There are numerous companies located in the city of Marlborough, MA. From chain franchises to independent small businesses, each plays an important role in providing goods and services to the community. Business insurance helps these companies remain profitable when disaster strikes.
It can be difficult to build a comprehensive business insurance policy package, but you don't need to do it alone. Independent agents in Marlborough can help you find appropriate and affordable coverage that is customized to meet your company’s specific needs. Find an insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Marlborough, MA?
Business liability insurance is a crucial part of every commercial insurance policy. It is designed to cover expenses such as court costs, legal fees, and damages if your company is sued for a covered event.
All business insurance policies include, at a minimum, commercial general liability insurance (CGL). This standard coverage is designed to cover businesses against some of their most commonly faced risks. Its coverage includes:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage if they occur due to accidents on your business property.
- Product liability insurance: This can cover third-party injuries, illnesses, and property damage if they are caused by defects in products your business produces, sells, or promotes.
CGL is very useful, but it can't cover all businesses against all of their liability risks. An independent insurance agent can help you identify any other liability exposures your business may have and can recommend the appropriate policies to cover against them.
The following are examples of some of the many commercial liability insurance products you may want to consider for your Marlborough business:
- Employment practices liability insurance: This can cover lawsuits related to accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Cyber liability insurance: This can cover financial losses and liabilities if criminals hack into your computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
- Environmental liability insurance: This can cover businesses that use or produce toxic substances. It is designed to pay for clean-up costs and damages if an accident at your business leads to the pollution of the ground, water, or air.
- Liquor liability insurance: This can cover against your company’s liability risks if you serve, sell, or furnish alcoholic beverages. If an intoxicated patron causes injuries or property damage to someone, Massachusetts dram laws enable the injured party to name the business that provided the alcohol in a liability lawsuit.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Marlborough Business Insurance Cover All Your Business Assets?
All business policies also include commercial property insurance. This is designed to cover your commercially owned property, including furniture, computers, inventory, tools, and machinery, in the event that it is lost or damaged due to a covered event.
In Marlborough, businesses are most likely to experience property loss or damage caused by such hazards as accidental fires, theft, severe storms, hurricanes, hail, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
Sometimes, adding specialized property insurance policies is necessary in order for all your property to be covered against all potential risks. Depending on the nature of your business, a local insurance agent may recommend supplementing your commercial property coverage with policies such as:
- Inland marine insurance: This can cover portable business property while it is in transit and when it is stored away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This can cover the cost to repair or replace broken-down business equipment and can compensate your business for losses associated with essential machinery malfunctions.
- Bailee's insurance: This can cover your customers' property whenever it is in your business’s custody, care, or control. This may be necessary if your company provides repair or maintenance services on expensive items.
- Flood insurance: This can cover against flood damage. It is necessary for businesses that are at risk for flooding since commercial property insurance will not cover flood damage.
Your 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 lost or damaged property when necessary.
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How Can Business Interruption Insurance Help Marlborough Businesses?
Tornadoes are rare in Massachusetts, but that doesn’t mean the risk doesn't exist. In 1953, an F4 twister touched down just 3.8 miles from the Marlborough city center and caused more than $50 million in damage.
Major disasters like tornadoes and structure fires can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended period while repairs are made.
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
A closure that lasts for several weeks can be financially devastating, especially for small businesses that don’t have a lot to fall back on. Business interruption insurance was designed to provide a solution to this problem.
Business interruption insurance is designed to provide a continuation of income if a covered event leads to the long-term closure of your business. That way, your company will be able to receive the funds necessary to continue paying regular monthly expenses until it can resume normal operations.
Business interruption insurance isn’t ideal for every company. Talk to a local independent insurance agent for help determining whether a policy is a good fit for your Marlborough business.
Do Marlborough Businesses Need Workers’ Compensation Insurance?
In Massachusetts, all employers are required to cover their full-time and part-time employees with workers’ compensation insurance. This insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses.
Premiums for workers’ compensation are based mainly on the types of jobs your employees do and the amount they are paid. The higher the risk that your workers will suffer significant injuries, the more it will cost to cover them.
A local independent agent can match you up with an insurance company that specializes in covering businesses in your industry and can ensure that you are getting your coverage at a competitive price.
What about Insurance Products for Marlborough Employee Benefits Packages?
Studies by human resource managers have demonstrated that when businesses offer their employees benefits like vacation time, sick time, life insurance, and health insurance, they find it easier to attract and retain highly qualified workers.
- 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 health insurance is expensive in the US, subsidizing it for your employees can have cost-saving benefits for your company. In addition to potentially qualifying for tax benefits, your business is likely to have lower employee turnover rates and fewer days when employees call in sick.
There are many different healthcare and life insurance products available for you to choose from. This can make it difficult to decide which policies are the best to include in your employee benefits package.
An independent insurance agent can explain the pros and cons of each of your options so that you are able to make an informed decision when making a purchase.
Why Work with an Independent Insurance Agent in Marlborough, MA?
Every business has specific risks and exposures, and these can vary significantly from one company to the next. That is why insurance companies enable business owners to fully customize their insurance coverage.
An independent agent can offer advice and guidance and can help you find the best and most affordable commercial policies to cover your Marlborough business. Contact an independent insurance agent near you to find out how easy it can be to build a comprehensive business insurance policy package.