The many businesses located in the historic town of Falmouth, MA, do more than just provide necessary goods and services for tourists and the community, they also play an important role in the health of the local economy. When disaster strikes, business insurance helps these companies remain profitable.
Putting together a comprehensive business insurance policy package can be a complex task, but you do not need to do it alone. Independent agents in Falmouth can assist you by identifying your company’s specific risks and recommending the appropriate policies to cover against them.
Contact an insurance agent near you to get started.
Why Do Businesses in Falmouth Need Liability Insurance?
Business liability insurance is one of the most important parts of every commercial insurance policy package.
Liability lawsuits can be extremely expensive, even if the courts ultimately rule in your favor. Business liability insurance is designed to cover your company’s court costs, legal fees, and financial damages if it is sued for a covered event.
You will need to be sure to have the right kinds of insurance policies to cover against all of the liability risks faced by your business. Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that happen due to accidents on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage that are caused by defects in products your business produces, sells, or promotes.
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as harassment, discrimination, breach of contract, and wrongful termination.
- Environmental liability insurance: This covers cleanup costs and damage if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
- Cyber liability insurance: This covers against financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as credit card information, social security numbers, and personal data.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent in Falmouth. Your agent can advise you about all the business liability products that are appropriate for your particular business.
What Insurance Products Cover Your Falmouth Business Property?
As a coastal city, Falmouth’s businesses are most likely to experience significant property loss or damage due to hazards such as hurricanes and tropical storms. Other risks include structure fires, property crimes, freezing temperatures, severe storms, high winds, and hail.
Each of these risks is covered by commercial property insurance, which is a standard part of all business insurance policies. It is designed to cover your commercially owned property such as furniture, computers, supplies, and inventory.
Sometimes, adding specialized property insurance products is necessary. Your insurance agent may recommend adding:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite or in a warehouse.
- Boiler & machinery insurance: This covers the repair or replacement of a broken down furnace or other essential machinery and can also cover any business losses associated with the mechanical malfunction.
- Bailees insurance: This covers your customers’ valuable property whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services.
A local independent insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace as necessary.
A Word about Flood Damage in Falmouth
Be aware also that commercial property insurance does not cover flood damage, even when the flood is the direct result of a covered hurricane.
Storm surges from hurricanes and tropical storms can lead to widespread flooding and expensive damages in this city. It is therefore important that you ensure that your business property is also covered by commercial flood insurance. A local independent agent can help you obtain an affordable policy through the National Flood Insurance Program (NFIP).
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Why Is Business Interruption Insurance a Good Idea in Falmouth, MA?
A major disaster like a fire or a hurricane can do more than just damage your business property. If the damages are particularly severe, it could also force your company to remain closed for an extended time while repairs are made.
Catastrophic Events in Massachusetts
- 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
A closure that lasts for several weeks can be financially devastating for your company. Business interruption insurance provides a solution to this problem by providing a continuation of income until your business can resume normal operations if it must close due to damages caused by a covered event.
When you have business interruption insurance, your company can afford to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even during the times that it is temporarily unable to generate revenue. Talk to your local insurance agent to learn more.
Do Businesses in Falmouth Need Workers’ Compensation Insurance?
As a business owner in Falmouth, you are obligated to provide a safe and healthy workplace for your employees. Unfortunately, even when all reasonable precautions are taken, workers sometimes get hurt on the job.
Your business is responsible for covering your employee’s financial losses in the event of a workplace injury or occupational illness. Workers’ compensation insurance is designed to provide this coverage.
All employers in the state of Massachusetts are required by law to cover their full-time and part-time employees with workers’ compensation insurance. There are a few exceptions. For example, it is not necessary to buy coverage for:
- Sole proprietors, corporate partners, or LLC members
- Domestic servants who work for you less than 16 hours per week
- Workers who are engaged in interstate or international commerce
- Salespeople who work for commission, including real estate agents
The rates for workers’ compensation insurance are based mainly on the types of jobs your employees do and the likelihood that they will be injured while doing them. It would therefore cost a lot more to insure a tree trimmer than it would to cover a cashier at a retail store.
A local independent agent can help you review your costs and can match you up with an insurance company that specializes in covering businesses in your industry.
What about Insurance Products for Falmouth Employee Benefits Packages?
Healthcare coverage can be quite expensive. However, offering subsidized coverage to your employees can have cost-saving benefits.
Studies conducted by human resource managers have demonstrated that when businesses offer a competitive employee benefits package, they find it easier to attract and retain ideal employees. These workers also tend to use up fewer sick days.
- 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
When you are shopping for products for employee benefits packages, you will find that there are many different life insurance and health insurance policies available for you to choose from. This can make it difficult to determine which policies are the best to purchase.
A local independent insurance agent can go over the pros and cons of each of your various options so you can make informed decisions.
Why Work with an Independent Insurance Agent in Falmouth, MA?
Insurance companies know that every company has it is own specific risks and exposures. That is why they enable business owners to fully customize their commercial insurance coverage. An independent agent can offer guidance and can help you find the best and most affordable policies to fully cover your Falmouth business.
Set up a one-on-one consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to get a comprehensive business insurance policy package at a competitive price.
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