There are many businesses located in the town of Longmeadow. From small companies run out of people’s homes to the establishments in The Longmeadow Shops, each plays an important role in the community. Business insurance helps these companies stay profitable when disaster strikes.
If you are a business owner in this historic town, a local independent insurance agent can help you build a commercial insurance policy package that will provide suitable coverage against all of your company’s potential risks. Consult an insurance agent in or near Longmeadow to learn more.
Why Do Businesses in Longmeadow Need Liability Insurance?
Liability lawsuits often result in judgments exceeding $1 million. That is why business liability insurance is so important. It is designed to cover the various expenses related to liability lawsuits, including court costs, legal defense fees, and financial damages.
All business insurance policies include commercial general liability insurance (CGL) as a standard part of their coverage. It is designed to cover the most common liability hazards faced by business. The coverage offered by CGL includes:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and damage that occur on your business property.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.
Most businesses will need to supplement their CGL with additional liability policies in order to be fully covered against all of their liability exposures. Examples of some of the many commercial liability products you may want to consider include:
- Cyber liability insurance: This is designed to cover your liability expenses if cybercriminals install skimmers on your credit card readers or break into your company’s computer system and steal sensitive customer information like financial or personal data.
- Employment practices liability insurance: This is designed to cover your business against lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Environmental liability insurance: This is designed to cover clean-up costs and damages if an accident at your company leads to the pollution of the land, air, or water by toxic substances that your business uses or produces.
Talk to a local independent insurance agent to learn more about these and several other commercial liability insurance products. Your agent can help you determine which, if any, are appropriate for your business. That way, you can be sure that you're not left with unintentional liability exposures.
How Does Property Insurance Protect Longmeadow Businesses?
Commercial property insurance is designed to cover loss or damage to your company-owned assets, including office furniture, computers, merchandise, and supplies. This coverage is a standard part of every business insurance policy.
Businesses in Longmeadow are most at risk for damage caused by hurricanes, severe storms, strong winds, hail, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
In addition to your standard property coverage, you may also want to consider purchasing supplemental policies such as:
- Inland marine insurance: This is designed to cover your portable business property when it is in transit or stored off-site, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This is designed to cover repair costs and business losses related to essential equipment failure.
- Bailee's insurance: This is designed to cover property belonging to your customers whenever it is in your business’s custody, care, or control, such as if you are performing maintenance or repair work on it.
Talk to your local insurance agent to learn more about your various business property coverage options.
A Word about Flood Damage in Longmeadow
Be aware that even though damage caused by severe weather events, fires, and property crimes is typically covered by commercial property insurance, damage caused by floods is not. This is true even if the flood is the direct result of a covered hurricane.
When snows melt in the spring and heavy rains fall during hurricane season, the ground can quickly become saturated and drainage systems can be overwhelmed. When this happens, flash flooding can occur.
Floods pose a serious risk in Longmeadow, particularly for businesses located near waterways like the Connecticut River and Longmeadow Brook. That is why supplementing business coverage with a commercial flood insurance policy is a good idea for many business owners in Longmeadow.
Flood insurance policies are guaranteed by the federal government and can provide your business with up to $500,000 in structural coverage and $500,000 in property coverage. Talk to an independent insurance agent for more information.
Is Business Interruption Insurance a Good Idea in Longmeadow, MA?
Tornadoes are rare in Massachusetts, but that doesn't mean there is no risk. In 1979, an F4 twister touched down just 6.6 miles from the Longmeadow city center. It injured hundreds of people and caused more than $50 million in damage.
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
A major disaster, like a tornado or a hurricane, can force you to shut down your business for several weeks while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during such times.
This optional insurance enables your business to have the funds necessary to continue to pay monthly bills, loan installments, employee salaries, and other regular expenses until you can resume normal operations.
Business interruption insurance is not a good fit for all businesses. A local independent insurance agent can help you evaluate whether it is ideal for your Longmeadow business.
Do Businesses in Longmeadow Need Workers’ Compensation Insurance?
The state of Massachusetts requires all businesses to cover their full- and part-time employees with workers’ compensation insurance. There are a few exceptions. It’s not necessary to cover sole proprietors, partners, or LLC members, but you can if you want to.
If an employee suffers an occupational illness or is injured on the job, workers’ compensation insurance can cover the cost of any necessary medical treatment, follow-up care, and prescriptions and can compensate the injured worker for lost wages and other related expenses.
Rates for workers’ comp coverage are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job, the more coverage will cost. Therefore, a roofer would cost far more to insure than a cashier.
A local independent insurance agent help you obtain a competitively priced policy through a commercial provider that specializes in covering businesses in your industry. Or, with approval, your business may opt to self-insure.
What about Employee Benefits for Businesses in Longmeadow?
As a business owner in Longmeadow, you may be considering putting together an employee benefits package that includes subsidized health insurance and life insurance options for your 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
Although it’s true that purchasing healthcare coverage for your employees can be expensive, doing so may actually have money-saving benefits for your business.
Many companies that subsidize healthcare coverage qualify for tax benefits. Additionally, studies done by human resources professionals have shown that when businesses offer an attractive benefits package, they can more easily recruit and retain the best employees.
There are several different health insurance and life insurance products available for you to choose from. You may therefore find it beneficial to get guidance and advice from a local insurance professional. Your insurance agent can help you find great coverage at a competitive price.
Why Work with an Independent Insurance Agent in Longmeadow, MA?
Every business has specific insurance coverage needs. That is why when it comes to business insurance, there's no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options available to business owners makes it possible for you to fully customize your commercial coverage.
A local independent agent can help you navigate through your many options as you build your business insurance policy package. That way, you can be sure you're making choices that are appropriate for your Longmeadow business. Contact an insurance agent near you to get started.
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