With close access to the high-tech businesses in and around Worchester and Boston, Framingham, MA is a good place to found a new company. Whether you are planning a restaurant or a high-tech startup, easy access to great companies like Boston Scientific, in Natick, give you a great advantage over a lot of other places. Finding the right Framingham commercial insurance for your business is not easy. Your Independent Insurance Agent is there to help you navigate your options and find the best insurance for your needs at the best possible price.
How vibrant is the economy? Massachusetts is home to 615,775 small businesses that employ 1,404,234 people. The need for good insurance in Framingham was underscored by the total claims of $6.5 million paid out in recent years for insurance claims. Reliable and affordable coverage is essential for any business, no matter how good the climate is.
General liability insurance is at the heart of your business insurance needs. It covers claims for injuries to other people and third-party property damage to individuals such as customers or delivery persons. It also covers any legal defense if your business is sued over a covered incident. The cost of incidents, no matter how small, can be breathtaking because of potential medical costs. According to a recent Travelers Business Risk Summary:
- 60 percent of small-business owners ranked medical cost inflation as their highest concern.
- over 30 percent said they felt least prepared to handle this concern.
Any injury on your premises can be extremely expensive, and if you are sued to cover the costs, you need to have someone there for you in court. If you make a product or provide professional services, you also need product or professional liability insurance. The same concerns apply here, too. According to a national study by the Insurance Information Institute, 71 percent of product liability awards and 53 percent of medical malpractice awards amounted to $1 million or more. The potential costs from an injury are nearly unlimited, so you have to have the right insurance.
Business Interruption Insurance for Framingham Businesses
If you can’t open the doors in the morning due to a natural disaster or other reason, you need business interruption insurance to cover the costs of not being able to conduct normal operations. This compensates you for lost income in situations such as these:
- Water pipe breaks
- Natural disaster
- Any other reason your business is interrupted that is not your fault
Business interruption insurance pays out based on the revenue that you weren’t able to collect when closed, taken from the receipts you had when you were open. It covers the ongoing costs, such as power and employee benefits, too, until you are back up and have the doors open again.
Property Insurance for Framingham Businesses
When your business is closed, you suffer more than just a loss of business – you have to fix the damage that occurred to get fully back up and operating again. While it may seem wise to buy the cheapest property insurance, you may regret that when disaster strikes. An agency that pays out quickly without a lot of hassle is critical when you want to get back to business after a disaster. Consider these statistics:
- There were 119 official natural disasters in the U.S. in recent years.
- Only 61% of the losses realized from these were covered by insurance.
- That left $9.7 billion in damage not covered by a property insurance policy.
Your business should be able to recover quickly from most incidents, such as a break-in, but if you are faced with a liability claim, the legal process could drag on for an extended period. That's why you need to have proper coverage to make sure your business can survive in the long run. There is enough to worry about when disaster strikes, so the right insurance for your business can make all the difference.
Workers' Compensation for Framingham Businesses
Workers' compensation insurance is required by Massachusetts state law. It covers the expenses related to any employee injuries on the job, whether from one single incident or from repeated actions over an extended period of time. Nationally, this came to $1.27 for every $100 in wages in recent years, or an average of $612 per employee.
Typically known as “workman’s comp,” these insurance premiums are based on the number of claims you have had in the past. New businesses are assessed by the kind of work done and the categories of employees they hire. You can often save money based on the programs and equipment you provide your employees, so a solid relationship with an Independent Agent, who understands workman’s comp, is vital to finding an affordable policy that fits under the applicable laws and regulations for your business.
Employee Coverages for Framingham Businesses
Massachusetts-based businesses paid $1,061,981 for employee health care coverage in recent years. The average single person health plan cost employers $6,379, and a family policy was $17,424. Coverage for health care is only part of the package of insurance coverages that you may want to offer your employee, however:
- Health plan insurance: This is required by law for companies with 50 or more employees, but many smaller businesses opt to provide this coverage as a service for their loyal workers.
- Life insurance: In case something happens to your employee, you may want your business to cover the employee as well as protecting the family.
- Disability insurance: Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
A good employee coverage plan helps you to retain valuable workers, which results in cutting down on training and improving service. Many Framingham businesses offer packages for their employees so that they stay loyal and are always at the best on the job.
Cyber Crime Insurance for Framingham Businesses
One category of insurance that you may not think of on your own is protection against cyber crimes, including identity theft. There were 5,116 reported identity thefts recently in Massachusetts, which is actually a fairly low number. But the risk is very real and very rampant. This insurance is critical to limit the expenses run up by someone using your identity without authorization. It is just one of the many types of insurance that may not be on your radar as you open a business but is critical for protecting you against loss. A good relationship with your Framingham-based Independent Insurance Agent is critical to opening up or expanding a successful business.
Call your agent today to obtain a quote in the areas that you need to protect so that you can rest easy knowing your business is protected.