businesses repair their reputations and damage to their brands in these situations by providing coverage for PR and other related expenses. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Fall River, MA
Your Massachusetts commercial property can be damaged in a variety of ways, from severe storms and hurricanes to fires, break-ins, and vandalism.
- Number of federally declared disasters in Massachusetts since 1953: 49
- Most common reasons for declared disasters in Massachusetts: Severe Storms and Hurricanes
Whether you own your building or lease your office space, you need some type of protection for your business property. Commercial property insurance covers damage to a building and its contents (computers, office equipment, and furniture, supplies, fixtures, etc.) if it is damaged by a weather event, fire, theft, vandalism, or other covered peril. An independent insurance agent can help you determine if you need more than just a basic commercial property policy. If your Massachusetts commercial property is in an area that is prone to flooding, you are likely to need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local insurance agent can help you purchase coverage.
Business Interruption Insurance for Fall River Businesses
What would happen if your business could not operate for an extended period because of a fire, severe storm, or some other disaster? Your commercial property insurance covers the cost of physical damage to structures, equipment, inventories, and material goods in the event of a loss. But you need business interruption insurance to reimburse you for lost revenues when your business is unable to operate after a disaster.
Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. If you are forced to close your doors for an extended period in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Fall River, MA Businesses
Most Massachusetts employers are required to purchase workers’ compensation insurance. It pays for medical care and lost wages for injured workers and protects employers from being sued for further damages. All employers in Massachusetts with one or more employees are required to carry workers’ compensation insurance for their employees, and for themselves if they are an employee of their company, regardless of the number of hours worked or the number of employees. There are a few exceptions:
- Domestic employees must work at least 16 hours per week to be covered under a Massachusetts workers’ compensation policy.
- Members of an LLC, partners, and sole proprietors are not required to purchase workers’ compensation insurance for themselves, but may elect to purchase it.
- Corporate officers who own at least 25% of their corporation may exempt themselves from coverage with a signed affidavit.
Other exceptions to the Massachusetts workers’ compensation laws include door-to-door salespeople, professional athletes, real estate agents, seamen, and taxi drivers. Most businesses in Massachusetts purchase workers’ compensation insurance from insurance agents and agencies licensed to sell it in the Commonwealth of Massachusetts. You may be able to obtain discounts and credits when you purchase coverage from a private insurance company.
Employee Benefits for Small Businesses in Massachusetts
Employee benefits—such as group health insurance, group life insurance, short- and long-term disability insurance, and more—serve a critical purpose for your employees and can often mean the difference between a satisfied workforce and one that is unhealthy and disengaged. Many employees see their benefits as an important part of their overall compensation plan. Offering a comprehensive set of employee benefits, including group insurance plans, vacation and sick time, wellness programs, and other perks can help you attract and retain top talent, as well as encourage wellness and healthy living.
- Average amount spent per year on healthcare coverage by Massachusetts businesses: $1,061,981
- Ranked 16th for highest medical insurance costs in the US
- Average annual cost of healthcare coverage in Massachusetts: $6,379/person or $17,424/family
There are many different employee benefits options available, and not every business needs the same types of plans or programs. A local independent insurance agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Insurance Agent in Fall River?
Shopping for business insurance can be overwhelming, even if you own a small business with a simple business model. That’s why working with an independent insurance agent is the best way to make sure you get all of your questions answered and find the best policy for your needs and budget. Local independent agents can get quotes from multiple insurance companies, so you’ll be able to compare coverage and rates and make the best choice.
Contact a local agent today to get started.
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