Located on Massachusetts’s South Shore, the town of Marshfield is home to many small businesses. These companies provide necessary goods and services to the community and are crucial to the health of the local economy. Business insurance helps them stay profitable when disaster strikes.
Building a comprehensive business insurance policy package can be complicated, but it doesn’t need to be. Independent agents can help you identify your company’s specific risks and can recommend the best policies to cover against them. Contact an insurance agent near you to learn more.
Why Do Marshfield, MA, Businesses Need Liability Insurance?
Business liability insurance is designed to pay your company’s court costs, legal fees, and financial damages if it is sued for a covered event. You will need to be certain that you have the right policies to cover against each of the liability risks your business may face.
A local independent agent can help you identify all of your company’s liability exposures and can recommend the right policies to cover against each of them. That way, you are not left with any unintentional coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage that occurred due to an accident on your business premises.
- Product liability insurance: This can cover third-party injuries, illnesses, and property damage that was caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This can cover against your company’s financial responsibilities if criminals hack into your computer system and steal sensitive customer data such as credit card information and social security numbers.
- Employment practices liability insurance: This can cover against lawsuits related to accusations of perceived illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Environmental liability insurance: This can cover cleanup costs, damage, and financial responsibilities if an accident at your business leads to the pollution of the ground, water, or air.
- Liquor liability insurance: This can cover against lawsuits related to damage or injuries done by an intoxicated patron of your establishment. This is necessary because Massachusetts dram laws permit the injured party to sue the establishment that served, sold, or furnished the alcohol.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in Marshfield.
What Insurance Products Cover Your Marshfield Business Property?
Commercial property insurance is designed to cover against loss of or damage to your business-owned assets. This insurance covers business assets such as computers, furniture, inventory, merchandise, supplies, and more.
Businesses in Marshfield, MA, are most likely to experience property loss or damage due to hazards such as structure fires, hurricanes, severe storms (including tropical storms), strong winds, hail, heavy snows, freezing temperatures, and property crimes.
Fortunately, commercial property insurance is designed to cover against each of these risks.
Sometimes, additional property insurance products are necessary. Depending on the type of business you own, your insurance agent may recommend supplementing your commercial property insurance with additional products such as:
- Inland marine insurance: This is designed to cover your company’s valuable portable property whenever it is in transit or is not located at your place of business, such as while it is at a job site or being stored in a warehouse.
- Bailees insurance: This is designed to cover your customers' property whenever it is in your company’s care, custody, or control. This may be necessary if your business provides repair or maintenance services to expensive items.
- Boiler & machinery insurance: This is designed to cover the cost to repair or replace your business’s essential machinery if it breaks down. It can also cover any financial losses your business may sustain as a result of the mechanical malfunction.
- Commercial flood insurance: This is often necessary because flood damage is excluded from your commercial property insurance coverage, even if it is the direct result of a covered hurricane. Because it is a coastal city, storm surges present a real risk for flood damage in Marshfield, so flood insurance policies are highly recommended.
A local insurance agent can help you be certain that all your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, when necessary.
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Is Business Interruption Insurance a Good Idea in Marshfield, MA?
A major disaster like a fire or a hurricane can do more than just damage your company’s valuable property. If the destruction is particularly severe, it could also force your business to remain closed for several weeks while repairs are made.
Disasters 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
Many small businesses cannot financially handle the ramifications of a long-term closure following a disaster. Business interruption insurance provides a solution to this problem.
Business interruption insurance is designed to provide your company with a continuation of income during the times it must remain closed for repairs due to damages caused by a covered event. This coverage can continue until your business is able to safely resume normal operations.
Business interruption insurance is not a good fit for every business. Consult a local independent insurance agent for help determining whether or not this coverage is ideal for your company in Marshfield.
Do Businesses in Marshfield Need Workers’ Compensation Insurance?
Unfortunately, even when all reasonable precautions are in place, workers sometimes get injured doing their jobs. That is why, with few exceptions, all employers in Massachusetts are required to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to protect your business and your employees from financial losses by covering the cost of medical treatment, disability pay, and other expenses related to workplace injuries and occupational illnesses.
Talk to an independent insurance agent to learn more about workers’ compensation insurance and for help finding a competitively priced policy from a provider who specializes in covering businesses like yours.
What about Insurance Products for Marshfield Employee Benefits Packages?
Companies that offer great employee benefits packages tend to find it easier to attract and retain qualified employees. This has been demonstrated in several studies conducted by human resource professionals.
Have you been thinking about subsidizing healthcare coverage for your employees? The cost for coverage can be quite high, but independent agents can help you find suitable policies at competitive rates.
- 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
There are many different life insurance and health insurance products available to choose from. This can make it difficult to determine which policies are the best to include in your employee benefits package.
An experienced independent insurance agent in Marshfield can go over the pros and cons of each of your various options so you can make an informed decision when making a purchase.
Why Work with an Independent Insurance Agent in Marshfield, MA?
Risks and exposures can vary significantly from one company to the next. That is why insurance providers enable business owners to fully customize their commercial insurance policy packages.
Independent agents making shopping for business insurance easy by offering guidance and advice as you consider your many policy options. These agents can also shop around to help you find the best and most affordable products to meet your business’s insurance coverage needs.
Set up a one-on-one consultation with an insurance agent near you to get more information about business insurance and to start comparing customized quotes.
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