If you’ve always dreamed of owning a small business, Methuen, MA might just be the perfect destination. This historic Massachusetts city was once home to many of New England’s most important cotton mills. Today, local businesses ranging from restaurants and boutiques to contractors and consultants. During previous years, there were 615,775 small businesses in Massachusetts, providing employment to 1,404,234 people.
Despite all the potential benefits of owning a small business in this state, there are still some serious risks. Recently, loss payouts to Massachusetts businesses totaled $6,530,654. If you are a business owner in Methuen, finding a comprehensive business insurance policy could make all the difference in whether your business succeeds or fails. Our Independent Insurance Agents specialize in helping small-business owners find the best Methuen business insurance. Our friendly agents can help you compare quotes and coverages and build a customized Methuen commercial insurance plan that is right for your company.
Every business owner has to stop and think about the risks of liability. It only takes a single lawsuit to put many small businesses under, so it really pays to do your homework. 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. Don’t let a liability lawsuit catch you off guard. Be prepared by investing in commercial liability insurance.
- Product Liability: Whether your company designs, manufactures or sells a product, you need product liability coverage to protect your assets. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. With so much at risk, product liability insurance is really non-negotiable for a small business in Methuen that wants to succeed.
- Errors & Omissions/Professional Liability: Professional liability coverage is another business insurance option designed to protect companies that offer services rather than physical products. This type of coverage protects you against claims of errors and omissions, ultimately giving you a safeguard to prevent you from expensive lawsuits.
Business Interruption Insurance for Methuen 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
As a small-business owner, you have probably devoted countless hours to helping your company get off the ground. But all of your hard work can disappear in a matter of minutes if an unexpected disaster forces you to shut the doors. Even a temporary shutdown to repair damage from fire or flooding can do serious damage to your profits. Rebounding is next to impossible if you can’t afford to make payroll thanks to the lack of incoming revenue. Business interruption insurance is a lifesaving policy for small businesses because it compensates you for profits lost when you have to temporarily close the doors due to a natural disaster.
Property Insurance for Methuen 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
Methuen is considered a high-risk hurricane zone, with a long history of serious storm damage. If a hurricane sweeps through the city this summer and blows the roof off your business property, would you have the resources necessary to make repairs? Property insurance is a vital piece of the business insurance puzzle. It safeguards your property and gives you peace of mind that you can always access funds to make repairs if bad weather comes your way.
Workers' Compensation for Methuen Businesses
Methuen businesses have to invest in workers' compensation insurance before hiring employees. This type of policy protects you from lawsuits and provides medical care if an employee gets injured on the job. Even if you don’t work in a dangerous environment, accidents can happen. A simple slip-and-fall injury could lead to thousands of dollars in medical bills, so make sure your company is covered with an adequate workers' comp policy.
Employee Coverages for Methuen 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
One of the most challenging things for a small business is finding affordable health care for employees. Health insurance premiums have skyrocketed in recent years, but our Independent Insurance Agents can help you find a budget-friendly coverage option for your staff. Whether you’re shopping for health insurance or life insurance, our friendly agents can provide you with quotes from multiple policy providers, giving you the best chance at successfully finding a policy that will be a good fit for your business.
Cyber Crime Insurance for Methuen Businesses
- 5,116 Identity theft complaints in Massachusetts in recent years
- Ranked 25th highest for identity theft complaints in the U.S.
Far too often, small businesses fail to consider the risk of cyber crimes. In fact, research shows that only 22 percent of small businesses have a response plan in place to deal with data breaches and cyber attacks. If your sensitive information falls into the hands of greedy hackers, would you be prepared to protect your assets? Cyber crime insurance gives you a buffer of protection and peace of mind that your business is always covered.
Choosing the right Methuen business insurance should be a top priority for every business owner. Our Independent Insurance Agents will work with you to build a customized commercial insurance plan that addresses threats like liability, property damage, business insurance, and cyber crime.
Contact an agent today to get a free quote, and learn more about coverage options for your Methuen small business.