Greenfield, MA, is home to many small businesses. From sole proprietorships run out of people’s homes to the many dining, shopping, and entertainment venues that line Main Street, each plays an important role in the local economy. Business insurance helps these companies stay profitable in times of disaster.
Independent insurance agents in Greenfield can help you identify the specific risks your company faces and can recommend the right business insurance products to cover against them. Set up a one-on-one consultation with an insurance agent near you to learn more.
Why Do Businesses in Greenfield Need Liability Insurance?
Businesses sometimes end up on the wrong end of a liability lawsuit. When this happens, having the right liability insurance in place is crucial in order to avoid large financial losses.
Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and financial damages if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL). CGL provides basic liability coverage for the most common risks businesses face, including such things as:
- Premises liability insurance: This covers against third-party injuries or property damage that may occur due to accidents on your business property.
- Product liability insurance: This covers against third-party injuries or property damage that may be caused by a defect in a product your company produces, sells, or promotes.
- Advertising liability insurance: This covers lawsuits related to advertising such as for accusations of copyright infringement, false advertising, and deceptive pricing.
Most businesses have liability risks that go beyond what a standard CGL policy can cover. An independent insurance agent can help you identify your business’s other liability exposures, and can recommend the right policies to cover against them.
The following are some examples of the many available commercial liability insurance policies you may want to consider:
- Cyber liability insurance: This is designed to cover financial responsibilities and damages if hackers break into your business’s computer system or attach skimmers to your credit card readers and access sensitive customer data like financial and personal information.
- Employment practices liability insurance: This is designed to cover your business if a current, former, or prospective employee makes an accusation of discrimination, harassment, wrongful termination, breach of contract, or any other illegal employment practice.
- Commercial vehicle liability insurance: This is designed to cover your company’s increased liability risks if you own and operate a vehicle or fleet of vehicles. This coverage can be particularly beneficial if your business uses trucks, since large vehicles can cause a significant amount of damage in an accident.
Talk to your insurance agent to learn more about these and any other commercial liability products that may be a good fit for your Greenfield business.
What Are the Property Damage Risks in Greenfield, MA?
Every business insurance policy also includes commercial property insurance. This is designed to cover loss or damage to your company’s assets such as supplies, inventory, furniture, computers, tools, outdoor signs, and more.
Businesses in Greenfield are most likely to experience loss or damage due to hazards such as accidental fires, property crimes, hurricanes, windstorms, hail, heavy snows, and freezing temperatures. Fortunately, your commercial property insurance is designed to cover against all of these hazards.
One hazard that is not covered, however, is flood damage.
Businesses located near waterways like Cherry Rum Brook and the Connecticut and Green Rivers are most at risk, but when heavy rains fall, flash flooding can happen just about anywhere. That is why you may want to supplement your business coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).
A local independent agent can help you secure an affordable flood insurance policy as well as any other supplemental property coverage that may be appropriate for your business, such as inland marine insurance or boiler & machinery insurance.
How Does Business Interruption Insurance Help Companies in Greenfield, MA?
Occasionally, businesses in Greenfield are significantly impacted by catastrophic events like damaging storms and accidental fires.
- 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
Property damage isn’t the only expensive risk your business may face during a catastrophic event like a hurricane.
Severe damage could potentially force it to remain closed for several weeks while repairs are made. Without an ongoing stream of revenue, many small businesses would not be able to handle the financial losses brought on by the resultant loss of revenue.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event.
Business interruption insurance provides the funds your company needs to pay regular expenses like bills, loan installments, and salaries until you can get back to normal operations. Talk to a local independent insurance agent to learn more about how business interruption insurance can protect your Greenfield business.
Are Employers in Greenfield Required to Carry Workers’ Compensation Insurance?
With a few exceptions, all employers in Massachusetts are required by law to carry workers’ compensation insurance. This is true even if they have only a single, part-time employee.
Workers’ compensation insurance is designed to cover your employees’ medical treatments, lost wages, and other related expenses if they suffered a work-related injury or an occupational illness. This insurance can also offer death benefits to surviving family members if a workplace injury is fatal.
The cost for workers’ compensation coverage is based your company’s overall payroll and the likelihood that your employees will sustain serious injuries based on the types of jobs they do. You may qualify for discounts on your coverage if your business has a good safety record.
An independent insurance agent can help you compare rates from insurance companies that specialize in covering businesses in your industry.
Are You Looking for Insurance to Include in Greenfield Employee Benefits Packages?
Some businesses offer their employees benefits such as health insurance, life insurance, and paid vacation and sick time as well as other perks. If you are looking to build a benefits package for your workers, you may need some help finding affordable insurance products to include it in it.
- 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
While there is no denying that health insurance is expensive, providing it to your employees can actually save your business money.
Studies by human resource experts have shown that workers who have health insurance tend to use fewer sick days, and that when companies offer a great benefits package, they are better able to attract and retain ideal employees.
When it comes to health and life insurance products, there are many different policy types and options available to you. You may therefore find it beneficial to have the guidance of an experienced insurance professional when you are making a selection.
Why Work with One of Greenfield’s Independent Insurance Agents?
There is no such thing as a one-size-fits-all business insurance policy. Insurance companies offer a wide variety of coverage and options to enable business owners to fully customize their policy packages. Independent insurance agents in Greenfield can help you choose the right products to meet your company’s specific coverage needs.
Because they do not work for a particular insurance company, independent agents can shop around to help you find the best business insurance policies at the most competitive prices. Contact an insurance agent near you to get started.
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