There are many businesses located in the town of Milford. From large companies like the Waters Corporation to the many shops that line Main Street, each plays an important role in the community. Business insurance helps these companies stay profitable in times of trouble.
If you are a business owner in this historic town, a local independent insurance agent can help you build a commercial insurance policy package that will provide suitable coverage against all of your company’s potential exposures. Consult an insurance agent in or near Milford to learn more.
Why Do Businesses in Milford, MA Need Liability Insurance?
It is not uncommon for liability lawsuits to result in judgments exceeding $1 million. That is why business liability insurance is so important. It is designed to cover the various expenses related to liability lawsuits such as court costs, legal defense fees, and financial damages.
All business insurance policies include commercial general liability insurance (CGL) as a standard part of their coverage. This insurance is designed to cover the most common liability hazards businesses can face. The coverage offered by CGL includes:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and damage that occur on your business property.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and damage that are caused by products your company produces, sells, or promotes.
CGL coverage isn’t always enough. Most businesses will need to purchase additional liability policies in order to be fully covered against all of their liability exposures. Examples of some of the many commercial liability products you may want to consider for your business include:
- Cyber liability insurance: This is designed to cover your liability expenses if cybercriminals install skimmers on your credit card readers or break into your company’s computer system and steal sensitive customer information like financial and personal data.
- Employment practices liability insurance: This is designed to cover your business against accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Environmental liability insurance: This is designed to cover clean-up costs and damages if an accident at your company leads to the pollution of the land, air, or water.
- Liquor liability insurance: This is designed to protect businesses that sell, serve, or otherwise furnish alcoholic beverages in the event that an intoxicated patron causes injuries or property damage to others.
Talk to a local independent insurance agent to learn more about these and any other commercial liability insurance products that may be right for your business.
How Does Property Insurance Protect Milford Businesses?
Commercial property insurance is designed to cover loss or damage to your company-owned assets, including outdoor signs, office furniture, computers, merchandise, and supplies. This coverage is a standard part of every business insurance policy.
Businesses in Milford are most at risk for damage caused by accidental fires, property crimes, and severe weather events like hurricanes, storms, strong winds, hail, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
In addition to your standard property coverage, you may also want to consider purchasing supplemental policies such as:
- Inland marine insurance: This is designed to cover your portable business property when it is in transit or stored off-site, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This is designed to cover repair costs and business losses related to the failure of your essential business equipment.
- Bailee's insurance: This is designed to cover valuable property belonging to your customers whenever it is in your business’s custody, care, or control, such as if you are performing alterations, maintenance, or repair work on it.
Talk to your local insurance agent to learn more about your various business property coverage options.
A Word about Flood Damage in Milford
It is important to be aware that even though damage caused by severe weather events is typically covered by commercial property insurance, damage caused by floods is not. This is true even if the flood is the direct result of a covered hurricane.
Floods pose a serious risk throughout Milford, particularly for businesses located near waterways like the Charles River and Huckleberry Brook. That is why supplementing business coverage with a commercial flood insurance policy is a good idea for many area business owners.
Flood insurance policies are guaranteed by the federal government and can provide your business with up to $500,000 in structural coverage and $500,000 in property coverage. Talk to an independent insurance agent for help securing an affordable policy.
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Is Business Interruption Insurance a Good Idea in Milford, MA?
Major disasters sometimes strike in the Milford area. In 1953, an F4 twister touched down just ten miles from Milford, injuring thousands and causing more than $50 million in damage.
Disasters in Massachusetts
- 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 major disaster, like a tornado or a hurricane, can force you to shut down your business for several weeks while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during such times.
This optional insurance can make it possible for your business to afford to pay monthly bills, loan installments, employee salaries, and other regular expenses until you can resume normal operations.
Business interruption insurance is not a good fit for every business. A local independent insurance agent can help you evaluate whether it is an ideal purchase for your Milford business.
Do Businesses in Milford Need Workers’ Compensation Insurance?
The state of Massachusetts requires all businesses to cover their full-time and part-time employees with workers’ compensation insurance. There are a few exceptions. You are not required to cover sole proprietors, partners, or LLC members, but you can if you want to.
If an employee is injured on the job or comes down with an occupational illness, workers’ compensation insurance can cover the cost of any necessary medical treatment, follow-up care, and prescriptions, and can compensate the injured worker for lost wages and other related expenses.
Rates for workers’ comp coverage are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job, the more coverage will cost. A worker in a granite quarry would cost far more to insure than a cashier at a supermarket.
A local independent agent can help you obtain a competitively priced policy from a highly rated insurance provider that specializes in covering businesses in your industry.
What about Employee Benefits for Businesses in Milford?
- 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
Even though purchasing healthcare coverage for your employees can be expensive, doing so may actually have money-saving benefits for your business.
Many companies that subsidize healthcare coverage qualify for tax benefits. Additionally, studies done by human resources professionals have shown that when businesses offer an attractive benefits package, they find it easier to recruit and retain highly qualified employees.
There are several different insurance products available for you to choose from for your employee benefits package. You may therefore find it beneficial to have guidance and advice from a local insurance professional. Your agent can help you find appropriate coverage at a competitive price.
Why Work with an Independent Insurance Agent in Milford, MA?
Every business has specific insurance coverage needs, and these can vary significantly from one company to the next. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy.
The wide range of insurance products and policy options available to business owners makes it possible for you to fully customize your commercial coverage.
A local independent agent can help you navigate through your many options as you build your business insurance policy package. That way, you can be sure you are purchasing products that are appropriate for your Milford business. Contact an insurance agent near you to get started.
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