The many businesses located in the city of Leominster, MA do more than just provide necessary goods and services in the community; they also play an important role in the health of the local economy. During times of trouble, business insurance helps these companies remain profitable.
Building a comprehensive business insurance policy package can be confusing, but you do not need to do it alone. Independent agents in Leominster can help by identifying your company’s specific risks and recommending the appropriate policies to cover against them.
Contact an insurance agent near you to get started.
Why Do Businesses in Leominster, Massachusetts Need Liability Insurance?
Business liability insurance is one of the most important parts of every commercial insurance policy package. It is designed to cover your business’s court costs, legal fees, and financial damages if it is sued for a covered event. These costs can grow very large, even if the courts rule in your company’s favor.
You will need to be sure to have the right kinds of liability insurance to cover against the specific risks faced by your particular business. Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur due to an accident on your business property.
- Product liability insurance: This covers third-party injuries, illnesses and property damage that are caused by defects in products your business produces, sells, or promotes.
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- 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.
- Pollution liability insurance: This covers clean-up costs and damages if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
- Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident that results in third-party injuries or damage.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent. Your agent can recommend all the business liability products that are appropriate for your Leominster business.
What Insurance Products Cover Your Leominster Business Property?
Businesses in Leominster, MA are most likely to experience property loss or damage due to hazards such as structure fires, property crimes, freezing temperatures, hurricanes, severe storms, and hail.
Each of these risks is covered by commercial property insurance, which is a standard part of all business insurance policies. It is designed to cover your commercially owned property, including furniture, computers, supplies, merchandise, and inventory.
Sometimes, adding specialized property insurance products is necessary. Your insurance agent may recommend adding:
- 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 a broken-down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
- Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.
Be aware also that commercial property insurance does not cover flood damage, even when the flood is the direct result of a covered hurricane. Flood damage can lead to very expensive losses.
Businesses located near waterways like the Nashua River and Monoosnoc Brook are most at risk, but when heavy rains fall, flash flooding can happen just about anywhere, so commercial flood insurance is recommended for most businesses.
A local independent 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.
Why Is Business Interruption Insurance a Good Idea in Leominster, MA?
A major disaster like a structure fire can do more than just damage your business’s property. If the damage is particularly severe, it could also force your business to remain closed for an extended period while repairs are made.
- 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 several weeks can be financially devastating, especially for a small company. Business interruption insurance provides a solution to this problem by providing your company with a continuation of income until your business can resume normal operations.
When you have this insurance, 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. Talk to your local insurance agent to learn more.
Do Businesses in Leominster Need Workers’ Compensation Insurance?
As a business owner in Leominster, you are required to provide a safe and healthy workplace for your employees. Unfortunately, even when precautions are taken, workers sometimes get hurt.
Your business is responsible for covering your employees' financial losses in the event of a workplace injury or occupational illness. Workers’ compensation insurance is designed to provide this coverage.
All employers in the state of Massachusetts are required by law to cover their full-time and part-time employees with workers’ compensation insurance. There are a few exceptions. It is not necessary to buy coverage for:
- Sole proprietors, corporate partners, or LLC members
- Domestic servants who work less than 16 hours per week
- Workers who are engaged in interstate or international commerce
- Salespeople who work in real estate or sell consumer goods and are paid by commission
The rates for workers’ compensation insurance are based mainly on the types of jobs your employees do and the likelihood that they will be injured on the job. It would cost more to insure a long-haul trucker than to cover a cashier at a clothing store.
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?
Although healthcare coverage can be expensive, offering subsidized coverage to your employees can have cost-saving benefits.
Studies conducted by human resources managers have demonstrated that when businesses offer a competitive employee benefits package, they find it easier to attract and retain ideal 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
There are many different life insurance 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 go over the pros and cons of each of your various options so you can make an informed decision.
Why Work with an Independent Insurance Agent in Leominster, MA?
Insurance companies understand that every business has it is own specific risks and exposures. That is why they enable business owners to fully customize their commercial insurance coverage. An independent agent can make shopping for coverage easy by offering guidance and helping you find the best and most affordable policies to cover your business.
Find an independent insurance agent with an office in or near Leominster to learn more. You will soon discover how easy it can be to build a comprehensive business insurance policy package.
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