There are numerous businesses located in the small town of Hanover, MA. These businesses provide needed goods and services to the community and contribute to the health of the local economy. Business insurance helps these companies remain profitable when problems and disasters strike.
Choosing the right business insurance policies can be complicated, but you don't need to do it alone. Independent agents in and near Hanover can help you build a complete policy package that is both comprehensive and affordable. Find an insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Hanover?
Liability insurance is a crucial part of every business insurance policy. It is designed to cover expenses such as court costs, legal fees, and damages if your company is sued for a covered event.
All business insurance policies include, at a minimum, commercial general liability insurance (CGL). This standard coverage is designed to cover businesses against some of their most commonly faced risks. Its coverage includes:
- Premises liability insurance: This can cover against third-party injuries, illnesses, and property damage if they occur due to accidents on your business property.
- Product liability insurance: This can cover against third-party injuries, illnesses and property damage if they are caused by defects in products your business produces, sells, or promotes.
CGL is very useful, but it cannot cover all businesses against all of their liability risks. An independent insurance agent can help you identify any other liability exposures your business may have, and can recommend the appropriate policies to cover against them.
The following are examples of some of the many commercial liability insurance products you may want to consider for your Hanover business:
- Employment practices liability insurance: This can cover against lawsuits related to accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Cyber liability insurance: This can cover against financial losses and liabilities if criminals hack into your computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
- Pollution liability insurance: This can cover businesses that use or produce toxic substances. It is designed to pay for clean-up costs and damages if an accident at your businesses leads to the pollution of the ground, water, or air.
- Commercial vehicle liability insurance: This can cover against your company’s increased liability risks in the event that one of your employees causes an accident while driving a business-owned vehicle.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Hanover Business Insurance Cover All Your Business Assets?
All business insurance policies include commercial property coverage. This is designed to cover your commercially owned property, including furniture, computers, and inventory, in the event that it is lost or damaged due to a covered event.
In Hanover, businesses are most likely to experience property loss or damage caused by such hazards as accidental fires, theft, severe storms, hurricanes, hail, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
Sometimes, adding specialized property insurance policies is necessary in order for all of your property to be covered against all potential risks. Depending on the nature of your business, a local insurance agent may recommend supplementing your commercial property coverage with:
- Inland marine insurance: This can cover portable business property while it is in transit or when it is being kept away from your place of business, such as at a worksite or in a warehouse.
- Boiler & machinery insurance: This can cover the cost to repair or replace broken-down business equipment and can compensate your business for losses associated with machinery malfunctions.
- Bailee's insurance: This can cover your customer’s property whenever it is in the custody, care, or control of your business. This may be necessary if your company provides repair or maintenance services on expensive items.
- Commercial flood insurance: This is necessary for businesses that are at risk for flooding, since commercial property insurance will not cover flood damage. Businesses near waterways like the North and Drinkwater Rivers are most at risk, but when hurricanes and storms bring heavy rains to the area, flash flooding can occur just about anywhere.
Your 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 lost or damaged property when necessary.
How Can Business Interruption Insurance Help Hanover Businesses?
Major disasters like structure fires and hurricanes can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended period 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 weeks, or even months, can be financially devastating, especially for small businesses that don’t have a lot to fall back on. Business interruption insurance was designed to provide a solution to this problem.
Business interruption insurance is designed to provide a continuation of income if a covered event leads to the long-term closure of your business. That way, you can afford to continue paying regular monthly expenses such as utility payments, commercial loan installments, and salaries until your business can resume normal operations.
Business interruption insurance isn’t ideal for every company. Talk to a local independent insurance agent for help determining whether a policy is a good fit for your Hanover business.
Do Hanover Businesses Need Workers’ Compensation Insurance?
In Massachusetts, all employers are required by law to cover their full-time and part-time employees with workers’ compensation insurance. This insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses.
Premiums for workers’ compensation are based mainly on the types of jobs your employees do and the amount they are paid. The higher the risk that your workers will suffer significant injuries, the more it will cost to cover them.
A local independent agent can match you up with an insurance company that specializes in covering businesses in your industry and can ensure that you are paying a competitive price for your coverage.
What about Insurance Products for Hanover Employee Benefits Packages?
Human resources managers have demonstrated that when businesses offer benefits like vacation time, sick time, life insurance, and health insurance, they find it easier to attract and retain highly qualified employees.
- 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 it’s true that health insurance is expensive, subsidizing it for your employees can have cost-saving benefits for your company. In addition to enjoying potential tax benefits, your business is likely to deal with lower employee turnover rates and fewer employees calling in sick.
There are many different healthcare and life insurance products available for you to choose from. This can make it difficult to determine which policies are the best to include in your employee benefits package.
An independent insurance agent can explain the pros and cons of each of your options so that you are able to make an informed decision when making a purchase.
Why Work with an Independent Insurance Agent in Hanover, MA?
Every business has its own specific risks and exposures, and these can vary significantly from one company to the next. That is why insurance companies enable business owners to fully customize their insurance coverage.
An independent agent can offer advice and guidance, and can help you find the best and most affordable commercial policies to cover your Hanover business. Contact an independent insurance agent near you to find out how easy it can be to build a comprehensive business insurance policy package.
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