There are many businesses located in Lexington, MA. From large companies like the MIT Lincoln Laboratory to the various shops that line Massachusetts Avenue, these businesses each play an important role in the community. Business insurance helps them stay profitable in times of disaster.
Building a comprehensive commercial insurance policy package can be difficult, but you don't need to do it alone. Independent agents in Lexington can help by identifying your company’s specific exposures and recommending the right policies to cover against each of them. Find an insurance agent near you to get started.
Why Do Businesses in Lexington Need Liability Insurance?
Liability lawsuits can be extremely expensive, even if the courts ultimately rule in your favor. Business liability insurance is designed to cover your company’s court costs, legal fees, and financial damages if it is sued for a covered event.
There are lots of different commercial liability products available to you. You will need to be sure to purchase the right policies to cover against all of the potential liability risks your business faces. Some of the liability products your insurance agent may recommend include:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage that happen due to accidents on your business property.
- Product liability insurance: This can cover third-party injuries, illnesses and property damage that are caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This can cover against financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as credit card information, Social Security numbers, and personal data.
- Employment practices liability insurance: This can cover lawsuits related to accusations of illegal employment practices such as harassment, discrimination, breach of contract, and wrongful termination.
- Environmental liability insurance: This can cover clean-up costs and damages if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
Consult an independent insurance agent in Lexington to learn more about these and many other commercial liability policies. Your agent can help you be certain that your business is properly covered against all of its potential liability exposures.
What Insurance Products Cover Your Lexington Business Property?
Businesses in Lexington are most likely to experience significant property loss or damage due to hazards such as hurricanes, tropical storms, heavy snows, freezing temperatures, strong winds, accidental fires, and property crimes.
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 merchandise, furniture, computers, and supplies.
Sometimes, specialized property insurance policies are also necessary. Your insurance agent may recommend supplementing your commercial property insurance with products such as:
- Inland marine insurance: This can cover your company’s portable property while it is in transit or is stored away from your place of business, such as at a worksite or in a warehouse.
- Boiler & machinery insurance: This can cover the repair or replacement of a broken-down furnace or other essential machinery, and can also cover any business losses associated with the mechanical malfunction.
- Bailee's insurance: This can cover your customers’ valuable property whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services.
- Commercial flood insurance: This can cover against flood damage to your business. It is necessary since commercial property insurance specifically excludes flood damage from its coverage. Businesses can purchase up to $500,000 in both structural and contents coverage.
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 Lexington, MA?
A major disaster like a structure fire or a hurricane can do more than just damage your business property. If the damage is particularly severe, it could also force your company to remain closed for several weeks 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
An extended closure can be financially devastating for small businesses. If your company must close due to damage caused by a covered event, business interruption insurance can help by providing a continuation of income until it is able to resume normal operations.
Business interruption insurance can enable your company to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even during the times that it is temporarily unable to generate revenue. Talk to your local insurance agent to learn more.
Do Businesses in Lexington Need Workers’ Compensation Insurance?
Even when all reasonable precautions are taken at a place of business, workers sometimes get hurt on the job. Your business is responsible for covering your employees' financial losses if they suffer a workplace injury or occupational illness. Workers’ compensation insurance is designed to provide this coverage.
With a few exceptions, all employers in the state of Massachusetts are required by law to cover their full-time and part-time employees with workers’ compensation insurance.
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 while doing them. It would cost a lot more to insure a tree trimmer than to cover a financial analyst at Global Insight.
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 Lexington Employee Benefits Packages?
Healthcare coverage in the United States can be expensive. However, offering subsidized coverage to your employees can actually have cost-saving benefits for your company.
Studies conducted by human resources managers have shown that businesses that offer a competitive employee benefits package find it easier to attract and retain qualified employees. These workers also tend to call off sick from work less frequently.
- 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
When you're shopping for insurance products to include in your employee benefits packages, you'll find that there are many different life insurance and health insurance policies available. This can make it difficult to determine which policies are the best choices.
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 Lexington, MA?
Insurance companies understand that every company has it is own specific risks and exposures. That is why business insurance has so many products and policy options. An independent agent can offer guidance and can help you find the best and most affordable coverage to fully insure your Lexington business.
Set up a one-on-one consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to get a comprehensive business insurance policy package at a competitive price.
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