Lynn Business Insurance

The Complete Lynn Business Insurance Guide

Find the right business insurance policy for you.

Lynn, the largest city in Essex County, is located just 10 miles north of downtown Boston. With easy access to the amenities of Boston and a popular place for families to put down roots, Lynn, MA is a great place to pursue your business dreams. During previous years, there were 615,775 small businesses in Massachusetts, providing jobs to 1,404,234 people. However, recent years have also brought some serious risks for business owners, with $6,530,654 paid out for losses. For the small-business owner, every loss is substantial, so make sure your company is protected with the best Lynn business insurance. 

Our Independent Insurance Agents specialize in connecting companies with the right types of commercial coverage to meet their unique needs. General liability coverage is the cornerstone of your business insurance policy. Without liability insurance, you are leaving your business open to financial ruin. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. Our Independent Insurance Agents can help your business be prepared by finding the best commercial insurance plan. 

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. This kind of payout would ruin most small businesses in Lynn, but if you have product liability coverage, there’s no reason to stress. Your insurance policy steps in and pays the fees associated with your lawsuit and protects your company’s assets moving forward.
  • Errors &Omissions/Professional Liability: Professional liability coverage protects companies that offer services rather than products. This kind of commercial insurance basically protects you from liability lawsuits related to errors and omissions. Before you provide any kind of service or offer advice to even a single client, make sure you have a reliable professional liability insurance policy in place. 

Business Interruption Insurance for Lynn Businesses

  • Recent Gross domestic product: 2.2%
  • Recent Massachusetts gross state product: 1.6%
  • The recent GSP was 0.6% lower than the recent GDP

Sometimes life brings along unexpected circumstances that can present serious problems for small businesses. For example, what if a major hurricane swept through Lynn and the wind blew the roof right off your business? Now, you’ll have to shut down until the building is repaired, and in the meantime, you’re losing profits every single day. Business interruption insurance protects your company’s fiscal health by stepping in to pay for lost profits after a disaster. 

Property Insurance for Lynn Businesses

  • Number of recent natural disasters: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in recent years: $9.7 billion

Property insurance is crucial for businesses in Lynn. In the early 1980s, a series of large fires spread through downtown and completely destroyed 17 buildings. The total property losses reached tens of millions of dollars. You just never know when a natural disaster will occur. Fires, floods, hurricanes, and tornadoes all pose a major threat in Lynn, so make sure your business property is protected with commercial property insurance. 

Workers' Compensation for Lynn Businesses

It only takes a split second for an accident to happen. One minute your employee is mopping the floor, and then suddenly you hear a thud and a cry. Your faithful employee has hurt his back, and now you’re responsible to pay for his medical care because the injury happened on the job. Workers' compensation is a smart way to protect your company’s finances from this kind of situation. With workers' comp coverage, your employees have access to good health care after a work-related accident or illness and your business will have protection from a lawsuit. 

Employee Coverages for Lynn Businesses

  • Total recent spending on premiums in Massachusetts: $1,061,981
  • Ranked 36th for the highest premiums in the U.S.
  • Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family

As an employer, one of the most frustrating challenges you have is finding affordable health care benefits for your staff. Health care costs continue to rise, and premiums are more expensive than ever. Our Independent Insurance Agents can help you get the most affordable rates on employee coverage by offering quotes on multiple policies. Then you can compare costs and find a plan that is right for your business.

Cyber Crime Insurance for Lynn Businesses

  • 5,116 Identity theft complaints in Massachusetts in recent years
  • Ranked 25th highest for identity theft complaints in the U.S.

Businesses in Lynn have to carefully consider the risk of cyber crime. Just think of how often you rely on technology for your daily operations. It would only take one hacker to cause a serious data breach that could have devastating consequences. Research shows that only 22 percent of small businesses have a response plan prepared in case of cyber attacks. But if you have a comprehensive business insurance policy, you have coverage for cyber crime and you are prepared to handle this threat. 

If you’re ready to start shopping for a business insurance policy in Lynn, our friendly Independent Insurance Agents can help. Our experienced agents know the ins and outs of commercial insurance, and they can provide you with one-on-one assistance as you build a customized policy for your business. Whether you’re looking for employee coverages or a comprehensive business insurance plan, our Independent Insurance Agents will point you toward the most reliable options at the most affordable prices. 

Contact an agent today to get your free custom quote on Lynn business insurance. 

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