The Boston suburb of Milton is home to many businesses. From lawn care companies run out of people’s homes to larger financial services firms, each of these businesses plays an important role in the local economy. In times of disaster, business insurance helps these companies stay profitable.
Independent agents in Milton can help you build a comprehensive, yet affordable, business insurance policy package. These agents can identify the specific risks your company faces and can recommend the right insurance policies to cover against each of them.
Set up a one-on-one consultation with an insurance agent near you to learn more.
Why Do Businesses in Milton, MA, Need Liability Insurance?
In our litigious society, businesses can sometimes find themselves 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 is designed to cover third-party injuries or property damage that occur due to accidents that take place on your business property.
- Product liability insurance: This is designed to cover third-party injuries or property damage that are caused by a defect in a product your company produces, sells, or promotes.
- Advertising liability insurance: This is designed to cover against lawsuits related to accusations of advertising mishaps such as copyright infringement, false advertising, and deceptive pricing.
Many 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 your company’s 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 against accusations of discrimination, harassment, wrongful termination, breach of contract, or any other illegal employment practice.
- Liquor liability insurance: This is designed to cover against damages or injuries caused by an intoxicated person. If your business sells, serves, or otherwise furnishes alcoholic beverages, this coverage may be necessary, since Massachusetts dram laws allow injured parties to name the establishment that provided the alcohol in their liability lawsuits.
Talk to your insurance agent to learn more about these and any other commercial liability products that may be a good fit for your Milton business.
What Are the Property Damage Risks in Milton, MA?
Commercial property insurance is another important part of every business insurance policy. It is designed cover loss or damage to your company’s assets, including merchandise, inventory, supplies, furniture, computers, tools, and more.
Businesses in Milton are most likely to experience loss or damage due to hazards such as accidental fires, hurricanes, severe storms, gusty winds, 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.
Floods pose a significant risk in Milton, particularly in the spring when snows melt and in the summer when hurricanes and tropical storms can bring heavy rains and storm surges to the area. 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 structural coverage and $500,000 in contents coverage.
There is additional supplemental property coverage that may also be appropriate for your business, such as:
- Inland marine insurance: This can cover your portable property.
- Boiler & machinery insurance: This can cover your essential mechanical equipment.
- Bailee's insurance: This can cover your customers’ property when it is in your business’s custody, care, or control.
Your local insurance agent can explain all of this coverage in great detail and can ensure that all of your business assets are suitably covered.
How Does Business Interruption Insurance Help Companies in Milton, MA?
Occasionally, businesses in Milton are seriously damaged by catastrophic events like hurricanes and accidental fires.
Catastrophic events 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
Property damage isn’t the only expensive risk your business may face during a disaster like a severe storm.
Serious damage has the potential to force your business to shut down for several weeks (or even months!) while repairs are made. Without an ongoing stream of revenue, many small businesses are not able to handle the financial hit caused by a long-term closure.
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 monthly 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 Milton business.
Are Employers in Milton Required to Carry Workers’ Compensation Insurance?
With few exceptions, all employers in Massachusetts are required by law to carry workers’ compensation insurance. This insurance is designed to cover your employees’ medical treatment, lost wages, and other related expenses if they are suffering a work-related injury or an occupational illness.
The cost for workers’ compensation coverage is based mainly on the types of jobs your employees do and the likelihood that they will sustain serious injuries while doing them. 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 Products for Your Milton Employee Benefits Package?
Some businesses offer their employees benefits that include health insurance, life insurance, paid vacation and sick time, and other perks. If you are looking to put together a benefits package for your employees, 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 is a wide range of 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 looking for the right products 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 about which are best for your business.
Why Work with an Independent Insurance Agent in Milton, 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 Milton can help you choose the right products to meet your company’s specific coverage needs.
Because they do not 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. Find an insurance agent near you to get started.
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