Located on Boston Harbor, the coastal town of Hingham, MA is home to many small businesses. Business insurance enables these companies to thrive by protecting them against losses related to a number of hazards that can threaten their bottom line.
Building a comprehensive business insurance policy package can be complicated, but it doesn’t need to be. Independent agents can help you identify your company’s specific risks and can recommend the best policies to cover against them. Contact an insurance agent in Hingham to learn more.
Why Do Hingham Businesses Need Liability Insurance?
Business liability insurance is a necessary part of every business insurance policy package. It is designed to pay your company’s court costs, legal fees, and financial damages if your business is sued for a covered event.
You will need to be sure that your business carries the right policies to cover against each of the liability risks it may face.
A local independent agent can help you determine your company’s specific liability exposures and can recommend the right policies to cover against each of them. That way, you won't be left with any unintentional coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that occurred due to an accident on your business premises.
- Product liability insurance: This is designed to cover third-party injuries, illnesses and property damage that were caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This is designed to cover against your company’s financial responsibilities if cybercriminals break into your computer system and steal sensitive customer data such as credit card information and Social Security numbers.
- Employment practices liability insurance: This is designed to cover against lawsuits related to accusations of perceived illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Environmental liability insurance: This is designed to cover clean-up costs, damages, and financial responsibilities if an accident at your business leads to the pollution of the ground, water, or air.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in Hingham.
What Insurance Products Cover Your Hingham Business Property?
Commercial property insurance is designed to cover against loss or damage to your business-owned assets. This insurance covers a wide range of property, including computers, furniture, inventory, supplies, outdoor signs and more.
Businesses in Hingham, MA are most likely to experience property loss or damage due to hazards such as property crimes, structure fires, hurricanes, severe storms (including tropical storms), heavy winds, hail, heavy snows, and freezing temperatures. Fortunately, commercial property insurance is designed to cover against each of these risks.
Sometimes, additional property insurance products are necessary. Depending on the type of business you own, your insurance agent may recommend supplementing your commercial property insurance with additional products such as:
- Inland marine insurance: This is designed to cover your company’s valuable portable property whenever it is in transit or is being kept away from your place of business, such as while it is on location at a job site or being stored in a warehouse.
- Bailee's insurance: This is designed to cover your customer’s property whenever it is in your company’s care, custody, or control, such as while you are providing repair or maintenance services.
- Boiler & machinery insurance: This is designed to cover the cost to repair or replace essential machinery if it breaks down. It can also cover any business losses you may sustain due to mechanical malfunctions.
- Flood insurance: This is designed to cover against floods. It is necessary because flood damage is not covered by commercial property insurance, even if it is the direct result of a covered hurricane. Storm surges present a real risk for flooding in this town, so a commercial flood insurance policy through the National Flood Insurance Progream (NFIP) is highly recommended.
A local insurance agent can help you be certain that all your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, when necessary.
Is Business Interruption Insurance a Good Idea in Hingham, MA?
A major disaster like a structure fire or a hurricane can do more than just damage your company’s valuable property. If the damage is particularly severe, it could also force your business to remain closed for several weeks while repairs are made.
Disasters 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
Many small businesses cannot handle the financial ramifications of a long-term closure following a disaster. Business interruption insurance provides a solution to this problem.
Business interruption insurance is designed to provide your company with a continuation of income during the times it must remain closed for repairs due to a covered event. This coverage can continue until your business can resume normal operations.
Business interruption insurance is not a good fit for every business. Consult a local independent insurance agent for help determining whether this coverage is ideal for your company in Hingham.
Do Businesses in Hingham Need Workers’ Compensation Insurance?
As a business owner in Hingham, you are expected to provide your employees with a safe and healthy workplace. Unfortunately, even when all reasonable precautions are in place, workers sometimes get injured doing their jobs.
That is why, with few exceptions, all employers in Massachusetts are required to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to protect your business and your employees from financial losses by covering the cost of medical treatment, disability pay, and other expenses related to workplace injuries and occupational illnesses.
Talk to an independent insurance agent to learn more about workers’ compensation insurance and for help finding a competitively priced policy from a provider who specializes in covering businesses in your industry.
What about Insurance Products for Hingham Employee Benefits Packages?
Businesses that offer great employee benefits packages tend to find it easier to attract and retain qualified employees. This has been proven in several studies conducted by human resources professionals.
Have you been considering subsidizing healthcare coverage for your employees? The cost for coverage can be high, but independent agents can help you find policies at competitive rates.
- 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
An experienced independent insurance agent in Hingham can go over the pros and cons of each of your various choices so you can make an informed decision when deciding which to purchase.
Why Work with an Independent Insurance Agent in Hingham, MA?
Coverage needs can vary significantly from one business to the next. That is why insurance companies enable business owners to fully customize their commercial insurance policy packages.
Independent agents making shopping for coverage easy by offering guidance and advice as you consider your many policy options, and by shopping around to help you find the best and most affordable products to meet your business’s insurance needs
Find an insurance agent with an office in or near Hingham to get more information about business insurance.
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