Lynnfield, MA is home to many businesses. From larger companies like the HP Hood dairy to sole proprietorships run out of people’s homes, each business plays an important role in the health of the local economy. Business insurance helps these companies stay profitable in times of disaster.
Independent agents in Lynnfield can assist you with building a comprehensive business insurance policy package by helping you identify the specific risks your company faces and by recommending the right insurance policies to cover against them. Find an insurance agent near you to learn more.
Why Do Businesses in Lynnfield Need Liability Insurance?
Businesses can sometimes end up on the wrong end of a liability lawsuit. If that happens, having the right liability insurance in place is crucial in order to avoid large financial losses.
Business liability insurance is designed to absorb liability-related expenses like court costs, legal defense fees, and financial damages if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL) as part of their basic coverage. CGL provides basic liability coverage for some of the most common risks businesses face, including:
- Premises liability insurance: This covers third-party injuries or property damage that may occur due to accidents on your business property.
- Product liability insurance: This covers third-party injuries or property damage that may be caused by a defect in a product your company produces, sells, or promotes.
- Advertising liability insurance: This covers lawsuits related to advertising such as accusations of copyright infringement, false advertising, and deceptive pricing.
Most businesses have liability risks that go beyond what a standard CGL policy can cover. An independent agent can help you identify any other liability exposures your business may have, and can recommend the right insurance policies to cover against them.
The following are some examples of the many available commercial liability insurance policies your insurance agent may recommend:
- Cyber liability insurance: This is designed to cover financial responsibilities and damages if hackers break into your business’s computer system or attach skimmers to your credit card readers and access sensitive customer data like financial and personal information.
- Employment practices liability insurance: This is designed to cover your business if a current, former, or prospective employee makes an accusation of discrimination, harassment, wrongful termination, breach of contract, or any other illegal employment practice.
- Liquor liability insurance: This is designed to protect businesses that sell, serve, or otherwise furnish alcoholic beverages. If someone suffers property damage or injuries caused by an intoxicated person, Massachusetts dram laws allow them to name the establishment that provided the alcohol in their liability lawsuit.
Talk to your insurance agent to learn more about these and any other commercial liability products that may be a good fit for your Lynnfield business.
What Are the Property Damage Risks in Lynnfield, MA?
Every business insurance policy includes commercial property insurance. This is designed cover loss or damage to your company’s assets, including merchandise, supplies, furniture, computers, tools, and more.
Businesses in Lynnfield are most likely to experience loss or damage due to hazards such as accidental fires, hurricanes, windstorms, hail, heavy snows, freezing temperatures, and property crimes. Fortunately, your commercial property insurance is designed to cover against all of these hazards.
One hazard that is not covered, however, is flood damage.
Businesses located near waterways like Cherry Rum Brook and the Connecticut and Green Rivers are most at risk, but when heavy rains fall, flash flooding can happen just about anywhere. That is why you may want to add commercial flood insurance to your coverage portfolio.
Flood insurance policies are backed by the federal government and can provide your business with up to $500,000 in both structural and contents coverage.
A local independent agent can help you secure an affordable flood insurance policy as well as any other supplemental property coverage that may be appropriate for your business, such as inland marine insurance (for your portable property) or boiler & machinery insurance (to cover your essential equipment).
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How Does Business Interruption Insurance Help Companies in Lynnfield, MA?
Occasionally, businesses in Lynnfield are seriously damaged by catastrophic events like hurricanes and accidental fires.
Catastrophic events in Massachusetts include :
- 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
Property damage isn’t the only expensive risk your business may face during a disaster like a severe storm.
Serious damage could potentially force your business to remain closed for several weeks, or even months, while repairs are made. Without an ongoing stream of revenue, many small businesses would not be able to handle the financial hit.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event.
Business interruption insurance can provide the funds your company needs to pay regular expenses like bills, loan installments, and salaries until you can get back to normal operations. Talk to a local independent insurance agent to learn more about how business interruption insurance can protect your Lynnfield business.
Are Employers in Lynnfield Required to Carry Workers’ Compensation Insurance?
With few exceptions, all employers in Massachusetts are required by law to carry workers’ compensation insurance. This is true even if they only employ a single, part-time worker.
Workers’ compensation insurance is designed to cover your employees’ medical treatment, lost wages, and other related expenses if they suffer a work-related injury or an occupational illness. This insurance can also offer death benefits to surviving family members if a workplace injury is fatal.
The cost for workers’ compensation coverage is based mainly on the likelihood that your employees will sustain serious injuries according to the types of jobs they do. You may qualify for significant discounts on your coverage if your business has a long-standing record of employee safety.
An independent insurance agent can help you compare rates from insurance companies that specialize in covering businesses in your industry.
Are You Looking for Insurance to Include in Lynnfield Employee Benefits Packages?
Some businesses offer their employees benefits that include health insurance, life insurance, paid vacation, sick time, and other perks. If you are looking to put together a benefits package for your workers, you may need some help finding affordable insurance products to include in it.
- 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 it comes to business health and life insurance products, there are many different policy types and options available to you. You may therefore find it beneficial to have the guidance of an experienced insurance professional when you are shopping for policies to subsidize for your workers.
Talk to an independent agent near you to learn the pros and cons of each of your options so that you can make an informed decision.
Why Work with an Independent Insurance Agent in Lynnfield, MA?
There is no such thing as a one-size-fits-all business insurance policy. Insurance companies offer a wide range of policies and options to enable business owners to fully customize their policy packages. Independent insurance agents in Lynnfield can help you choose the right products to meet your company’s specific coverage needs.
Because they don't work for a particular insurance company, independent agents can shop around to help you find the best business insurance policies at the most competitive prices. Set up a one-on-one consultation with an insurance agent near you to get started.