There are more than 2,000 businesses located in the city of Holyoke. From paper mills to the shops that line Northampton Street, these businesses drive the local economy. When disaster strikes, business insurance can help these companies remain profitable by covering the associated costs
Choosing the right business insurance policies can be complicated, but you do not need to go at it alone. Independent agents in Holyoke 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 Holyoke, MA?
Liability insurance is an extremely important part of every business insurance policy. It is designed to cover your business’s court costs, legal fees, and damages if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance, or “CGL.” This standard coverage has a few coverage components:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage that was caused by products your business produces, sells, or promotes.
- Advertising liability insurance: This covers your liability risks if you are accused of copyright infringement, false advertising, deceptive pricing, or other advertising mishaps.
CGL cannot cover your business against all of its 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 Holyoke business:
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Pollution liability insurance: This covers businesses that use or produce toxic substances. It can pay for cleanup costs and damage if an accident 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 financial information, credit card numbers, social security numbers, or personal data.
- Commercial vehicle liability insurance: This covers against your company’s increased liability responsibilities 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 Holyoke Business Insurance Cover All Your Holyoke Business Assets?
All business insurance policies include commercial property coverage. This is designed to compensate your business for loss or damage to your commercially owned property including such things as office furnishings, outdoor signs, display cases, merchandise, inventory, and more.
In Holyoke, businesses are most likely to experience property loss or damage due to such hazards as fires, property crimes, freezing temperatures, severe storms, hurricanes, and hail. Fortunately, these hazards are all covered by commercial property insurance.
Sometimes, adding specialized property insurance policies is necessary. Depending on the nature of your business operations, your insurance agent may recommend supplementing your coverage with:
- 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.
- Boiler & machinery insurance: This covers the repair or replacement of broken down business equipment as well as business losses associated with machine malfunction.
- Bailee's insurance: This covers your customer’s property when it is in your custody, care, or control, such as if you are providing repair or maintenance work.
- Commercial flood insurance: This is necessary for businesses at risk for flooding since commercial property insurance will not cover flood damage. Businesses near the Connecticut River are most at risk, but when hurricanes bring heavy rains to the area, flash flooding can occur just about anywhere in this city.
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, as necessary.
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How Can Business Interruption Insurance Help Holyoke Businesses?
Major disasters like hurricanes and structure fires can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended time while repairs are made.
A closure that lasts for weeks, or even months, can be financially devastating, especially for a small company. Business interruption insurance provides a solution to this problem.
- 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
Business interruption insurance is designed to provide your company with a continuation of income when a covered event leads to a long-term closure. That way, your business can afford to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even though your business is temporarily unable to generate revenue.
Business interruption insurance isn’t a good fit for every company. Talk to a local independent insurance agent to discuss your day-to-day operations and determine whether or not a policy is right for your particular business.
Do Holyoke Businesses Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses.
In the state of Massachusetts, all employers are required by state 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 cover sole proprietors, LLC members, or corporate partners, though you can cover them if you want to. You also do not need to buy coverage for:
- Domestic servants who work fewer than 16 hours per week
- Real estate agents
- Salespeople who sell consumer goods and are paid solely through commissions
- Workers engaged in interstate or international commerce
The cost of workers’ compensation is based mainly on the types of jobs your employees do. The higher the risk that your workers will suffer significant injuries, the higher the price for coverage will be.
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 Employee Benefits Packages?
Studies conducted by human resource professionals have demonstrated that when businesses offer employee benefits like vacation time, sick time, life insurance, and health insurance, they find it easier to attract and retain good workers.
While it’s true that health insurance is expensive, subsidizing it for your employees can have cost-saving benefits. In addition to tax benefits, your company is likely to deal with less turnover, which can be expensive on its own.
- 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
There are many different life and health 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.
A local independent insurance agent can explain the pros and cons of each of your various options so you are able to make an informed decision.
Why Work with an Independent Insurance Agent in Holyoke, MA?
Every business has it is own specific risks and exposures. That is why insurance companies enable you to fully customize your business insurance coverage. An independent agent can offer guidance and can help you find the best and most affordable commercial insurance policies to cover your Holyoke business.
Contact an independent insurance agent with an office near you to learn more. You will soon discover how easy it can be to build a comprehensive, yet affordable, business insurance policy package.
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